Wanted to post with an update on the improving sales and activity in the Jackson Hole real estate market.  As with the January statistics we have to put the numbers in perspective — last year we only had 4 sales….  February 2010 was much better with 10 recorded sales in the Teton Board of Realtors Multiple Listing Service.  7 sales under $1,300,000 and 3 sales over $4,000,000.  Notice the market gap between $1.3 and $4 million — This is the market Christy and I see as the slowest segment. 

Of the lower priced properties 4 look to be “local” purchases which is very encouraging.  Last year Christy and I did not see the “local” market move around much through out the valley.  We are currently showing a lot of properties to locals so we hope this translates to an active spring and summer sales season.  Of course the only way this market will move forword will be if the sellers of all properties properly understand the market and price their homes at current market prices.  There is an indication that we are starting to see the new listings enter the market with proper price placement.

The other segment of the market – over $4 million looks to be responding to the more stable ecomony and rising stock prices.  We still see uncertainty in the markets but it seems like there is a general consensus that we have turned a corner.  This news seems to have brought a few additional buyers into the market.  We will continue to watch this trend as we close out the first quarter. The three other transactions mentioned above were:  All on the “west bank” with one in Teton Village (ski/ski out home – Granite Ridge), one in HHR and one in John Dodge which sold for over asking price (listed at $7.4 million!).

Updates should be coming more frequest as we will have Katie Colbert – Buyer and Commercial Real Estate specialist – for the Gillespie Team adding to our blog posts.

Here’s to a Happy St. Pats.  Go Marquette and Wisconsin in the NCAA Tourny!

For additional information on Jackson Hole Real Estate please feel free to call or email the Jackson Hole Experts!

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….

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.

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.

In the past week we have seen an increase in activity in the Jackson Hole real estate market. 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 propeties 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 Residental Properties for sale in Jackson Hole and 214 Vacant Land Parcels for sale in Jackson Hole! There have been 54 closed transactions reported in the Teton Board of Realtors Multiple Listing Service since January 1st, 2009.

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

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.

Happy Fourth of July!

Last week Christy and I received an email from Kathy Korte, President and CEO, of Sotheby’s International Realty, updating us on ways the private sector are trying to jumpstart the sluggish housing market. A Business Roundtable was formed and here are the results of that meeting.

Business Roundtable, an association of chief executive officers of leading U.S. corporations and specifically, the Business Roundtable’s Housing Working Group – which is chaired by Realogy CEO Richard A. Smith – issued a set of recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.

The Business Roundtable’s recommendations are as follows:
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.

To obtain a copy of the Business Roundtable press release and its Housing Working Group’s detailed recommendations, click here. To read an article that appeared in today’s online edition of The Wall Street Journal containing an interview with Richard Smith about the Business Roundtable’s recommendations and why they are crucial to jumpstarting the housing market, click here

NRT and The Jackson Hole Experts, Christy and Garth Gillespie, applauds the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard.

For more information on the current housing market here in Jackson Hole please feel free to call at 877-739-8056 or visit us at our website.

The Jackson Hole Experts just listed a completely remodeled 1 bedroom / 1 bathroom condo in the heart of Jackson Hole. We are talking 5 minutes walk from the town square, 5 minutes (in ski boots) from the base of Snow King Resort, 1 minute from the local bus stop and within walking distance from all the local taverns.

We are very excited about the opportunity to represent all segments of the real estate market in Jackson Hole. It is of course an honor to work with sellers of multi-million dollar listings and we work extremely hard to represent these properties but it is just as much of an honor to assist first time home buyers and entry level sellers in helping them take another step up in the market.

This particular property is located at 140 East Kelly, Jackson, Wyoming. It is about 500 square feet with a full kitchen and bathroom. There are laundry facitlities on the premises. New windows and doors, newer roof on the complex, updated appliances — it’s all here. Homeowner fees are very reasonable at $1560 and taxes were just above $1,000 in 2008. This building and price range qualify for the government stimulus credit of $8,000 (see previous posts for details) and also FHA loans (3-10% down).

Call us for details and and to learn more about the Jackson Hole real estate market – 877-739-8056.

