The headlines could be misleading if taken out of context when reviewing the recent sold activity in the Jackson Hole real estate market.  “Sales transactions and volume more than double from previous year!” or “2010 starts off with a bang!”  You never know what some agents will report if you do not know their agenda.  Here at the Jackson Hole Experts Blog we try to give the facts but also try to give you our opinion as to where the markets are trending.  Our agenda is to give you a feeling of what we are seeing in the field and follow that up with the statistics that the MLS reports.

January felt very slow and quite possibly worse than this time last year.  The economy and job outlook in Jackson feels like it is slower and weaker than in years past.  With that said we did see activity more activity than we witnessed last year and sales did double and sales volume more than doubled so our “gut impressions” did not hold up when reviewing the past’s months activity.

 When looking very macro – Teton County MLS recorded 10 closings with a sales volume around $19 million.  This compared to 2009 when we had 4 transactions and just over $7 million in sales volume.  2009 was just plain awful so to compare any month to January 2009 we are bound to report better results.  One issue when looking at the 2010 numbers is that there were 2 very large transactions ($8.2 and $3.8 million) which account for $12 million in volume!  Remove those 2 transactions and we have volume numbers that are almost identical to lasts years awful results.  As we continue to go micro with the stats we can see how those 2 “big transactions” play with the data.  When including all 10 transactions the average sold price is $2 million.  When we peel away the Indian Springs transaction ($8.2) the average sold price slides to $1.2 million and if we also peel away the Four Seasons penthouse sale the average sales price slides to $900,000. 

 To wrap up the report I’ll pass on a few more statistics:  Of the 10 reported sales there are a total of 20 transaction sides.  Sotheby’s International Realty – Jackson Hole Brokerage represented half (10) sides.  The rest of the sides are spread out but coming in second was our friends Jackson Hole Real Estate and Appraisal with (3).  There was 1 sale in Crescent H Ranch, 5 sales in the town of Jackson, a sale in Teton Pines, 2 sales in Teton Village (includes the above mentioned sale) and the Indian Springs sale.  The average days’ on the market was 262.

In the next update we will detail the pending transactions currently reported in the (MLS).  There is a little upside as we see a good set of inventory under contract.  Stay tuned!

For more information about the Jackson Hole real estate market please feel free to call us – Christy and Garth Gillespie at 307-739-8056.  We are full time Realtors who enjoy their jobs….

In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you.  If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.  Here is T.R.’s most current update.

Interest rates are unchanged today as Goldman Sachs reported fourth quarter profits that soared above Wall Street expectations.  The Wall Street powerhouse, which has endured scrutiny over signs it was on track to pay billions of dollars in bonuses this year, earned $4.9 billion last quarter.  Their annual revenues more than doubled last year to $45.2 billion and they earned a profit of $13.4 billion in 2009.  Their biggest boost to earnings was a severe reduction in employee compensation… spending $16.2 billion (38.5% of total revenue) on wages and salaries last year.

BANK OF JACKSON HOLE

Residential Mortgage Rates for January 21, 2010

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW. 

Thanks for the info T.R.!  For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts - Christy and Garth Gillespie – 877-739-8056.

Christy and me are excited to introduce Katie Colbert, real estate sales Broker, as a new member of the Gillespie Real Estate Team.  Katie has been working behind the scenes for us for the past 6 months and has an excellent grasp of contracts and client communication.  Jackson Hole commercial real estate is an area that we are often asked about but are usually forced to referral to others.  With Katie’s extensive knowledge and networking skills we will have the opportunity to lend our experience in this segment of the market.  As mentioned in a previous post, Christy and I are working on a new townhome development in the town of Jackson called Cottonwood Flats Townhomes.  Katie will be one of our main sales people on the site so feel free to contact her at 307-739-8078 for additional questions.

