We always hear that all real estate is local. One could take it a step further and argue that all real estate is hyper-local. What I mean by this is that the Sun Valley real estate market is really a bunch of sub-markets (i.e. locations) and these various sub-markets differ in terms of inventory levels, median price trends, and saturation rates, and more.
For instance, the very low end of the single-family market in the areas of Hailey and Bellevue (priced under $225,000) has just four active MLS listings as of the writing of this blog, and 3 of the 4 are pending/under contract.
However, it's a different story if you are looking at homes in Elkhorn priced over $1,000,000. At the present moment there are 19 homes in Elkhorn over $1,000,000 with no pending sales. There were nine sales in 2016 in this price range and an average sales price of $1,350,000.
I think you get my point. Let's dig a little deeper. You may have to zoom in on the charts below by clicking the settings button on your web browser. (The Google settings can be changed by clicking on the three dots in the upper right corner.)
SINGLE-FAMILY HOME MARKET
First, let's look at what happened in the Single-Family Home Market. People seem to fixate on price so here's some stand-out numbers. Look at the chart for more information like number of active listings, number under contract, number sold, etc.
↑ Warm Springs - Median prices up 26% from $827,500 to $1,050,000
↑ Sun Valley - Median prices up 12% from $1,310,000 to $1,475,000
↑ Hailey - Median prices up 8% from $306,250 to $$332,500
↑ Ketchum - Median prices up 5% from $975,000 to $1,100,000
↓ Mid Valley - Median prices down 1% from $844,500 to $832,500
↓ Bellevue - Median prices down 2% from $250,000 to $245,000
↓ Elkhorn - Median prices down 39% from $1,510,000 to $901,500
↓ Median prices for the entire single-family home market for the Sun Valley MLS is down 7% from $375,000 to $347,000
THE CONDO MARKET
↑ Warm Springs - Median prices up 5% from $285,000 to $295,000
↑Sun Valley - Median prices up 7% from $390,000 to $417,500
↑Hailey - Median prices up 13% from $168,000 to $190,000
↓ Elkhorn - Median prices down 4% from $283,450 to $270,000
↓ Ketchum - Median prices down 39% from $494,000 to $300,000
↓ Median prices for the entire condo home market for the Sun Valley MLS is down 6% from $310,620 to $290,500
THE TOWNHOUSE MARKET
Some of the numbers are skewed due to low sales. For instance, the towns of Bellevue and Sun Valley do not have many townhouses, so their low number of sales make for unrealistically dramatic median price ranges.
↑ Bellevue - Median prices up 56% from $140,000 to $218,750
↑ Hailey - Median prices up 18% from $165,000 to $195,000
↓ Elkhorn - Median prices down 35% from $835,000 to $536,750
↓ Warm Springs - Median prices down 14% from $560,000 to $478,740
↓ Sun Valley - Median prices down 61% from $750,000 to $287,500
↓ Median prices for the entire townhouse market for the Sun Valley MLS is down 3% from $298,750 to $287,500
VACANT LAND MARKET
↑ North of Ketchum - Median Prices up 154% from $905,000 to $2,300,000
↑ Warm Springs - Median prices up 40% from $425,000 to $598,000
↑ Hailey - Median prices up 20% from $100,000 to $120,000
↑ Ketchum - Median prices up 3% from $515,000 to $532,500
↓ Mid Valley - Median prices down 25% from $302,000 to $225,000
↓ Bellevue - Median prices down 41% from $131,250 to $76,500
↓ Elkhorn - No vacant land sales in 2016, 2015, nor 2014
↓ Sun Valley - Median prices down 64% from $3,250,000 to $1,170,000
Median prices for the entire vacant land market for the Sun Valley MLS is up held steady at $122,500 in both 2015 and 2016.
So that's our look backwards for the Sun Valley real estate market, comparing 2016 to 2015. Coming soon to my blog will be a look at price trends in various price ranges of our Sun Valley real estate market over the past three years so we can, perhaps, project forward.
And as always, feel free to call me, Sheila Liermann, at 208.481.0450.