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.

Average Prices Graph

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.

We are going to start a series of blog posts that hopefully create a pattern that we can look back on and see if we were right.  Christy and I believe that there could not be a better time to buy real estate in Jackson Hole.  There are excellent values in all price ranges and we believe the amount of inventory allows buyers some good choices.  With that said we do believe a lot of the great properties that have been offered at reduced prices are starting to get purchased and that inventory is going down.  I saw this video yesterday which is from Barbara Corcoran – a real estate “expert” – that outlines some of the reasoning behind buying now and or selling right now.  Take a look.

Stay tuned as we will be posting quite a bit of information that we feel will be important moving forward into the 2012 real estate sales year here in Jackson Hole.  For additional information on real estate or anything else Jackson Hole please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

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. 

A few weeks ago, Andrew Cornish, owner and president of Rocky Mountain Appraisals in Jackson Hole, Wyoming released his Year End Report. The main conclusion: Despite an increased number of real estate sales in 2010, home values in Jackson Hole continued to decline, with entry level homes hit the hardest.

Andy Cornish explains that while the number of sales in Teton County, WY was up over 32% from last year,  certain segments of the market are still experiencing value losses up to 30-40% from peak values in 2007 and 2008.  The single family home market saw the average transaction price increase by over 12% in 2010.  However, Mr. Cornish explains, this is due to a prevalence of higher-end transactions, not an increasing value trend.

Available Inventory (homes for sale on the market) has remained relatively constant between 2009 and 2010, however currently inventory levels are double of that in 2007.  The type of inventory is interesting to note as well. According to the Teton County MLS, the least amount of ‘distressed’ properties exist north of town, while the greatest concentration of distressed properties exist in the Town of Jackson and South of Town, where an estimated 12% of homes for sale are described as bank-owned or have short sale potential.

Conclusion – According to Mr. Cornish’s Year End Report, while the real estate market continued to lose value in 2010, an increase in the number of transactions can provide hope that a market stabilization is in sight. For the entire Year End Report, visit Rocky Mountain Appraisals or contact The Gillespie Real Estate Team at 307-739-8078 or by visiting www.jacksonholeexperts.com

In 2011, we have seen an increase in real estate activity in Teton Village.  In the past 20 days, there have been two closed sales in Teton Village. Both real estate sales were condos located at the base of Jackson Hole Mountain Resort. A 2 bedroom, 2 bath, bank owned, condo sold in mid January. The other sale happened this past weekend – a 3 bedroom, 2 bath penthouse condo in the Nez Perce Condominium Building.

 Additionally, there are currently 15 properties under contract in Teton Village. Seven of those were put under contract in the new year!  They include a wide range of property types. Four of the sales are condominiums within walking distance to the Jackson Hole ski resort. There is one unit under contract in the Snake River Lodge & Spa and a 2 bedroom unit in the Four Seasons – both ski-in, ski-out properties. There is also a 3 bedroom Timbers at Granite Ridge currently under contract.

While the above properties are spoken for, there are still many real estate opportunities in Teton Village. In fact, there are 85 properties for sale in a wide range of price ranges - a condo hotel for $299,000,  a 2-bedroom condominium for $445,000, a 4 bedroom vacation home for $3 million and a Four Seasons Penthouse Residence for $6 million.

The Gillespie Real Estate Team can easily guide you through these real estate opportunities and help you to find the perfect winter getaway in Jackson Hole. Call us today at 307-739-8078 for a list of all available properties in Teton Village.

While it may feel like winter has just begun, Jackson Hole Mountain Resort has already received over 24 feet of snow this season. Teton Village has received more snowfall than any other ski resort in North America.

With a record amount of early season snow fall, Jackson Hole Mountain Resort was able to open 100% of the mountain, including the Aerial Tram, on opening day in late November. Since opening day, we have continued to receive consistent snow which has contributed to a strong and stable snow pack.

Word has gotten out, as Teton Village has seen high occupancy levels at all the base area hotels – including the Four Seasons, Teton Mountain Lodge, Hotel Terra and the Teton Club. Jackson Hole Real Estate activity has also increased at the base of the mountain. There are currently 19 properties under contract in Teton Village. These pending sales include ski-in, ski-out condominiums, condo hotel investments, fractional time shares and large single family homes located underneath the Aerial Tram at Jackson Hole. We are well on track to out pace last winter’s 32 closed sales in Teton Village.

If you would like to learn more about current real estate opportunities in Teton Village contact the Gillespie Real Estate Team – the Jackson Hole Experts by visiting www.jhexperts.com or calling 307-413-5243.

Working at Jackson Hole Sotheby’s International Realty has so many benefits…To name a few – We have the strongest real estate professionals in the Jackson Hole Valley.  Year after year we post an incredible market share usually averaging over 60% of the buyers in the market.  That is staggering when you compare it to like markets.  Technology is another – www.jhsir.com is one of the best Real Estate websites out in the cyber world.  Sales office locations is another huge benefit – especially for sellers as JH Sotheby’s has working real estate professionals located in the Town of Jackson, Teton Village, the Aspens and all the major resort hotels at the Jackson Hole Mountain Resort – including the Four Seasons, Terra and Teton Mountain Lodge.  Finally but not the last benefit is out ”stats man” - Leonard Klieman.  Every month Leonard looks over the data and provides all of us up to date market statistics.  Today I’ll share the latest December 2010 information.

