The Sun Valley Real Estate Market: Comparing 2017 with 2016
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.
But first....
Let's look at the statistics for the entire Sun Valley MLS comparing 2017 with 2016 for all areas combined, including Ketchum, Warm Springs, Elkhorn, Sun Valley, Mid-Valley, Hailey, Bellevue, South of Bellevue, etc. These numbers include duplexes, single-family homes, condos and townhouses and vacant lots.
Comparing 2017 with 2016 across the Entire Sun Valley MLS:
↓ 1% - Total Active Listings from 2,627 in 2016 to 2,610 in 2017
↑19% - Units Under Contract from 754 to 895
↑ 24% - Units SOLD from 696 to 863
↑ 54% - SOLD Volume from $368,537,085 to $566,740,085
↑ 24% - Average Sale Price from $529,507 to $656,709
↑ 17% - Median Sale Price from $300,000 to $350,000
Percentage of Sold Price Over List Price:
Single-Family Homes sold at 95% of List Price – No change over 2016
Condos sold at 96% of List price, ↑ 2% over 2016
Townhouses sold at 97% of List Price, ↑ 2% over 2016
Vacant Land sold at 91% of List Price, ↑ 1% over 2016
Now, let's dig a little deeper into the Single-Family Home Market by area. Here are charts comparing 2017 over 2016 for about every statistic that might be of interest. Then scroll down to look at Condo, Townhouse, and Vacant Land statistics.
SINGLE-FAMILY HOME MARKET BY AREA
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 112 | 105 | -6 | 75 | 79 | 5 | 45 | 48 | 6 |
| Elkhorn in Sun Valley | 69 | 75 | 8 | 41 | 49 | 19 | 19 | 20 | 5 |
| Hailey | 240 | 245 | 2 | 178 | 197 | 10 | 127 | 142 | 11 |
| Ketchum | 99 | 104 | 5 | 59 | 66 | 11 | 25 | 31 | 24 |
| South of Ketchum | 186 | 185 | 0 | 108 | 115 | 6 | 35 | 44 | 25 |
| North of Ketchum | 49 | 58 | 18 | 28 | 36 | 28 | 12 | 10 | -16 |
| Other | 176 | 131 | -25 | 111 | 72 | -35 | 58 | 45 | -22 |
| Stanley Basin | 1 | 1 | 0 | 1 | 0 | - | 0 | 0 | 0 |
| South Blaine Co | 34 | 34 | 0 | 22 | 27 | 22 | 13 | 16 | 23 |
| Sun Valley | 66 | 70 | 6 | 43 | 39 | -9 | 12 | 21 | 75 |
| Warm Springs in Ketchum | 78 | 69 | -11 | 49 | 43 | -12 | 21 | 21 | 0 |
| Sub Type Totals: Single Family Residence | 1110 | 1077 | -2 | 715 | 723 | 1 | 367 | 398 | 8 |
| Number Sold | Sold Volume | Average Sale Price | Percent of List | |||||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 41 | 45 | 9 | 14,336,500 | 15,361,850 | 7 | 349,671 | 341,374 | -2 | 96 | 96 | 0 |
| Elkhorn in Sun Valley | 20 | 18 | -10 | 19,970,500 | 26,639,678 | 33 | 998,525 | 1,479,982 | 48 | 94 | 96 | 1 |
| Hailey | 137 | 135 | -1 | 49,404,311 | 57,559,605 | 16 | 360,615 | 426,367 | 18 | 96 | 97 | 1 |
| Ketchum | 19 | 30 | 57 | 29,940,000 | 78,466,000 | 162 | 1,575,789 | 2,615,533 | 65 | 94 | 93 | 0 |
| South of Ketchum | 32 | 43 | 34 | 38,630,850 | 63,003,661 | 63 | 1,207,214 | 1,465,201 | 21 | 95 | 96 | 0 |
| North of Ketchum | 11 | 11 | 0 | 19,772,150 | 18,757,500 | -5 | 1,797,468 | 1,705,227 | -5 | 95 | 91 | -4 |
| Other | 54 | 45 | -16 | 11,447,956 | 8,748,909 | -23 | 211,999 | 194,420 | -8 | 95 | 94 | -1 |
| Stanley Basin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| South Blaine Co | 15 | 18 | 20 | 2,546,100 | 5,728,553 | 124 | 169,740 | 318,253 | 87 | 96 | 97 | 0 |
