in the Realtor-Buzz Network

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.