During the end of 2010 we have started to see an increase in activity with properties listed over $2 million.  This continued in December 2010.  In Dec. 2010 we had 6 sales over $1 million with an average sales price of $3.7 million compared to 10 sales over $1 million in 2009 but had an average sales price of $1.9 million.  Overall we had 20 transactions during the month.  Unfortunately that is not a great number and was the lowest number of transaction since July 2010.  Unoffical numbers indicated that Teton County, Wyoming had 241 transactions in 2010 with a volume of $359 million.  That is the second lowest sales volume and transaction datat recorded in the past 8 years – only beating 2009. 

Comparing Year to Date December units and volume – 39% more transaction and 78% more volume when compared to 2009.  Sales volume is 3% below that of 2003 and 52% below the peak of 2007.  The increase in activity in the higher end is evident in the residential average sales price increasing 53% when compared to 2009.

Hopefully that was helpful.  For additional real estate information please feel free to contact Christy and Garth Gillespie – the Jackson Hole Experts.  We pride ourselves with working hard for buyers and sellers and having a secure grip on the market.  Feel free to visit our website – www.jacksonholeexperts.com or feel free to give us a call at 307-413-5243.

In today’s update we will explain the Teton Pines and Aspen’s locations for 2010. Both locations allow for short term rentals and are within the resort district. The location being on the Moose-Wilson makes it convenient for skiing in the winter and hiking in the summer. The Teton Pines offers a “resort” golf course, year round tennis, a summer pool and year round dining and bar. In the winter there is a wonderful Nordic center.

Teton Pines had a good year for real estate transactions. There were a total of 9 single family homes sales ranging from $950,000 for the desired Teton Pines Garden Homes to a high sale of $7,800,000 for a 7,300 sq. ft. estate home. The once popular Teton Pines Town Home on the other hand did not see a lot of activity. There are only 2 on the market but to see a year where no townhomes sold is a rarity. With the sale of a Garden Home below $1 million there is considerable price pressure on the townhomes. There are currently 22 active listings in Teton Pines. This is a great amount of inventory for buyers to choose from. We are predicting a strong sales season in Teton Pines.

The Aspens is located just north of Teton Pines and offers a mix of condos, townhomes and single family homes. Lake Creek carves its way through the neighborhood creating a very peaceful environment. The Aspens is frequented by moose throughout the seasons. Since January 1, 2010 there have been a total of 14 sales ranging from a low of $186,000 for a 760 sq. ft condo (Bank Sale) to a high of $1,293,700 for a wonderful single family log home (Gillespie Real Estate Team Listing). There are 2 current pending transactions – both below $500,000. As for Active inventory in the Aspen’s….there’s a lot of it. 23 listings – 13 condos (1, 2, 3 bedrooms), 6 townhomes (all located in the Pond’s and Cove) and 4 single family homes. The 6 townhomes in the Cove and Pond’s is an eye opener. The least expensive is $799,000 and the most expensive is $1,197,500. Hopefully there are a few buyers this winter and in 2011. Unfortunately I believe that the sellers are not quite realistic as to the current market.

With all the new snow and the best early ski season we have seen in years we are anticipating a very strong Holiday Season. Some of this visitor traffic should translate to an increase of real estate sales. If you would like additional information about the real estate market in Jackson Hole — please pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.

The winter season is upon us and we wanted to give you an update on the Teton Village real estate market. We are hearing the questions…Is the market getting stronger? What are you seeing with the market? Is it going to be a strong winter season for sales? Christy and I have been in the real estate business for 15 years so we know how hard it is to predict the future but we will tell you that we have a sense that the market is strengthening. When we say strengthening we mean that there is an indication that interest has increased and some sales have taken place but we don not necessarily mean that prices have bottomed out let alone start to increase.

There are currently 100 active listings in the Teton Board of Realtors Multiple Listing Service. This does not include fractional ownership opportunities like the Teton Club or The Four Seasons. The active listings range from a 1 bedroom, 1 bathroom condo priced at $259,000 all the way up to a fabulous ski home retreat priced at $29,500,000. A third of the inventory is priced under $1 million, a third between $1 and $2 million and a third $2 million and over.

In the past year – data since January 1, 2010 – there have been 31 disclosed sales with an average sales price of $1.675 million. The closed data almost mirrors the active market in the sense of percentages. Some interesting sales – A Tram Tower Townhome located below the Tram was listed at $1.9 in 2007 and just closed for $915,000! A Granite Ridge Timbers unit listed for $2.7 in 2009 just sold for $1.9 and another Timbers unit listed for $3,750,000 in 2008 just closed for $1.9 million. On the lower end a condo in the Gros Ventre complex just sold (as a bank sale) for $239,000. This condo was 2 bedrooms, 1 bathroom and 800 square feet in size. A like unit sold in 2006 for $435,000. Not all the transactions are this extreme but this illustrates how value was created for a buyer in a difficult market.

As we reported in the last entry – Jackson Hole Mountain Resort is in the best shape it has almost ever been in this early in the season. The lower part of the mountain – including the Hobacks – are skiing as well as they do in February. Bookings at the Four Seasons resort are looking strong for the season so 2001 is looking to start off on the right foot.

If you would like additional information about the real estate market in Jackson Hole — pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.