Katie has extensive experience in both residential and commercial real estate in Jackson. Originally from Minnesota (Viking Fan – I will not hold it against her), she graduated with a degree in Real Estate from the University of Wisconsin-Madison (Go Badgers!) and has been pursuing a successful career in the field ever since. Katie enjoys working with buyers and assisting them in all levels of the transaction. She is relentlessly optimistic and has incredible passion for the business. The Gillespie team is eager to have Katie join us as an Associate Broker and we are ready to meet the demands of 2010 with a dynamic team to help you with your real estate needs.

For additional information on the dynamic real estate market here in Jackson Hole, Wyoming please feel free to contact any of us at 307-739-8056 or visit us at Jackson Hole Experts.

The final, final statistics are not quite finished but Sotheby’s International Realty Jackson Hole Brokerage has compiled the final sales numbers from the Teton Board of Realtors Multiple Listing Service for 2009.  The past year will go down as one of the most difficult real estate years in history.  With financing difficult to find and more importantly a complete lack of buyer interest, sales across the entire spectrum slowed t a crawl.

The year did not start out well at all with only 20 transactions in the first quarter!  The second quarter improved a little with 63 transactions.  Finally during the last half of the year we started to see some activity market wide and had a total of 143 deals take place.  The totals are incredible when compared to the previous few years.  Unit volume declined 28% vs. 2008 and 65% vs. 2007.  Sales volume was even worse being 52% lower than 2008 and 71% lower than in 2007!

From Garth and Christy’s perspective the Jackson Hole market has a ways to go before we see any type of recovery.  There are chunks of the market that have not realized the decline in sales and prices and have refused to adjust with the current market.  There are 53 active listings between $2 and $3 million with only 1 pending sale in this price range.  The low range in the market $350,000 and below has barely adjusted which is resulting in a completely stalled market. 

What does this mean?  I will be updating the blog in the next few weeks and I’ll try to lay the frame work for recovery.  We have seen some motivated sellers which have resulted in sales so we are hoping sellers and the real estate community is starting to grasp the severity of the declining market.  The only way we recover is for the market to reflect the 30% to 40% decline and adjust the prices accordingly.

Jackson Hole is still a fantastic community.  It offers good schools, a top notch hospital, incredible arts and social environment, fabulous resturants and that small town charm many people desire.  Wyoming still offers incredible tax savings, abundant wildlife, great ski resorts and ample space for recreation.  These aspects are still here so we see a lot of opportunity for Jackson and the real estate market to rebound.

Stay tuned for additional information and thank you for visiting the Jackson Hole Experts Blog provided by Garth and Christy Gillespie.

Here we are 2 days before a new decade! Christy and Garth Gillespie have been extremely busy this month which is a good thing. We are very excited about our new opportunity — we have been choosen to market a new development in the Town of Jackson – Cottonwood Flats Townhomes. This is an amazing opportunity for us and for the buyers in Jackson Hole.

Cottonwood Flats Townhomes will be a neighborhood consisting of 65 townhomes ranging from 2 bedrooms to three bedrooms and all of them offer garages and property. They will be brand new! This is a big deal — I just looked in the Teton County Board of Realtors Multiple Listing Service and there are 27 available “like” units for sale between $350,000 and $450,000. Do you know what the average age of those units are? 27 years old!

Stay tuned for more information. We will have a price list, development plan and property descriptions very soon.

It has been a while since this site has been updated – we are sorry. The Jackson Hole Experts – Christy and Garth Gillespie of Sotheby’s International Realty – have been extremely busy over the past 4 months and unfortunately our Blog fell silent.

We are excited about getting back into posting current information about Jackson Hole and the Jackson Hole Real Estate Market. 2009 has been a challenging real estate climate nationally and locally. Financing continues to be a struggle and declining property and home values are creating a burden for many homeowners. We understand these issues and hope to cover topics within our blog that offer solutions and opportunities.

