Sun Valley Condo Market Update 

Year-Over-Year Analysis comparing January-May 2019 with January-May 2018 

Here’s a look at some stand-out numbers for condominiums in various neighborhoods in the Sun Valley area. For the statistical charts showing all the nitty gritty (i.e. Sold as a Percentage of Listing Price, Sold Volume, Average Sal Price, etc.) scroll down. 

The Condo Market in Ketchum (excluding Warm Springs)

  • The inventory of condos in Ketchum is down over this time last year by 4%, with 88 listings on May 31, 2018 and 84 for the same date this year. 
  • The number of deals pending/under contract is up 24% this year and the number of sold transactions is up 27%. 
  • Surprisingly, given the data above, the median sale price of a condo in Ketchum is down 27%, moving from $550,000 last year to $399,000 the year. 

The Condo Market in Warm Springs 

  • Inventory has held steady this year, but pending/under contract condos in Warm Springs are down 17% and sold deals are down 25%. We don’t have a lot of condo inventory in Warm Springs so we don’t know if these numbers are statistically significant or an idiosyncrasy. Could it be caused by the record snowfall we received in February; I.e. people were skiing instead of looking at real estate? 
  • The median price of a condo in Warm Springs bumped a bit from $272,500 last year to $288,750, a bump of 5%. 

The Condo Market in Elkhorn 

  • Inventory of condos in Elkhorn in Sun Valley is down 14%; pending/under contract deals are down 12%; and sold deals are down 6%. 
  • The median price a condo in Elkhorn is up 21%, moving from $285,000 last year to $345,000 this year. 
  • Are the lower pending sales and sold a reflection of all the snow we had in February and all rain we had in April? I find that foul weather keeps people from visiting Sun Valley and fewer visitors generally means fewer showings. Fewer showings means less deals under contract. Plus, lower inventory levels keep some buyers on the sidelines until they have more choices. 

The Condo Market in Sun Valley

  • Inventory for Sun Valley condos is down 7% and sold deals are down 5%. Pending/under contract deals are exactly even with last year. 
  • The median price of a condo in Sun Valley declined from $480,000 last year to $445,000 or a drop of 7%. 
  • Again, does the decline in sales mean that buyers are waiting on the sideline until they find the perfect condo? 

The Condo Market in Hailey 

  • With the addition of the new Sweetwater listings in Woodside, we see that inventory of condos in Hailey is up 28%.
  • Last year by May 31st we had 9 pending/under contract condos, and this year that number is 12, an increase of 33%.
  • Sold deals for condos in Hailey is off the charts with a 350% increase. Last year-to-date we had only two sales, and this year we’ve had 9 sales.
  • Increased sales have caused the median price of a condo in Hailey to jump 9%, moving from $205,250 last year to $225,000 this May 31st. 

the good news

  • If we look at the numbers for May 1 thru June 12, 2019, we see that the number of sold deals for Wood River Valley condos are up 18% over the same period last year. Last year 27 condos sold, compared to 32 this year. Perhaps these number signify a stronger market moving forward. 
  • The median sale price also increased during this period by 4%, moving from $294,500 last year to $307,500 this year. 
  • The sold volume was almost steady with last year. This year we sold $13,432,900 worth of condos, compared to $13,592,825.

The Townhouse Market in the Sun Valley MLS

Because we have fewer townhouses than condos, I have just provided a summary of the overall townhouse market for the entire Sun Valley MLS. For a breakout by neighborhood, please scroll down for the statistical charts. 

  • Throughout the entire MLS the number of active townhouse listings is down 40%, from 102 listings last year to just 61 this year.
  • The number of deals pending/under contract last year was 36, compared to 29 this year, a slide of 19%.
  • Last year we saw 35 townhouse sales by May 31st, compared to 28 this year, a dip of 20%. Perhaps with the skinny townhouse inventory, buyers are waiting on the sidelines until we have more inventory.
  • The average price of a townhouse moved from $579,086 last year to $949,679, an increase of 63%. However, the median price fell by 34%; $480,000 last year to $313,500 this year. 

