The Coronavirus and the Sun Valley Real Estate Market
On Friday the 13th of March, I sat in my house thinking I have one deal in escrow and that might be it for 2020.
I couldn't have been more wrong! The Sun Valley real estate market is strong with prices rising and inventory slim.
What's going on? Here's an explanation from Forbes:
"As many tech companies extend their work-from-home policies and employees anticipate that their employers will afford more flexibility for remote working, the potential exists for home shoppers to search farther from home as the year progresses.
Some home shoppers wary of dense environments are turning their attention to mountain towns for peace and peace of mind. Real estate broker Tye Stockton of LIV Sotheby’s International Realty said activity has picked up from out-of-state buyers seeking single-family homes in mountain resort communities. Buyers are eyeing high-acreage lots and amenities such as home gyms, swimming pools and home offices.
With so much public land around us, people are seeking out not only Vail, but Aspen, Sun Valley, Jackson Hole, Park City — some of these mountain resort communities — as sort of safe havens,” said Stockton. “Even homes in remote areas that may have otherwise been more quiet in terms of showing or selling activity, we have seen a tremendous uptick.”
To read the entire Forbes article, click here.
Below are charts on what has happened to the Sun Valley real estate market since June 1, 2020, the date our hotels opened up again after the coronavirus lock-down. These charts include statistics across all locations in the Sun Valley MLS and are broken out by property type - single-family homes, condos, townhouses and vacant residential land.
COMPARING
JUNE 1, 2020 THRU AUGUST 31, 2020 WITH
JUNE 1, 2019 THRU AUGUST 31, 2019
THE SUN VALLEY SINGLE-FAMILY HOME MARKET
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 54 | 51 | -5 | 29 | 31 | 6 | 17 | 26 | 52 |
| Elkhorn in Sun Valley | 29 | 20 | -31 | 17 | 14 | -17 | 5 | 12 | 140 |
| Hailey | 108 | 114 | 5 | 66 | 70 | 6 | 40 | 66 | 65 |
| Ketchum | 59 | 51 | -13 | 18 | 25 | 38 | 8 | 20 | 150 |
| Mackay | 13 | 9 | -30 | 3 | 0 | - | 2 | 6 | 200 |
| South of Ketchum | 104 | 92 | -11 | 44 | 45 | 2 | 13 | 43 | 230 |
| North of Ketchum | 22 | 13 | -40 | 10 | 4 | -60 | 3 | 6 | 100 |
| Other | 33 | 23 | -30 | 10 | 11 | 10 | 11 | 10 | -9 |
| Stanley Basin | 5 | 10 | 100 | 1 | 8 | 700 | 2 | 10 | 400 |
| South Blaine Co | 23 | 18 | -21 | 9 | 10 | 11 | 9 | 6 | -33 |
| Sun Valley | 29 | 27 | -6 | 14 | 18 | 28 | 11 | 13 | 18 |
| Warm Springs in Ketchum | 29 | 26 | -10 | 15 | 16 | 6 | 10 | 13 | 30 |
| Sub Type Totals: Single Family Residence | 508 | 454 | -10 | 236 | 252 | 6 | 131 | 231 | 76 |
| Number Sold | Sold Volume | |||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 12 | 13 | 8 | 8,051,100 | 6,945,000 | -13 |
| Elkhorn in Sun Valley | 5 | 8 | 60 | 13,557,500 | 10,115,000 | -25 |
| Hailey | 56 | 41 | -26 | 28,823,191 | 25,204,500 | -12 |
| Ketchum | 10 | 12 | 20 | 11,639,000 | 57,349,000 | 392 |
| Mackay | 3 | 2 | -33 | 783,000 | 643,000 | -17 |
| South of Ketchum | 14 | 21 | 50 | 16,766,100 | 29,326,500 | 74 |
| North of Ketchum | 5 | 6 | 20 | 5,840,000 | 14,375,000 | 146 |
| Other | 7 | 4 | -42 | 3,007,900 | 4,055,000 | 34 |
| Stanley Basin | 4 | 7 | 75 | 4,394,000 | 3,982,500 | -9 |
