Sun Valley Condo Market Update

Sun Valley Condo Market Update 

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

• 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 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