It’s time for our JH monthly real estate update and we have encouraging news on the Jackson Hole real estate market – there’s a pulse! We are finally starting to see some meaningful movement on the seller’s side of things (list prices are coming down – averaging 15%) and the result is that some buyers are taking advantage of this movement.

Today (6/3/2009) at the Sotheby’s International Realty office meeting we had many agents report “under contract properties”. This included a walk in customer who wrote a contract on an in town property priced over $1 million, a home in Rafter J, a vacant lot south of town, a vacant lot north of town at the Jackson Hole Golf and Tennis and a condo in the town of Jackson. The one area that raised our eyebrows was that fact 2 more vacant lots went under contract. We have been discussing the market with a lot of people and we keep mentioning that we feel that the vacant lot segment of the market will help pull the market out of its slump and we are starting to see that prediction come true. Construction prices are low, material prices are low, design and layout services are lower and available – there’s just a lot of indicators that make us believe that vacant lots make some investment sense at the moment.

The issue in the market continues to be inventory – over 850 listings compared to 470 at this time last year and that equals 42 months of inventory at the current sales pace. There are many choices for buyers in all price ranges. If you do not like one house there is another to look at. If a buyer makes an offer and it is not well received, there is another seller to entertain. Sometimes deals are not occuring but we are starting to see a lot more of them coming together when compared to 3 months ago.

We are still waiting for the low end market to see these indicators and to adjust to the market. There is a general consensus and there is starting to be a statistical pattern that the market is responding to a 25% discount from the high market. There is confusion on where the high was but generally the highest sale in a like category minus 25% gives us a current value. Sure there are exceptions but currently the lower end market (under $500,000) has not adjusted any where close to this adjustment and it is showing in pending transactions – 3 pending deals….

Make sure you check out www.jacksonholeexperts.com (link is below). 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. Next month we will have the 2nd quarter review – stay tuned. 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!

The final real estate results are finally in from our master “Statistic Wizard”, Leonard Kleiman. Unfortunately you did not have to be a master mathematician in the 1st quarter of 2009 as we only recorded 18 transactions for a total of $43.2 million in sales volume. Teton County, Wyoming could very well have it bottom which if it is true will be music to our ears. To give you perspective the 2008 1st Quarter was a previous record low in transaction total with 67 transactions! Q1-2009 unit volume was down 73% from ’08 and volume was down 57%.

Another interesting fact we are noting is that since September 2007 every month since we have seen decreased sales volume year over year. This is an astonishing stat that really illustrates how the market was out performing for years and is now correcting and definitely under performing. March ’09 for example was down 60% vs. March ’08.

With so few transactions it is almost impossible find a pattern or trend in a certain location except for the fact that all areas are seeing decreased activity. Teton Village only saw 2 transactions during the ’09 ski season (Jan-March). Wilson or “west of the snake” only saw 3 transactions compared to 11 in ’08. And the Town of Jackson only recorded 8 transactions compared to 33 in ’08.

When looking at active inventory we are starting to see a number higher than ever before. On March 31st there were 687 active listing in the Teton County Multiple Listing Service. Today, May 1st we have 725 active listing with more on the way. Christy and I currently are working on 4 new listings that will hit the market in the next 2 weeks. To know more call us toll free at 877-739-8056! One area of stability has been in the over the $3 million market as there were only 126 listings as of March 31st. This is only 11% over the 2007 numbers.

Activity has increased during the month of April. There are currently 18 pending transactions excluding 35 pre-construction projects that include Terra/Sweetwater Lodge, Pine Glades and Pearl Street. There have been some exciting (depends on what end of the transaction you are on…) price reductions in the past two weeks which should stimulate the market. Without a doubt – if a buyer has the means to make a purchase 2009 will go down as one of the best buyer opportunities Teton County has seen in years. Inventory is close to a high, there are some quality listings available in all locations and prices are falling.

If you are a seller – it is a difficult time – yet if you position your property correctly there are buyers looking around for property and that is more than you could say in November of 2008.

If you would like to see the actual report from Sotheby’s International Realty – Jackson Hole Brokerage please email or call the Jackson Hole Experts – Christy and Garth Gillespie. We are happy to assist any of you understand this challenging market.