| South Blaine Co | 10 | 5 | -50 | 4,237,000 | 2,105,000 | -50 |
| Sun Valley | 7 | 10 | 42 | 14,877,500 | 37,115,001 | 149 |
| Warm Springs in Ketchum | 9 | 5 | -44 | 10,428,000 | 5,422,000 | -48 |
| Sub Type Totals: Single Family Residence | 142 | 134 | -5 | 122,404,291 | 196,637,501 | 60 |
| 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 |
| Bellevue | 670,925 | 534,231 | -20 | 423,000 | 430,000 | 1 | 97 | 97 | 0 |
| Elkhorn in Sun Valley | 2,711,500 | 1,264,375 | -53 | 2,000,000 | 1,087,500 | -45 | 95 | 96 | 1 |
| Hailey | 514,700 | 614,744 | 19 | 467,500 | 525,000 | 12 | 98 | 98 | 0 |
| Ketchum | 1,163,900 | 4,779,083 | 310 | 969,100 | 2,750,000 | 183 | 100 | 93 | -6 |
| Mackay | 261,000 | 321,500 | 23 | 253,000 | 321,500 | 27 | 91 | 99 | 8 |
| South of Ketchum | 1,197,579 | 1,396,500 | 16 | 1,050,000 | 1,337,500 | 27 | 95 | 98 | 2 |
| North of Ketchum | 1,168,000 | 2,395,833 | 105 | 1,185,000 | 1,750,000 | 47 | 91 | 93 | 1 |
| Other | 429,700 | 1,013,750 | 135 | 290,000 | 480,000 | 65 | 96 | 93 | -3 |
| Stanley Basin | 1,098,500 | 568,929 | -48 | 400,000 | 450,000 | 12 | 98 | 96 | -2 |
| South Blaine Co | 423,700 | 421,000 | 0 | 254,500 | 280,000 | 10 | 92 | 96 | 4 |
| Sun Valley | 2,125,357 | 3,711,500 | 74 | 2,383,000 | 2,585,000 | 8 | 99 | 98 | 0 |
| Warm Springs in Ketchum | 1,158,667 | 1,084,400 | -6 | 1,175,000 | 1,100,000 | -6 | 96 | 92 | -4 |
| Sub Type Totals: Single Family Residence | 862,002 | 1,467,444 | 70 | 583,400 | 819,000 | 40 | 96 | 96 | 0 |
THE SUN VALLEY CONDOMINIUM MARKET
| Total Active | New Listings | Number Under Contract | Number Sold | |||||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Elkhorn in Sun Valley | 36 | 52 | 44 | 22 | 37 | 68 | 19 | 42 | 121 | 19 | 21 | 10 |
| Hailey | 14 | 9 | -35 | 10 | 9 | -10 | 5 | 6 | 20 | 6 | 4 | -33 |
| Ketchum | 75 | 97 | 29 | 39 | 57 | 46 | 26 | 40 | 53 | 15 | 24 | 60 |
| South of Ketchum | 0 | 1 | + | 0 | 1 | + | 0 | 1 | + | 0 | 0 | 0 |
| Other | 1 | 1 | 0 | 1 | 0 | - | 0 | 1 | + | 0 | 1 | + |
| Sun Valley | 28 | 31 | 10 | 17 | 19 | 11 | 12 | 17 | 41 | 12 | 9 | -25 |
| Warm Springs in Ketchum | 27 | 37 | 37 | 11 | 18 | 63 | 10 | 21 | 110 | 8 | 12 | 50 |
| Sub Type Totals: Condominium | 181 | 228 | 25 | 100 | 141 | 41 | 72 | 128 | 77 | 60 | 71 | 18 |
| Sold Volume | Average Sale Price | |||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Elkhorn in Sun Valley | 7,508,000 | 10,592,500 | 41 | 395,158 | 504,405 | 27 |
| Hailey | 1,438,500 | 1,421,250 | -1 | 239,750 | 355,312 | 48 |
| Ketchum | 10,761,500 | 25,025,453 | 132 | 717,433 | 1,042,727 | 45 |
| South of Ketchum | 0 | 0 | 0 | 0 | 0 | 0 |
| Other | 0 | 739,000 | + | 0 | 739,000 | + |
| Sun Valley | 6,466,000 | 4,596,000 | -28 | 538,833 | 510,667 | -5 |
| Warm Springs in Ketchum | 2,840,250 | 6,301,000 | 121 | 355,031 | 525,083 | 47 |
| Sub Type Totals: Condominium | 29,014,250 | 48,675,203 | 67 | 483,571 | 685,566 | 41 |
| Median Sale Price | Percent of List | |||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Elkhorn in Sun Valley | 350,000 | 427,500 | 22 | 98 | 98 | 0 |
| Hailey | 254,750 | 359,500 | 41 | 98 | 99 | 0 |
| Ketchum | 590,000 | 807,500 | 36 | 96 | 99 | 3 |
| South of Ketchum | 0 | 0 | 0 | 0 | 0 | 0 |
| Other | 0 | 739,000 | + | 0 | 100 | + |
| Sun Valley | 545,500 | 500,000 | -8 | 98 | 98 | 0 |
| Warm Springs in Ketchum | 267,500 | 370,000 | 38 | 98 | 97 | 0 |
