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.
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