Today we will continue to update the 2011 Jackson Hole Real Estate Market with Average Sales Prices. The Chart below does a comparision on Average Sales Price vs. the Prior Year Average Sales Price. As you can see, the average prices for property sales in Jackson Hole, Wyoming have been lower in 2011 in 10 (to be clear the “Red bars” are for 2011 and “Blue bars” are for 2010) of the last 11 months. The exception was December 2011 when we saw a few very large transactions take place. We have seen a lot of sales (to be outlined in a future blog post) in the “below $850,000 range” which have had an influence on Average Sales Price.
Best Ski Conditions in North America – Jackson Hole Mountain Resort
We have been waiting but it finally came – over 4 feet of snow since Wednesday, January 18, 2012. This is a picture taken from the Moose-Wilson Road located in Grand Teton National Park. I had hip surgery early this year and I am still limited to cross country skiing. With that said – cross country skiing has been great.
Ski reports from over the weekend were excellent and yesterday the sun came out and the temps got colder setting up the best skiing we have seen in the 2011/2012 season. The Jackson Hole Mountain Resort is reporting 99% open including the Hobacks and Lower Faces. The only runs still closed are Corbets Couloir and Saratoga Bowl.
We are anticipating more snow this week and if you need an updated weather update this is one of the better weather links – The National Weather Service for Jackson Hole.
If you need any additional information on Jackson Hole or Jackson Hole real estate please feel free to email us at garth.gillespie@jhsir.com or give us a call at 307-413-5243.
Jackson Hole Experts Under Construction
Christy and Garth Gillespie, associates for Jackson Hole Sotheby’s, are currently updating their website – www.JHExperts.com. We are updating our Blog frequently and will have our new site up and running in no time. In the meantime, thanks for visiting our blog and feel free to email us at garth.gillespie@jhsir.com or call us at (307) 413-5243 if you need more information on the Jackson Hole Real Estate Market.
2011 Jackson Hole Real Estate Results Provided by Christy and Garth Gillespie and Jackson Hole Sotheby’s
Here is some excellent information about the Jackson Hole Real Estate Market. Please notice the trend – our market is improving. The month of December 2011 was the second strongest dollar volume month we have seen in a year. As the chart points out December unit volumes rose 60% and sales volume rose 72% when compared to last years numbers. The overall trend on unit sales and sales volume is on an upward slope. Unit volumes have improved 8 of the last 9 quarters! Thats impressive.
To get more information about the Jackson Hole Real Estate market check back here frequently or email us at garth.gillespie@jhsir.com. Christy and Garth Gillespie are some of Jackson’s strongest real estate agents call us to find out why and how we do it – (307)-413-5243.
Christy and Garth Gillespie – Jackson Hole Experts – A Little about Us….
Christy and Garth Gillespie work together and approach every transaction with the intention of meeting and exceeding their customers’ expectations. They make sure the only surprises someone receives are good surprises by searching for the unexpected and striving for perfection. Real estate is not their hobby; it is their life and profession. They enjoy working with people from all locations and backgrounds, and after 15 years in Jackson Hole they have helped many discover the joys of living in such a wonderful community. Christy and Garth offer detailed, accurate market analysis, knowledge of local trends and experience in the Jackson Hole real estate market. They share a sincere love and passion of real estate and the details that go along with it, including financing, title work, inspections and everything else that goes along with the journey. Christy and Garth have systems to check and double check every detail. They see each transaction as an opportunity and do not take opportunities for granted. Christy, originally from Naples, Florida, literally grew up in the real estate business. Her parents owned a successful real estate company where she got her start, and success in the business seemed to follow her. Her love for the mountain lifestyle became evident after many family trips to Lake Tahoe and Vail, Colorado. She was lucky enough to find Garth at the University of Denver, where they both graduated with degrees in Business, and they married in Grand Teton Park. Garth joined Christy in real estate 11 years ago and hasn’t looked back since. Garth, who originally hails from Milwaukee, Wisconsin, loves dealing with people as well as taking marketing to new levels. Christy and Garth share their life with their six-year-old daughter. As a family, they spend their time hiking the Tetons, fishing and camping, and enjoying the outdoors. The Gillespie’s love Jackson’s wonderful sense of community and are grateful to be able live and raise their daughter in such a vibrant community.