| Sun Valley | 10 | 23 | 130 | 18,627,500 | 42,615,000 | 128 | 1,862,750 | 1,852,826 | 0 | 93 | 90 | -2 |
| Warm Springs in Ketchum | 15 | 23 | 53 | 22,609,649 | 22,824,326 | 0 | 1,507,310 | 992,362 | -34 | 95 | 96 | 1 |
| Sub Type Totals: Single Family Residence | 354 | 391 | 10 | 227,285,516 | 339,705,082 | 49 | 642,049 | 868,811 | 35 | 95 | 95 | 0 |
THE CONDO MARKET ANALYSIS BY AREA
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Elkhorn in Sun Valley | 134 | 120 | -10 | 90 | 74 | -17 | 51 | 59 | 15 |
| Hailey | 24 | 24 | 0 | 20 | 16 | -20 | 12 | 12 | 0 |
| Ketchum | 167 | 154 | -7 | 108 | 94 | -12 | 72 | 69 | -4 |
| North of Ketchum | 1 | 0 | - | 1 | 0 | - | 1 | 0 | - |
| Sun Valley | 69 | 61 | -11 | 34 | 41 | 20 | 27 | 28 | 3 |
| Warm Springs in Ketchum | 64 | 66 | 3 | 37 | 41 | 10 | 22 | 27 | 22 |
| Sub Type Totals:Condominium | 459 | 425 | -7 | 290 | 266 | -8 | 185 | 195 | 5 |
| Number Sold | Sold Volume | Average Sale Price | Percent of List | |||||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Elkhorn in Sun Valley | 49 | 56 | 14 | 14,375,924 | 19,604,300 | 36 | 293,386 | 350,077 | 19 | 95 | 96 | 0 |
| Hailey | 11 | 12 | 9 | 2,068,900 | 2,368,000 | 14 | 188,082 | 197,333 | 4 | 97 | 97 | 0 |
| Ketchum | 65 | 71 | 9 | 31,775,400 | 58,674,500 | 84 | 488,852 | 826,401 | 69 | 95 | 96 | 1 |
| North of Ketchum | 1 | 0 | - | 108,675 | 0 | - | 108,675 | 0 | - | 87 | 0 | - |
| Sun Valley | 26 | 28 | 7 | 12,168,000 | 13,050,869 | 7 | 468,000 | 466,102 | 0 | 94 | 95 | 1 |
| Warm Springs in Ketchum | 20 | 28 | 40 | 6,691,000 | 11,813,500 | 76 | 334,550 | 421,911 | 26 | 93 | 94 | 1 |
| Sub Type Totals:Condominium | 172 | 195 | 13 | 67,187,899 | 105,511,169 | 57 | 390,627 | 541,083 | 38 | 94 | 96 | 2 |
TOWNHOUSE MARKET ANALYSIS BY AREA
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 1 | 1 | 0 | 1 | 1 | 0 | 1 | 1 | 0 |
| Elkhorn in Sun Valley | 34 | 26 | -23 | 19 | 16 | -15 | 12 | 13 | 8 |
| Hailey | 45 | 70 | 55 | 36 | 65 | 80 | 32 | 53 | 65 |
| Ketchum | 74 | 69 | -6 | 49 | 41 | -16 | 24 | 31 | 29 |
| South of Ketchum | 1 | 1 | 0 | 1 | 0 | - | 0 | 0 | 0 |
| North of Ketchum | 1 | 0 | - | 1 | 0 | - | 1 | 0 | - |
| Other | 0 | 3 | + | 0 | 3 | + | 0 | 1 | + |
| Sun Valley | 4 | 8 | 100 | 2 | 8 | 300 | 3 | 4 | 33 |
| Warm Springs in Ketchum | 25 | 23 | -8 | 13 | 14 | 7 | 8 | 11 | 37 |
| Sub Type Totals: Townhouse | 185 | 201 | 8 | 122 | 148 | 21 | 81 | 114 | 40 |
| Number Sold | Sold Volume | Average Sale Price | Percent of List | |||||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 2 | 1 | -50 | 437,500 | 186,500 | -57 | 218,750 | 186,500 | -14 | 98 | 99 | 0 |
| Elkhorn in Sun Valley | 8 | 14 | 75 | 6,265,500 | 10,612,100 | 69 | 783,188 | 758,007 | -3 | 96 | 94 | -2 |
| Hailey | 29 | 46 | 58 | 5,822,250 | 10,967,259 | 88 | 200,767 | 238,419 | 18 | 98 | 99 | 1 |
| Ketchum | 20 | 30 | 50 | 16,484,750 | 33,058,000 | 100 | 824,238 | 1,101,933 | 33 | 96 | 95 | -1 |
| South of Ketchum | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| North of Ketchum | 1 | 0 | - | 810,000 | 0 | - | 810,000 | 0 | - | 99 | 0 | - |