In our first Blog back we want to bring people back up to speed on the current market statistics. We will be updating the information soon as our last current review of the market is thru October 2009. Year to Date there have been a total of 152 closings with a sales volume of $182 million as reported by Teton Board of Realtors (TBOR) MLS system. When comparing this information to 2008 unit volume was down 41% and down 70% from 2007. Sales volume is down 58% from 2008 and 73% from 2007. Positive news is that in October we had 29 closings which was the high for 2009 and also in October we saw 7 sales over $2 million.

Christy and I believe that Sotheby’s International Realty – Jackson Hole Brokerage offers our customers the best opportunity for success. If you are a seller, hands down there is nobody in Teton County that can offer you so many marketing opportunities and exposure to the most buyers. For buyers – the same can be said – we work extremely hard in the office to educate each other on the most up to date statistics which offers our sellers the most educated price analysis. This in turn offers a buyer the opportunity to look at properties that are priced correctly for the market. We have incredible tools for both Buyers and Sellers as too how the real estate process works in Jackson Hole.

The statistics uphold our thoughts above. In October alone, Sotheby’s was involved with 23 transaction sides (a transaction = 2 sides a buyer and a seller). This equaled a 62% market share. Year to date Sotheby’s has sold 72 properties and has assisted 61 buyers complete a transaction. This equals 133 transaction sides or 55% market share. These are fantastic numbers.

As for Christy and Garth Gillespie – we continue to work extremely hard to produce results for our sellers. We have sold 8 listings so far in 2009 and have been involved in 14 transaction sides. When compared to years past we are lagging our average but we are proud of our efforts and continue to learn more about our market every day.

If you would like additional information, please feel free to call us at 307-413-5243 or email me at garth.gillespie@sothebyshomes.com. Thanks for visiting our site and we hope you stop by again real soon.

After a two week hiatus I am back bringing you updated information on the Jackson Hole Real Estate Market. Christy and I have seen a continued “look and wait” attitude in the market. We currently have over 20 listings in all price ranges so we have a pretty good pulse on the market. Also here at Sotheby’s International Realty – Jackson Hole Brokerage – we have the agents that do the most business so we have access to any behind the scenes activity that may not show up in the Teton County MLS system.

The statistics for the first 2 quarters of 2009 are bleak at best. Transaction data is the lowest we have seen in recent history with just 57 closings for a sales volume total of $80 million. The data will probably not get much better as units sold in June were down 53% from last year meaning that the market is not exactly picking up speed. Unit volumes are down a dramatic 84% from their peak in 2005 and 2009 sales volume is down 79% from the peak in 2007.

Active Residential and Building Sites in Jackson Hole and Teton County continue to build. Currently there are 815 active listings on the market. This is a new high in recent history. Active inventory is 40% higher than last year and 105% higher than in 2007! In segments of price range there are 660 listings of properties listed under $3 million and 160 listings over $3 million. Over $3 million inventory has jumped 31% when compared to 2008 and 2007.

In Summary —
Under $1.5 million: *77% of units sold in 2009 vs. 67% in 2008. *Units sold declined 58%. *Sales volume is down 63%. *Average sales prices are down 12%. *Listing inventory is up 49%.

Over $1.5 million: *23% of units sold in 2009 vr. 33% in 2008. *Unit sales are down 73%. *Average sales price is up 16% (due to few sales). *Active listings are up 31%.

Come back soon as we will be posting a lot of current information in the next few days. If you would like additional information on the Jackson Hole Real Estate Market please feel free to contact the Jackson Hole Experts – Garth and Christy Gillespie – associates at Sotheby’s International Realty. We can be reached toll free at 877-739-8056 or email me at garth.gillespie@sothebyshomes.com.

Hi everyone, sorry for the lack of posts – I am on vacation — Going to see U2 in Amsterdam! Talk to you in a week! If you need real estate assistance please contact my wife – Christy Gillespie at christy.gillespie@sothebyshomes.com or on her cell at 307-413-5243. Have a great week.

