Year-to-Date Real Estate Statistics for the Sun Valley Home Market
We just returned from a bike trip to Italy and, of course, it was fantastic. How could it be anything else? But I am also thankful that we get to return to the equally gorgeous Wood River Valley. Like many, I have spring fever and it feels so good to bask in the sun and watch the aspens bud. Does it get any better than springtime in the Rockies? I don't think so either.
Today in the Sun Valley MLS there were 17 pending/under contract deals. That's a really big number for the beginning of May. Keep reading to see what's going on with our market.
Here's a few stand-out numbers in the single-family home market for various areas of the Sun Valley MLS comparing January 1 - May 7, 2018 with the same period of 2017.
Sold listings in Ketchum are even with last year at 7.
YTD Sold volume is $8,930,000, down 29% over last year which was $12,672,500.
Inventory in Ketchum is up 9% to 58 listings.
The average price of a home last year at this time was $1,810,357 and this year the average price is $1,275,714, down 29%.
What the heck is going on? Previously people were clamoring to be as close to The Pioneer Saloon as possible. Perhaps some buyers are leaving the Ketchum market in favor of Warm Springs?
Warm Springs has had its share of struggles since the recession, but it now appears to be playing catch-up with the Ketchum market.
The number of pending/under contract deals moved from 5 in 2017 to 12 in 2018, up 140%.
More significant, sold volume was $9,171,326 last year and is now $14,415,000, up 57%.
And, the median price of a home in Warm Springs moved from $1,160,000 to $1,700,000, up 46%.
There are 40 active listings in Warm Springs, up 11% over last year. The take-away on this is that it's a good time to look at the Warm Springs market as you have more choices than last year.
Sun Valley has seen the greatest decrease in inventory in our MLS. Last year there were 44 homes for sale in Sun Valley and this year there are only 28, a decrease of 36%.
The number of homes under contract moved from 11 last year to just 6 this year. Perhaps people are sitting on the sidelines to buy in Sun Valley until inventory increases?
Closed deals are down, too, with 12 sales last year compared to just 6 this year.
The average sales price in Sun Valley is up 32% from $2,156,750 last year to $2,867,500 this year.
The median price moved up 33% from $1,910,500 to $2,542.500.
ELKHORN IN SUN VALLEY
Elkhorn is hitting its stride with sales up 200% over last year, from 3 to 9.
Pending sales in Elkhorn are also up from 3 to 10, or an increase of 233%.
Sold Volume is big, too, up 153% over last year - now $12,238,500.
Median sales prices slipped 26% from $1,553,678 to $1,140,00.
If median prices are down and sold volume is up, perhaps the "more bang for the buck" theory applies here?
The high number of pending sales may influence prices in Elkhorn going forward. We'll see. Check back.
SOUTH OF KETCHUM
This is the area we previously labeled the "mid valley" and it runs from the Ketchum city limits to the Hailey city limits.
I live in East Fork which I personally find a fantastic place to live, but the numbers disagree with me.
While the number of pending deals is up 25% from 12 to 15, the number sold is down from 9 last year to 11 this year.
Sold volume moved from $14,332,500 last year to $8,833,000 this year and median prices reflect this decrease in volume, moving from $1,200,000 to $687,500, or a decrease of 42%. Ouch!
But hold on if you are an owner in the mid-valley! This could all change with the decrease in active inventory of 20%. Last year we had 110 homes for sale south of Ketchum and this year we only have 88.
South of Ketchum. More space. Better Value. So, if you have a "don't fence me in" attitude, consider buying a home south of Ketchum.
Inventory in Hailey is up 22% over last year with 111 homes on the market.
Homes under contract moved from 41 to 70, or up 70%.
Sold deals in Hailey moved from 28 to 42 or up 50%.
The average price of a home in Hailey is up 10% to $469,370. Last year's average price in Hailey was $425,329.
And the median price is up 9% to $378,500.
Sold Volume in Bellevue is up 35%, from $2,050,500 to $2,770,500.
The number of pending/under contract deals jumped from 8 last year to 16 this year, an increase of 100%.
The number of sold homes in Bellevue is up 60% and listings are down 2%.
Applying the simple economics of supply and demand, I think we will see rising prices in Bellevue this summer.
These are really strong numbers for the first four months of the year. If you are a buyer interested in a home in Hailey or Bellevue, I wouldn't dilly-dally. I would say it's time to get off your duff and make an offer. Due to the high cost of land and very high cost of construction at the present time, speculative contractors aren't building any more reasonably priced entry-level home in Hailey and Bellevue.
If you are a buyer seeking value, look in the mid-valley or that area south of Ketchum and north of Hailey.
Did you know that Idaho is the number one growing state in the United States? That fact coupled with low unemployment is going to continue to put pressure on the Sun Valley real estate market. And rising interest rates are going to make getting the home of your dreams more expensive. These are just three more reasons why it's a good time to buy into the Sun Valley real estate market.
Stay tuned. In a couple of days I will do a blog post on the Sun Valley condo and townhouse markets. And next up will be an analysis of vacant land.