Sun Valley Real Estate and the Great Recession
I am often asked if real estate values have returned to the prices before the Great Recession. In short, overall things look great and the Sun Valley real estate market is strong and improving every day.
The median price for single-family homes for all areas of the Sun Valley MLS was $495,000 in January 2008 and $522,500 in January 2018. Check out the numbers below to see which neighborhoods have made a strong recovery and where a deal might still be made due to the market being softer in some locations.
The condo market is improving every day, but has not rebounded to 2008 levels. The median price of condos and townhouses in January 2008 was $529,000 and was $333,500 in January 2018. However, there are a lot of pending sales and you can read more about the raw data for condo market by referring to my previous blog post.
Let's look at prices in 2008 to compare to January 2018.
Median Price of Single-Family Homes as of Jan. 2008:
All of Blaine County - $495,000
Ketchum - $1,787,500
Warm Springs in Ketchum - $1,142,500
Sun Valley - $2,200,000
Elkhorn in Sun Valley - $1,380,000
South of Ketchum - $1,297,500
Hailey - $432,500
Bellevue - $375,000
Median Price of Single-Family Homes as of January 31, 2018 and Percentage Change over January 2017
All of Blaine County - $522,500 | +26.7%
Ketchum - $1,400,000 | +33.0%
Warm Springs in Ketchum - $795,000 | -33.1%
Sun Valley - $1,450,000 | -6.6%
Elkhorn in Sun Valley - $1,282,500 | 42.5%
South of Ketchum - $888,000 | +7.0%
Hailey - $375,750 | +7.4%
Bellevue - $320,000 | +29%
HOVER YOUR MOUSE BELOW FOR THE 10-YEAR PRICE TRENDS FOR SINGLE-FAMILY HOMES IN THE SUN VALLEY MARKET.
Median Price of Condo & Townhouses as of January 2008
All of Blaine County - $529,000
Ketchum - $865,000
Warm Springs in Ketchum - $525,000
Elkhorn in Sun Valley - $475,000
Sun Valley - $737,000
Hailey - $262,000
Median Price of Condos & Townhouses as of January 31, 2018 and Percentage Change over January 2017
All of Blaine County - $333,500 | +13.1%
Ketchum - $577,000 | +60.3%
Warm Springs in Ketchum - $397,250 | + 22.2%
Sun Valley - $425,000 | 4.9%
Elkhorn in Sun Valley - $301,000 | +0.3%
Hailey - $220,000 | +12.0%
Bellevue - $186,500 | +18.6%
HOVER YOUR MOUSE BELOW FOR THE 10-YEAR PRICE TRENDS FOR CONDOS & TOWNHOUSES IN THE SUN VALLEY MARKET.
Respectfully Submitted,
Sheila Liermann | Sun Valley Real Estate Agent and Broker