Garth

Every month we update our Realty Times Real Estate Newsletter which includes a Jackson Hole Market Update and some National Real Estate Market information. Here is the link but we have also posted our July newsletter market update text below. Feel free to read or visit or newsletter.

July NEWSLETTER

Looking back on the first 2 quarters of sales activity in Jackson Hole we see that there was not a lot of activity. Again – another record low quarter but we have bounced back from the awful 1st Quarter of 2009 where we only had 17 sales. During the 2nd Quarter we witnessed 38 transactions, more than doubling the 1st Quarter results. 22 sales occurred below $1,000,000 and 16 sales occurred above $1,000,000. Of the higher priced properties the highest priced property to sell was listed at $5,625,000 but there was substantial negotiation given. Of the total 38 transactions 4 of them were fractional resort condos and 8 properties did not disclose the closing price.

For current activity, Christy and I have witnessed a surge in activity. The market is not on fire by any means but again we are starting to see some activity that indicates the market has some life. The most interesting aspect of the current activity has been the variety of properties going under contract.

There are currently 16 “Under Contract” residential properties which does NOT include pre construction projects (Terra, Pine Glades, 199 Pearl) or vacant land. There are 8 properties under $1,000,000 and 8 properties over $1,000,000. There are only 3 condos verse 13 single family homes. In the past week, the most exciting activity we witnessed was a property north of town listed for $5,150,000 go under contract (both sides of the transaction are being represented by Sotheby’s International Realty – Jackson Hole). There are currently 4 properties under contract listed for more than $4.8 million. There are 5 under contract vacant land parcels.

As for Active Listings….there are 571 Residential Properties for sale in Jackson Hole and 214 Vacant Land Parcels for sale in Jackson Hole!

If you have time – check out our Top Real Estate Picks in Jackson Hole located at JacksonHoleExperts.com.

We hope this helps you understand the current market activity in Jackson Hole. If you would like us to expand our thoughts or if you have any additional questions please email or call the JacksonHoleExperts – 877-739-8056.

Make sure you check out www.jacksonholeexperts.com . We have a lot of great new listings and have just updated our extremely popular Top Picks Page. Christy and I select great values on the market every few weeks and update them on the Top Pick page. Thanks for reading and if you would like additional information of the Jackson Hole market please call us toll free at 877-739-8056. We also love referrals so if you have anyone interested in Jackson Hole real estate or thinking about listing please let them know about us!

Christy and I wanted to share some exciting news about Sotheby’s International Realty.

Data from The Wall Street Journal Top 100 Agents in the US by 2008 Sales Volume includes 3 agents from our brokerage – Sotheby’s in Jackson Hole. Christy and I are extremely proud of our team members Ken Gangwer, Dave Spackman and Steve Hancock. We are so fortunate to have such strong agents in our company to learn from and to strategize with. When individuals are trying to decide which agency and which agent to hire to list or buy from we feel confident that they will choose the most experience and successful firm in the valley. The Jackson Hole Experts – Christy and Garth Gillespie have the opportunity to network with professionals like Ken, Dave and Steve on a daily basis and we believe it strengthens our position as leaders in our field. It is our goal to someday be on this list and we have come close a few times.

If you are wondering Ken Gangwer had a sales total of $85,176,000 (49), Dave Spackman had a sales total of $69,974,000 (68) and Steve Hancock had a total of $58,558,000 (95). In total, Sotheby’s International Realty had 18 of the top 100 sales agents in the country ranked by sales volume. Congrats to all.

REAL Trends surveyed more than 7,000 real estate brokerages, associations of local, state and national realtors and multiple-listing service operators for the period covering 2008 — and reviewed almost 1,200 applications from industry professionals — to assemble its candidate pool. Contenders also supplied their 1099 income tax forms. REAL Trends then ranked the top producers in four segments: Top Agent/Transaction Sides, Top Agent/Dollar Volume, Top Team/Transaction Sides, Top Team/ Dollar Volume.