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
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 58 | 51 | -12 | 30 | 31 | 3 | 22 | 20 | -9 |
| Elkhorn in Sun Valley | 53 | 41 | -22 | 17 | 17 | 0 | 12 | 12 | 0 |
| Hailey | 173 | 126 | -27 | 115 | 87 | -24 | 93 | 62 | -33 |
| Ketchum | 71 | 77 | 8 | 31 | 33 | 6 | 10 | 16 | 60 |
| Mackay | 6 | 13 | 116 | 4 | 6 | 50 | 2 | 2 | 0 |
| South of Ketchum | 115 | 114 | 0 | 54 | 49 | -9 | 21 | 21 | 0 |
| North of Ketchum | 40 | 23 | -42 | 13 | 10 | -23 | 13 | 4 | -69 |
| Other | 71 | 38 | -46 | 27 | 17 | -37 | 22 | 9 | -59 |
| Stanley Basin | 7 | 7 | 0 | 3 | 5 | 66 | 1 | 3 | 200 |
| South Blaine Co | 22 | 24 | 9 | 14 | 8 | -42 | 7 | 6 | -14 |
| Sun Valley | 29 | 26 | -10 | 8 | 14 | 75 | 6 | 3 | -50 |
| Warm Springs in Ketchum | 44 | 37 | -15 | 14 | 13 | -7 | 13 | 12 | -7 |
| Sub Type Totals: Single Family Residence | 689 | 577 | -16 | 330 | 290 | -12 | 222 | 170 | -23 |
| Number Sold | Sold Volume | Average Sale Price | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 12 | 12 | 0 | 4,371,500 | 5,414,000 | 23 | 364,292 | 451,167 | 23 |
| Elkhorn in Sun Valley | 9 | 11 | 22 | 12,238,500 | 12,969,000 | 5 | 1,359,833 | 1,179,000 | -13 |
| Hailey | 65 | 38 | -41 | 29,078,125 | 17,924,138 | -38 | 447,356 | 471,688 | 5 |
| Ketchum | 8 | 13 | 62 | 12,250,000 | 18,709,568 | 52 | 1,531,250 | 1,439,198 | -6 |
| Mackay | 2 | 1 | -50 | 345,000 | 253,000 | -26 | 172,500 | 253,000 | 46 |
| South of Ketchum | 14 | 13 | -7 | 14,782,000 | 17,966,400 | 21 | 1,055,857 | 1,382,031 | 30 |
| North of Ketchum | 11 | 1 | -90 | 17,672,817 | 2,200,000 | -87 | 1,606,620 | 2,200,000 | 36 |
| Other | 17 | 10 | -41 | 6,951,500 | 1,861,900 | -73 | 408,912 | 186,190 | -54 |
| Stanley Basin | 1 | 1 | 0 | 400,000 | 4,200,000 | 950 | 400,000 | 4,200,000 | 950 |
| South Blaine Co | 6 | 1 | -83 | 4,300,000 | 225,000 | -94 | 716,667 | 225,000 | -68 |
| Sun Valley | 5 | 5 | 0 | 12,495,000 | 10,330,000 | -17 | 2,499,000 | 2,066,000 | -17 |
| Warm Springs in Ketchum | 9 | 9 | 0 | 18,640,000 | 12,285,000 | -34 | 2,071,111 | 1,365,000 | -34 |
| Sub Type Totals: Single Family Residence | 159 | 115 | -27 | 133,524,442 | 104,338,006 | -21 | 839,776 | 907,287 | 8 |
| Median Sale Price | Percent of List | |||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 306,500 | 407,500 | 32 | 97 | 97 | 0 |
| Elkhorn in Sun Valley | 1,140,000 | 1,200,000 | 5 | 94 | 94 | 0 |
| Hailey | 365,000 | 425,500 | 16 | 97 | 97 | 0 |
| Ketchum | 1,437,500 | 1,385,000 | -3 | 96 | 96 | 0 |
| Mackay | 172,500 | 253,000 | 46 | 98 | 94 | -4 |
| South of Ketchum | 976,500 | 900,000 | -7 | 95 | 96 | 1 |
| North of Ketchum | 1,000,000 | 2,200,000 | 120 | 92 | 82 | -11 |
| Other | 225,000 | 177,500 | -21 | 95 | 95 | 0 |
| Stanley Basin | 400,000 | 4,200,000 | 950 | 94 | 86 | -8 |
| South Blaine Co | 435,000 | 225,000 | -48 | 84 | 100 | 18 |
| Sun Valley | 1,610,000 | 1,550,000 | -3 | 92 | 93 | 0 |
| Warm Springs in Ketchum | 1,700,000 | 1,300,000 | -23 | 91 | 92 | 1 |
| Sub Type Totals: Single Family Residence | 450,000 | 601,000 | 33 | 94 | 94 | 0 |
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.