Buying in Jackson Hole– Make Sure You Ask About Assumable Mortgages
Wow – Christy and I just learned some powerful information this week that we would like to share. It was brought to our attention that buyers that are in the lower end of the market should be talking with their mortgage bankers about FHA loans and or assumable mortgages. This is forward thinking but right now we are experiencing record low interest rates. Buyers of properties right now are able to secure financing for under 3% in some situations.
Why are we bringing this up? When a FHA homebuyer is buying a home today they will have the opportunity to lock in these extremely low interest rates. Then when the buyer becomes a seller some day they will have an assumable mortgage. This means a qualified purchaser can “take over” the loan.
As an example, a $300,000 loan at 4% today carries with it a $1,432.25 principal and interest payment on a 30 year fixed mortgage. If offered for sale in five years, the purchaser could assume the $271,858.56 balance with the same $1,432.25 payment and remaining term of 25 years. The total payments over the 25 years would be $429,675.
Compare that to a new $272,000 loan at 6.5% for 25 years, which would carry a monthly payment of $1,836.56 (over $400 more a month than the assumption and more than $120,000 more over the 25 year term).
At 6.5% for 25 years, to wind up with the same payment as the assumed mortgage, our borrowers would only be getting $212,000…$60,000 LESS!
The point here is that, when rates go up, homes with assumable mortgages will have more value and will sell at higher prices because they are more affordable.
We hope you find this information helpful. For additional buying tip in the Jackson Hole Real Estate market please contact the Jackson Hole Experts – Christy and Garth Gillespie at 307-413-5243 or email at garth.gillespie@jhsir.com. You can also visit Jackson Hole Sotheby’s website at www.jhsir.com.
Record Low Interest Rates on New Mortages – Time to Buy Jackson Hole Real Estate!
Here’s an updated article the talks about the new record low interest rates. Rates like this have not been seen for over 50 years.
http://money.msn.com/business-news/article.aspx?feed=AP&date=20120105&id=14666486
For more information on Jackson Hole Real Estate please contact Garth and Christy Gillespie @ Jackson Hole Sotheby’s – 307-413-5243.
The Jackson Hole Real Estate Catalogue – Jackson Hole Sotheby’s Winter 2012
The Jackson Hole Catalogue of fine properties has just been released. The excellent marketing team here at Jackson Hole Sotheby’s International Realty has just completed the Winter 2012 edition of the highly anticipated brochure. Christy and I are happy to be able to share with you today. We are also excited to display over 20 listings in this years brochure.
If you have any questions about any of the properties or information contained in the brochure please do not hesitate to give us – The JH Experts – Christy and Garth Gillespie a call at 307-739-8056 or email me with any thoughts at garth.gillespie@jhsir.com.
Jackson Hole Real Estate November 2011 Market Update
Novemeber 2011 has come and gone here in the Jackson Hole Real Estate Market and we witnessed a pretty strong month when looking at the year as a whole. There were 31 transactions last month — No quite the 13780 properties that sell every day in the United States but Jackson does contribute! “How’s the Jackson Hole Real Estate Market?” — Well, “We sell a property every day!”
In a couple of weeks we will be able to show you a graph of how we measure up when comparing Nov. 2010 to Nov. 2011 but in a nutshell, last year we had about $10 million more in sales volume but transactions were 16% lower. November 2011 saw a median sales price of about $550,000. This is quite low indicating a stronger low end market. This is encouraging in my eyes as we are really starting to see the lower end market strengthen. This of course is being generated by a few short sales, bank sales and realistic sellers. 1/3 of the market in Novemeber sold for under $400,000.
The higher end market saw some good signs too as we saw 2 transactions of about $7 million. The Jackson market had 9 sales over $1 million.
Other stats: 3 vacant land transactions, 5 condo transactions in Teton Village, 10 sales in the Town of Jackson.
Please call with any questions or if you need any additional information on the Jackson Hole Real Estate Market — Garth Gillespie, sales associate and partner of the Gillespie Real Estate Team – Jackson Hole Sotheby’s, 307-413-5243 or email at garth.gillespie@jhsir.com.