| Other | 0 | 1 | + | 0 | 135,000 | + | 0 | 135,000 | + | 0 | 98 | + |
| Sun Valley | 3 | 4 | 33 | 962,500 | 2,579,000 | 167 | 320,833 | 644,750 | 100 | 88 | 96 | 9 |
| Warm Springs in Ketchum | 6 | 12 | 100 | 4,877,500 | 9,395,000 | 92 | 812,917 | 782,917 | -3 | 92 | 95 | 2 |
| Sub Type Totals: Townhouse | 69 | 108 | 56 | 35,660,000 | 66,932,859 | 87 | 516,812 | 619,749 | 19 | 95 | 97 | 2 |
VACANT RESIDENTIAL LAND MARKET BY AREA
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 46 | 59 | 28 | 31 | 36 | 16 | 6 | 12 | 100 |
| Elkhorn in Sun Valley | 28 | 30 | 7 | 13 | 15 | 15 | 0 | 3 | + |
| Hailey | 191 | 180 | -5 | 67 | 115 | 71 | 38 | 44 | 15 |
| Ketchum | 28 | 19 | -32 | 14 | 7 | -50 | 8 | 8 | 0 |
| South of Ketchum | 157 | 155 | -1 | 77 | 89 | 15 | 19 | 21 | 10 |
| North of Ketchum | 51 | 39 | -23 | 23 | 14 | -39 | 6 | 8 | 33 |
| Other | 181 | 176 | -2 | 80 | 86 | 7 | 22 | 37 | 68 |
| South Blaine Co | 50 | 65 | 30 | 25 | 36 | 44 | 4 | 13 | 225 |
| Stanley Basin | 1 | 2 | 100 | 1 | 1 | 0 | 0 | 0 | 0 |
| Sun Valley | 29 | 45 | 55 | 7 | 28 | 300 | 2 | 7 | 250 |
| Warm Springs in Ketchum | 32 | 38 | 18 | 17 | 19 | 11 | 3 | 2 | -33 |
| Sub Type Totals: Residential Land | 794 | 808 | 1 | 355 | 446 | 25 | 108 | 155 | 43 |
| Number Sold | Sold Volume | Average Sale Price | Percent of List | |||||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 4 | 10 | 150 | 382,500 | 1,278,500 | 234 | 95,625 | 127,850 | 33 | 95 | 89 | -5 |
| Elkhorn in Sun Valley | 0 | 3 | + | 0 | 2,112,000 | + | 0 | 704,000 | + | 0 | 87 | + |
| Hailey | 35 | 38 | 8 | 5,892,920 | 5,990,961 | 1 | 168,369 | 157,657 | -6 | 90 | 93 | 3 |
| Ketchum | 8 | 5 | -37 | 5,246,000 | 3,237,000 | -38 | 655,750 | 647,400 | -1 | 92 | 94 | 3 |
| South of Ketchum | 12 | 23 | 91 | 4,368,500 | 8,231,000 | 88 | 364,042 | 357,870 | -1 | 87 | 92 | 5 |
| North of Ketchum | 3 | 6 | 100 | 6,650,000 | 12,255,000 | 84 | 2,216,667 | 2,042,500 | -7 | 91 | 92 | 1 |
| Other | 21 | 34 | 61 | 1,191,550 | 3,108,723 | 160 | 56,740 | 91,433 | 61 | 92 | 93 | 0 |
| South Blaine Co | 6 | 13 | 116 | 879,000 | 1,116,000 | 26 | 146,500 | 85,846 | -41 | 89 | 85 | -4 |
| Stanley Basin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sun Valley | 3 | 6 | 100 | 4,430,000 | 6,587,000 | 48 | 1,476,667 | 1,097,833 | -25 | 86 | 90 | 4 |
| Warm Springs in Ketchum | 2 | 3 | 50 | 1,196,000 | 978,500 | -18 | 598,000 | 326,167 | -45 | 91 | 94 | 3 |
Sub Type Totals: Residential Land
| 94 | 141 | 50 | 30,236,470 | 44,894,684 | 48 | 321,665 | 318,402 | -1 | 90 | 91 | 1 |
Things are looking up in the Sun Valley real estate market.
These charts look backwards at last year. My next Blog post will look at 12-month rolling average real estate trends in an attempt to look forward.
Call me anytime to find out more about the Sun Valley, Ketchum, Hailey and Bellevue real estate markets and statistical trends. Better yet, give me a call to actually go look at property.
Respectfully submitted on January 6, 2018,
Sheila Liermann | 208.481.0450
Information is deemed to be reliable, but is not guaranteed. © 2018 MLS and FBS. Prepared by Sheila Liermann, Associate Broker | Principal, AB,GRI,SFR on January 06, 2018.
