Sun Valley Real Estate Single-Family Home Update

Update for the Sun Valley Real Estate Single-Family Home Market 

YEAR-OVER-YEAR ANALYSIS COMPARING JANUARY-MAY 2019 WITH JANUARY-MAY 2018

Here’s a look at some stand-out numbers for the single-family home market 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.) just scroll down. 

THE SINGLE-FAMILY HOME MARKET IN KETCHUM (EXCLUDING WARM SPRINGS)

• The inventory of single-family homes in Ketchum is up by 18%, with 64 listings on May 31, 2018 and 76 for the same date this year. 
• The number of deals pending/under contract is up 60% this year, with 10 pending deals last year, and 16 pending deals this year.
• The number of sold transactions is up 66%, with 10 homes sold by May 31, 2018, and 16 by that same date this year.  
• Given the increased sales and pending deals, it is not surprising that the median sale price of a single-family home in Ketchum is up 50%, moving from $995,000 last year to $1,495,000 this year. 

THE SINGLE-FAMILY HOME MARKET IN WARM SPRINGS 

• Inventory is down this year by 19%, with 42 homes on the market in Warm Springs as of May 31, 2018, and just 34 homes this year.
• Pending/under contract single-family homes in Warm Springs are down 7% with 13 deals slated to close as of May 31 last year, and 12 this year.  
• Sold deals are up 12%, with 8 closings last year, and 9 closings this year.
• The median price of a single-family home in Warm Springs fell from $1,612,500 last year to $1,300,000 this year, a decline of 19%.

THE SINGLE-FAMILY HOME MARKET IN ELKHORN

• Inventory of single-family homes in Elkhorn in Sun Valley is down 22%; pending/under contract deals are down 8%; and sold deals are up 22%. 
• The median price a single-family home in Elkhorn is up 5%, moving from $1,140,000 last year, to $1,200,000 this year. 

THE SINGLE-FAMILY HOME MARKET IN SUN VALLEY

• Inventory for Sun Valley single-family homes is down 25%, with 28 homes on the market last year, and 21 homes this year.
• Pending/under contract deals down 66%, with 6 homes under contract last year, and just 2 this year. Perhaps our low inventory is at play here?
• The sale of homes in Sun Valley is unchanged from last year at 4 sales.   
• The median price of a single-family home in Sun Valley declined from $2,542,500 to $1,396,250, a drop of 45%. Because only 4 homes sold during this time frame, I don't put a lot of weight on this statistic. After all, typically more homes sell during the summer and fall, so this number might be skewed by just a few winter sales. 

THE SINGLE-FAMILY HOME MARKET IN HAILEY 

• Inventory is down 27%, with 162 homes available last year, compared to 117 this year.
• Last year by May 31st we had 85 pending/under contract single-family homes, and this year that number is 56, a decline of 34%. Again, is this a reflection of skinny inventory in Hailey? Anecdotally I would say this is the case. I have clients who are itching to buy but can't find a home that will fit their criteria and needs, so they are waiting. 
• Home sales in Hailey are off 39%. Last year-to-date we had 58 sales, and just 35 this year.
• The median price of a single-family home in Hailey is up 9%, moving from $378,000 last year to $410,000 this May 31st. The increase is prices in Hailey is another reason I suspect that buyers are waiting and they are willing to pay more for the perfect house. 

 THE SINGLE-FAMILY HOME MARKET IN BELLEVUE

• The market in Bellevue is similar to Hailey with lower inventory, off 15%.
• The number of deals under contract is also down, moving from 19 last year, to 17 this year, a decline of 10%.
• However, home sales in Bellevue are up 20%, with 10 homes sold last year, compared to 12 this year.
• The increase in sales has driven home prices in Bellevue from $303,000 to $407,500, an increase of 34%. Are higher prices in Hailey driving buyers to Bellevue?

Encouraging Numbers for May 1 - June 12, 2019

Let's take the record snowfall in February and the miserably wet April out of the equation and take a look at what the residential home market has done May 1 - June 12, 2019 over the same period in 2018.

• For the period May 1 thru June 12, 2019, we see that the number of sold deals for Wood River Valley single-family homes are up 6% over last year. Last year we sold 109 homes throughout the Wood River Valley, compared to 115 this year. Perhaps these number signify a stronger market moving forward.
• The median sale price also increased significantly during this period, 24%, moving from $319,750 last year,  to $485,500 this year. Again, I think this reflects the idea that buyers are willing to pay more when they find a good house. 

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STATISTICS FOR ALL RESIDENTIAL REAL ESTATE IN THE SUN VALLEY MLS

INCLUDING CONDOS, TOWNHOUSES, SINGLE-FAMILY RESIDENCES, DUPLEXES AND GARAGES

• Inventory across all residential properties in the entire MLS is down 16%, with 995 listings last year, and 837 this year.
• The number of deals under contract is also down by 16%, with 344 pending deals last year, and 290 this year.
• The sale of homes Year-to-Date is off by 16%, with 266 sales last year, and 224 sales this year.
• The median price of residential property in the Sun Valley MLS is off 4%, with a median price last year of $425,000, compared to $410,000 this year.
• The average sale price of residential property in the MLS increased by 4%, from $689,428 last year to $715,352 this year. 

THE GOOD NEWS

While I should be concerned that both the number of sold deals and pending deals are down 16%, I am not all that surprised due to the fact that inventory levels are also off by exactly 16%. I think many buyers are doing the same as my clients - they are waiting on the sideline until the house of their dreams is available. 

Now is a great time to buy into the Sun Valley real estate market. Interest rates are still historically low and Sun Valley is still the best of all ski resorts for full-time or part-time living. I know this to be a fact - I moved here in December 1980 with 30 bucks I borrowed from my little brother and I haven't looked back. And yes, I did pay back the 30 bucks. 

Check back to see how the numbers shake out in the months ahead. 

statistics for the single-family home market in the Sun Valley MLS

Year-to-Date 2019 over YTD 2018

Respectfully submitted by Sheila Liermann 

208.481.0450 | SunValleySheila@gmail.com

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.