Median Price Trends for Condos & Townhouses in the Sun Valley Market
A couple of days ago I posted an analysis of single-family home trends in the Sun Valley real estate market. Like the single-family market, the median prices for condos and townhouse are, too, on the rise. Across the entire MLS, the median price for condos/townhouses increased in July by 8.5% over July of last year, moving from from $300,000 to $325,526.
Condo/Townhouse prices in the Sun Valley core (excluding Elkhorn) bumped up 2.5% to $405,000. Elkhorn held steady at $300,000 with no price change over the past year.
Anecdotally, when I show property there seems to be a trend of buyers wanting to be as close to downtown Ketchum as possible. I think the increase in median prices in Ketchum by 38.9% and the decrease in Warm Springs by 19.5% illustrates this idea.
The Mid-Valley has very few condos/townhouses with no activity in the current market.
Hailey saw an increase in median prices of 22.4% to $210,000. A big chunk of this increase is a result of the Sweetwater project. The Sweetwater developer is finishing the units that have sat as empty shells for the past several years and they are seeing steady sales and thus, an increase in prices.
Here's the numbers:
Blaine County – Entire MLS | $325,526 | +8.5%
Sun Valley | $405,000 | +2.5%
Ketchum | $544,900 | +38.9%
Warm Springs | $325,000 | -19.5%
Elkhorn | $300,000 | No change over July 2016
Hailey | $210,000 | +22.4%
Bellevue | $207,750 | +19.2%
WHAT PRICE RANGES OF CONDOS & TOWNHOUSES ARE SELLING ACROSS THE ENTIRE SUN VALLEY MLS?
Hover your mouse over the charts for the numbers. The number of sold listings is up 11.9% over this time last year. A lot of deals were put together in the upper price ranges of our market.
Let’s look at the 3-year trends across the various price ranges.
Across all price ranges our inventory levels are down 13.4% with the lowest inventory at the lower prices of the market.
Pending sales for condos and townhouses are up 9.6% over this time last year. Again, the upper end of the market is really active.
That's it for today. I have to head to the kitchen to cook for our neighborhood potluck breakfast for the Great American Eclipse tomorrow morning. Have a great Eclipse experience.
Dated: August 20, 2017
Photo Credit: Jay Fitzgerald Photography entitled "Fox Creek Hollyhocks" @ www.jf35mm.