This Year: 1/1/2018 to 11/30/2018 Last Year: 1/1/2017 to 11/30/2017
A FEW STAND-OUT NUMBERS
What's Up? What's Down?
This blog post will look at the change in median price over November of 2017. A lot of factors go into a change in the market, most particularly inventory levels, the number of sales and the local and national economy. Pending or under contract sales help us project into the future. If you want the complete picture of the market, scroll down to the charts which reveal active listings, days on market, sold volume, average and median sale price, and percentage of listing price, and more.
RESIDENTIAL HOME MARKET
Entire MLS: The median price of a home across the entire Sun Valley MLS rose in value from $450,000 as of November 30, 2017 to $467,500 as of November 30, 2018, or an increase of 3%.
Hailey: The median price of a home in Hailey moved from $362,350 as of November 30, 2017 to $390,000 this year, or an increase of 7%.
The median price of a home in the area our Sun Valley MLS defines as "South of Ketchum" (literally south of Ketchum and north of Hailey) increased from $931,250 last year to $1,100,000 this year, or an increase of 18%.
Warm Springs in Ketchum continues to see formidable appreciation with the median price increasing from $795,000 to $1,500,000, or a whopping 88% increase.
Entire MLS: The median price of a condo across the entire Sun Valley MLS increased 8% over last year, moving from $330,000 to $357,000.
Only two areas saw appreciation this YTD over last YTD.
Hailey: The median price of a condo in Hailey increased from $204,500 last YTD to $218,000 this YTD, or an increase of 6%.
Sun Valley (excluding Elkhorn) Condos increased in value by 19% with the median price moving from $412,500 to $494,000.
Entire Sun Valley MLS: The median price of a townhouse in the Sun Valley MLS rose 14% from $375,000 to $430,000.
Sun Valley townhouses saw an increase in median price from $474,000 to $1,080,938, or an increase of 128%. A word of caution about this statistic -- there have only been 7 townhouse sales this year. That small number of sales may not provide a degree of statistical reassurance that the Sun Valley townhouse market is on a steep upswing. Also, there are only a few townhouse projects in Sun Valley. What this more likely means is that there were more Val D'Sol last year and more Diamond Back Townhouses this year. Val d'Sol townhouses sell in the $400,000 to $500,000 range. Diamond Back's sell in the $1,600,000 to $1,950,000 range.
Elkhorn in Sun Valley townhouses enjoyed an increase in median price from $522,500 to $1,010,000, a 93% increase.
Only about a 18% of vacant land inventory has been selling over the past several years. If you want the nitty-gritty of vacant land sales by area, please scroll down for the charts.
RESIDENTIAL HOME MARKET
Sun Valley median home prices dropped to $1,640,000 from $1,875,000, a decrease of 12%.
The median price of a home North of Ketchum was $1,262,500 last year and as of November 30th this year the median price was $955,000, or a slide of 24%.
Ketchum homes prices dropped 3% from $1,400,000 to $1,350,000.
Elkhorn prices decreased 5%, moving from $1,282,500 last year to $1,212,500 this year.
The median price of a home in Bellevue took a 3% hit this year. Last November the median price was $319,000 and this year that number was $307,500.
The median price of a Ketchum, Idaho, condo slid 13% moving from $525,000 to $455,000.
The value of condos in Warm Springs dropped 10% with a change in median price from $357,500 last year to $320,000 this year.
Condos in Elkhorn in Sun Valley changed in median value from $300,000 last year to $295,000 this year, or a drop of just 1%.
The only townhouses to see a decline were in Warm Springs, moving from $823,500 to $725,000, of a decrease of 11%.
For a complete picture of the entire Sun Valley real estate market, please scroll down for the charts.
THE SUN VALLEY REAL ESTATE MARKET IS STILL LOOKING GOOD
One indicator of a softening market is how long a property is on the market before it sells. Aside from vacant land sales, Sun Valley real estate is selling at a healthy clip.
The Days-on-Market for a single-family home increased from 67 days as of November 30, 2017 to 69 days as of November 30, 2018. This number represents trends across all price ranges in Blaine County, Idaho.
Condos and Townhouses are selling at a faster clip this year, with Days-on-Market down 23.5%.
Vacant land sales continue to be plagued by the high cost of construction. The Days-on-Market for vacant land rose a dramatic 164.8% over November of 2017.
Another crystal ball view of the market is Pending Sales or Under Contract Sales. Again, Sun Valley is looking good.
Check out these 12-month rolling average charts for Days-on-Market and Pending/Under Contract statistics. And keep scrolling down for all of the raw data on the Sun Valley real estate market.