Sun Valley MLS Condo Market Update 

  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 56 48 -14 32 31 -3 33 29 -12
Hailey 14 18 28 9 12 33 4 13 225
Ketchum 88 84 -4 40 43 7 25 31 24
South of Ketchum 2 0 – 2 0 – 2 0 –
North of Ketchum 1 0 – 1 0 – 1 0 –
Sun Valley 37 35 -5 22 17 -22 15 15 0
Warm Springs in Ketchum 36 36 0 12 16 33 17 14 -17
Sub Type Totals: Condominium 234 221 -5 118 119 0 97 102 5
  Number Sold Sold Volume Average Sale Price
Area Last Year This Year PCT Last Year This Year PCT Last Year This Year PCT
Elkhorn in Sun Valley 29 27 -6 9,950,825 9,605,800 -3 343,132 355,770 3
Hailey 2 9 350 410,500 1,826,800 345 205,250 202,978 -1
Ketchum 22 28 27 15,312,650 16,370,261 6 696,030 584,652 -16
South of Ketchum 0 0 0 0 0 0 0 0 0
North of Ketchum 1 0 – 1,775,000 0 – 1,775,000 0 –
Sun Valley 13 12 -7 7,471,500 5,074,000 -32 574,731 422,833 -26
Warm Springs in Ketchum 16 12 -25 6,434,999 4,079,500 -36 402,187 339,958 -15
Sub Type Totals: Condominium 83 88 6 41,355,474 36,956,361 -10 498,259 419,959 -15
  Median Sale Price Percent of List
Area Last Year This Year PCT Last Year This Year PCT
Elkhorn in Sun Valley 285,000 345,000 21 96 96 0
Hailey 205,250 225,000 9 97 98 1
Ketchum 550,000 399,000 -27 96 97 0
South of Ketchum 0 0 0 0 0 0
North of Ketchum 1,775,000 0 -100 96 0 –
Sun Valley 480,000 445,000 -7 97 97 0
Warm Springs in Ketchum 272,500 288,750 5 93 96 3
Sub Type Totals: Condominium 350,000 345,000 -1 96 97 1

Sun Valley MLS Townhouse Market Update 

  Total Active New Listings
Area Last Year This Year PCT Last Year This Year PCT
Elkhorn in Sun Valley 13 4 -69 2 3 50
Hailey 32 24 -25 20 21 5
Ketchum 31 19 -38 10 10 0
Sun Valley 7 3 -57 4 2 -50
Warm Springs in Ketchum 19 11 -42 12 4 -66
Sub Type Totals: Townhouse 102 61 -40 48 40 -16
  Number Under Contract Number Sold Sold Volume
Area Last Year This Year PCT Last Year This Year PCT Last Year This Year PCT
Elkhorn in Sun Valley 5 1 -80 7 1 -85 6,425,000 1,440,000 -77
Hailey 15 15 0 14 16 14 3,051,500 4,174,500 36
Ketchum 11 8 -27 9 6 -33 7,486,500 10,338,000 38
Sun Valley 2 2 0 2 3 50 945,000 9,440,000 898
Warm Springs in Ketchum 3 3 0 3 2 -33 2,360,000 1,114,500 -52
Sub Type Totals: Townhouse 36 29 -19 35 28 -20 20,268,000 26,507,000 30
  Average Sale Price Median Sale Price Percent of List
Area Last Year This Year PCT Last Year This Year PCT Last Year This Year PCT
Elkhorn in Sun Valley 917,857 1,440,000 56 1,010,000 1,440,000 42 93 98 4
Hailey 217,964 260,906 19 226,000 269,500 19 97 98 0
Ketchum 831,833 1,723,000 107 785,000 1,137,500 44 96 95 -1
Sun Valley 472,500 3,146,667 565 472,500 3,375,000 614 95 96 1
Warm Springs in Ketchum 786,667 557,250 -29 725,000 557,250 -23 96 95 0
Sub Type Totals: Townhouse 579,086 946,679 63 480,000 313,500 -34 95 96 1

I update my blog from time to time with the latest Sun Valley real estate trends and statistics, so check back for any change in the market. Being familiar with the statistics will help you make a decision about whether it’s time to sell, buy, or invest in Sun Valley real estate. 

Stay tuned! The next blog post will reveal the latest numbers on the single-family residential home market in the Sun Valley MLS. 

Respectfully submitted by: 

Sheila Liermann | Sun Valley Real Estate Broker

Information is deemed to be reliable, but is not guaranteed. © 2019 MLS and FBS. Prepared by Sheila Liermann, Associate Broker | Principal, AB, GRI, SFR on Sunday, June 09, 2019 10:32 AM.

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