Median prices are on the rise in the Sun Valley. Let's look at the single-family home market.
The median price for a single-family home is now $475,00 for the entire Sun Valley MLS, up 14.5% over this time last year.
The Sun Valley area (the Fairways, White Clouds and Diamond Back) is leading the charge with an increase of 18.6% and a median price of $1,750,000.
Ketchum and Warm Springs prices are lagging: however, pending or under contract sales in Warm Springs are up 50% over last year so this scenario may change as these deals close. Inventory for the Ketchum area is down 11%, which may account for the sluggish prices as perhaps some buyers are waiting on the sidelines until their perfect home comes on the market. Or perhaps those buyers are buying homes in the mid-valley where the dollar has a little more stretch, which may account for the increase in the mid-valley median price to $880,000, up 5.1% over last year.
If you're looking for a deal, head to Elkhorn. Median prices are down 22.3% to $855,000. As of this writing, pending or under contract sales in Elkhorn are down -45.8%, which doesn't bode well for Elkhorn.
Hailey and Bellevue have proven to be strong markets this summer so it's not surprising they, too, are seeing an increase in prices. Here's the numbers:
Blaine County - Entire MLS | $475,000 | +14.5%
Sun Valley | $1,750,000 | +18.6%
Ketchum | $912,500 | -7.4%
Warm Springs | $900,000 | -14.3%
Elkhorn | $855,000 | - 22.3%
Mid-Valley | $880,000 | +5.1%
Hailey | $335,000 | +3.9%
Bellevue | $292,500 | +17.0%
What price ranges of single-family homes are selling across the entire Sun Valley MLS?
Hover your mouse over the charts for the numbers. The number of sold listings has held steady over last year. However, the range from $1,500,000 to $2,999,999 are up a big 34.6%.
Let's look at the 5-year trends across the various price ranges.
Across all price ranges our inventory levels are down 11.8% with the lowest inventory at the lower prices of the market.
Pending sales are up 5.9% over this time last year.
In the next couple of days I'll do a blog post about what's happening with the median prices for condos and townhouses in the Sun Valley area.
To stay fully informed of the Sun Valley real estate market, please check the Market Trends tab on my website where I post statistical charts (median and average prices, days on market, closed sales, pending sales, inventory levels, etc) for all areas of our MLS, from Ketchum and Sun Valley to East Fork and Bellevue. the charts depict the single-family home market, the condo/townhouse market and the vacant land markets. I update these charts on the first of every month.
Dated: August 12, 2017
Photo Credit: Jay Fitzgerald Photography entitled "Last Day of June Skyscape" @ www.jf35mm.