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.

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.

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.

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.

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. 

As ski season quickly approaches (Jackson Hole Mountain Resort opens for the season on Saturday Nov 26), I wanted to provide an update on real estate activity in The Aspens, particularly in the condo market. The Aspens neighborhood is located along the Moose-Wilson Road (also called the Village Road). Due to it’s proximity to Teton Village (5 minutes) the Aspens is a desirable location for locals, long term visitors and tourists alike. The zoning in the Aspens allows short term rentals year round, meaning owners can rent their units out nightly to visitors. There are several management companies that can provide property management services for rental units.

SOLD UNITS

Over the past year there have been 11 condo sales under $500,000. These 1 and 2 bedroom units were located throughout the Aspens, with the majority of the units selling this past summer. The average condo that sold was 940 square feet and fetched an average sales price of $344,591, equating to $363 per square foot. On average, the condos were selling at 92% of the asking price. The average days on market was 294 days. One of the most notable sales was a bank owned 2 bedroom plus a loft, which sold for $281 per square foot – a great deal!

CONDOS FOR SALE

Currently, there are 11 condos on the market for sale. Half are 1 bedrooms and half are 2 bedroom units. The average condo for sale is 868 square feet and the average listing price is $357,264 ($414/square foot), well above the what condos are selling for -$363 per square foot. Theses condos have been on the market an average of 169 days and I anticipate them remaining on the market until prices are lowered. There best value currently on the market is a Chokecherry 2 bedroom plus a loft for $449,000 ($382 per square foot) – it is a short sale, meaning that that price is less than what is owed to the bank. Short sales and bank sales can be tricky, but can also result in good deals for buyers and investors. For example, a bank owned 1 bedroom condo listed at $239,900 just went under contract. While it needs some updating, it is an end unit and will probably close for around $310 per square foot – a great value for that buyer.

If you are interested in learning about opportunities in the Aspens condo market, or any other condo market, please email  The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty at garth.gillespie@jhsir.com.

The 3rd quarter has come to an end just as the snow begins to fall in Jackson Hole, Wyoming. Overall, year to date unit sales in Teton County are up 30% over this time last year – great news, however overall sales volume is down slightly. This means that while more properties are selling, they are selling at lower prices (overall). Yet, both unit sales and sales volume are well above the lows seen in 2009. The average sales price in Teton County, through the 3rd quarter 2011, was $1,120,000, (down 25% from last years $1.4m average price).

Sales by Area – Teton County

South of the Town of Jackson

South of Town, including neighborhoods like Rafter J, Melody Ranch, Singl’ Tree Ranches, 3 Creek Ranch and Game Creek, have seen the most improvement in sales volume.  Overall sales volume is up 78% versus last year and unit sales are up 60%. Single family unit sales in particular have doubled to 37 sales this year, compared to just 18 this time last year. This area also saw the largest increase in the average sales price, up 10.8% from the end of the 3rd quarter last year. This could be supported by the fact that 5 properties have sold in this area for over $2 million this year, compared to only one last year.

Teton Village

The area surrounding Jackson Hole Mountain Resort has been another hot spot this year, where bargain hunters have purchased 50 properties this year compared to only 28 this time last year. However sales volume remained flat, as most of these sales were lower end condominiums sales (many of them bank owned). The average sales price in Teton Village this year is $870,000, down 46% from this time last year. The average days on market for sold properties doubled since last year – the units that sold this year where on the market an average of 606 days (that’s 20 months!). Much of the older inventory is finally selling.

Town

The Town of Jackson experienced an 8% increase in unit sales, but sales volume slipped 23% compared to 3rd quarter last year, which illustrates the high volume of bank sales, short sales and motivated sellers currently in the market. The average sales price in Town this year is $540,000, down 10% from last year. Of the 67 properties that have sold so far this year, the average time on the market was 218 days, very similar to the properties that sold through the 3rd quarter of last year.

Westbank

The area West of the Snake River, including The Aspens, Wilson and several higher end neighborhoods including John Dodge, Tucker Ranch and Stilson Ranches also saw a drop in sales volume (down 23%) with a slight increase in unit sales (up 5.4%). The average sales prices in this area is down 27% to $1.7m. Through the 3rd quarter of 2011, 39 properties have sold on the Westbank and were on the market an average of 275 days (similar to the county average of 295 days on market).

Sales by Property Type:

Residential- Single Family: Single family home sales volume was unchanged from last year, despite a 22% increase in unit sales. The averages sales price for single family homes in Teton County is currently $1,521,300 (down 17% from this time last year).

Condominium sales: Condo sales (which includes tow homes and condo-hotels) saw the largest increase in unit sales (up 46% over last year). Sales volume also increased in this segment of the market; total volume was up 22.4% over last year. The average sales price for this segment of the market dropped to $560,000 from $668,000 last year (16% drop).

Average Prices and over all Sales Volume will continue to fall going forward, so long as inventories remain high, particularly in the condo market. Bank sales and short sales on contributing to falling prices, as they are many times able to come on the market at below-market prices. They also contribute to increased transactions, as many times they are under contract the same day the hit the market, and are sold before many people even realize they are available.

If you are interested in learning more about the 3rd quarter statistics for the Jackson Hole Real Estate Market or would like to learn of any bank owned opportunities, please contact The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty in Jackson Hole, Wyoming.  We can be reached at 307-413-5243 or garth.gillespie@jhsir.com

Several states are posting year-over-year gains in home values, according to a newly released index for August by CoreLogic, which tracks price changes in repeat sales of homes.

According to CoreLogic, here are the states with the largest year-over-year gains in single-family home prices:

1. West Virginia: 8.6%

2. WYOMING: 3.6%

3. North Dakota: 3.5%

4. New York: 3.2%

5. Alaska: 2.2%

6. South Dakota: 1.5%

7. Washington, D.C.: 1.3%

8. Nebraska 1.1%

9. Kansas: 1%

10. Indiana: 0.8%

Not bad, considering nationally, single family home prices were down 4.4% year-over-year in August, according to the index. Nevada posted the largest drop, falling 12.4% year-over-year.

To learn more about property ownership opportunities in Wyoming, as well as the great tax benefits of owning property here, feel free to call The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty at 307-739-8056 or email us at garth.gillespie@jhsir.com.

Over the past year, there have been 6 sales of one bedroom condos and 4 sales of two bedroom condos in the Aspens, located near Teton Pines on the Village Road. Of the one bedroom condo sales, the average sales price was $291,000, which equates to a price per square foot of $341.  These condos were on the market an average of 134 days before they were sold. The sales rate was one sale every 2 months. The most recent sale was a Foxtail condo on July 15th. It was an end unit and was remodeled.

With the exception of one low bank sale of a very small, older two bedroom condo in the Buckwheat building in the Aspens, the average sales price of two bedroom condos over the past year was $477,000. These condos were on the market an average of 418 days, (significantly more than one bedrooms) before they were sold. The sales rate was one sale every 3 months.

The Aspens allows short term renting, so many investors have been focusing on this area as it is within 5 minutes to Jackson Hole Mountain Resort, 10 minutes from Grand Teton National Park, and minutes away from golf, tennis and swimming  at Teton Pines Resort and Country Club.

Inventory is at an all time high, creating opportunities for real estate investors and homebuyers. There are currently 6 active real estate listings for one bedroom condominiums in the Aspens ranging in price from $269,000 – $325,000. The average list price is $310,000. These condos have been on the market for an average of 111 days. There are 7 active real estate listings for two bedroom condominiums in the Aspens starting at $415,000.

Call or email Katie Colbert, Buyer Specialist for The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty for a link to the available condos for sale in The Aspens. 307-739-8078 or Katie.Colbert@jhsir.com

Maybe not exactly but Wyoming ranked 5th for Distaster Resistant real estate locations from the MSN real estate site:

Here’s the link:  http://realestate.msn.com/slideshow.aspx?cp-documentid=25641997&GT1=35006 

Here’s what they had to say about Wyoming and Jackson Hole:

Wyoming

Want to live tax-free, but don’t want to deal with hurricanes? Welcome to Wyoming, where individual and corporate taxes are as nonexistent as oceans and gulf currents. Residents may wonder how their state can be considered so safe when it was declared a disaster area in July after a serious bout of flooding. Simple: With only eight major disasters declared since FEMA started keeping tabs back in 1953, the least-populous state (roughly 540,000, or fewer than in Tucson, Ariz., alone) takes calamities including floods, tornadoes and winter storms in stride. With all that cash savings and little worry about impending doom, Wyoming newcomers should feel free to splurge on such homes as Sotheby’s $7 million, four-bedroom, seven-acre spread in Jackson Hole with a stone fireplace, infinity-edge outdoor hot tub, heated concrete floors, six-car garage, guest house and a 30-foot window wall with a view of the Tetons.

All I can say is somehow Utah beat us?  I beg to differ!