| Sub Type Totals: Condominium | 375,000 | 500,000 | 33 | 98 | 98 | 0 |
THE SUN VALLEY TOWNHOUSE MARKET
| New Listings | Number Under Contract | Number Sold | |||||||||
| Total Active | |||||||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year |
| Bellevue | 0 | 1 | + | 0 | 1 | + | 0 | 0 | 0 | 0 | 0 |
| Elkhorn in Sun Valley | 7 | 19 | 171 | 5 | 15 | 200 | 2 | 13 | 550 | 2 | 2 |
| Hailey | 21 | 35 | 66 | 14 | 10 | -28 | 14 | 20 | 42 | 8 | 7 |
| Ketchum | 20 | 34 | 70 | 9 | 20 | 122 | 5 | 25 | 400 | 5 | 6 |
| Sun Valley | 2 | 2 | 0 | 1 | 2 | 100 | 2 | 0 | - | 2 | 0 |
| Warm Springs in Ketchum | 8 | 16 | 100 | 2 | 8 | 300 | 2 | 12 | 500 | 1 | 11 |
| Sub Type Totals: Townhouse | 58 | 107 | 84 | 31 | 56 | 80 | 2 | 70 | 180 | 18 | 26 |
| Number Sold | Sold Volume | |||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 0 | 0 | 0 | 0 | 0 | 0 |
| Elkhorn in Sun Valley | 2 | 2 | 0 | 2,170,000 | 2,300,000 | 5 |
| Hailey | 8 | 7 | -12 | 2,208,500 | 2,103,000 | -4 |
| Ketchum | 5 | 6 | 20 | 3,741,500 | 6,635,000 | 77 |
| Sun Valley | 2 | 0 | - | 4,000,000 | 0 | - |
| Warm Springs in Ketchum | 1 | 11 | 1000 | 365,000 | 8,290,000 | 2171 |
| Sub Type Totals: Townhouse | 18 | 26 | 44 | 12,485,000 | 19,328,000 | 54 |
| 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 |
| Bellevue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Elkhorn in Sun Valley | 1,085,000 | 1,150,000 | 5 | 1,085,000 | 1,150,000 | 5 | 99 | 98 | 0 |
| Hailey | 276,062 | 300,429 | 8 | 242,500 | 280,000 | 15 | 96 | 96 | 0 |
| Ketchum | 748,300 | 1,105,833 | 47 | 795,000 | 965,000 | 21 | 98 | 99 | 0 |
| Sun Valley | 2,000,000 | 0 | - | 2,000,000 | 0 | -100 | 93 | 0 | - |
| Warm Springs in Ketchum | 365,000 | 753,636 | 106 | 365,000 | 735,000 | 101 | 97 | 99 | 1 |
| Sub Type Totals: Townhouse | 693,611 | 743,385 | 7 | 400,000 | 705,500 | 76 | 97 | 98 | 1 |
I haven't blogged about vacant land in the Sun Valley market for quite some time because it's been pretty quiet with few sales and little appreciation. However, it would appear that our out-of-state buyers want out of urban areas so badly that they aren't afraid of our cost of construction.
SUN VALLEY RESIDENTIAL VACANT LAND MARKET
| Total Active | New Listings | Number Under Contract | |||||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 44 | 59 | 34 | 13 | 33 | 153 | 8 | 21 | 162 |
| Elkhorn in Sun Valley | 28 | 26 | -7 | 7 | 13 | 85 | 0 | 8 | + |
| Hailey | 156 | 162 | 3 | 30 | 35 | 16 | 14 | 35 | 150 |
| Ketchum | 24 | 13 | -45 | 8 | 8 | 0 | 2 | 4 | 100 |
| Mackay | 16 | 12 | -25 | 6 | 2 | -66 | 3 | 4 | 33 |
| South of Ketchum | 110 | 97 | -11 | 20 | 25 | 25 | 9 | 35 | 288 |
| North of Ketchum | 10 | 13 | 30 | 2 | 9 | 350 | 1 | 6 | 500 |
| Other | 101 | 87 | -13 | 48 | 25 | -47 | 4 | 7 | 75 |
| South Blaine Co | 66 | 50 | -24 | 27 | 9 | -66 | 9 | 9 | 0 |
| Stanley Basin | 7 | 4 | -42 | 1 | 3 | 200 | 1 | 4 | 300 |
| Sun Valley | 37 | 36 | -2 | 25 | 10 | -60 | 2 | 19 | 850 |
| Warm Springs in Ketchum | 29 | 22 | -24 | 5 | 10 | 100 | 4 | 5 | 25 |
| Sub Type Totals: Residential Land | 628 | 581 | -7 | 192 | 182 | -5 | 57 | 157 | 175 |
| Number Sold | Sold Volume | |||||
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 9 | 10 | 11 | 2,573,500 | 1,521,000 | -40 |
| Elkhorn in Sun Valley | 0 | 6 | + | 0 | 2,445,000 | + |
| Hailey | 12 | 22 | 83 | 2,243,020 | 5,597,970 | 149 |
| Ketchum | 1 | 3 | 200 | 1,900,000 | 9,000,000 | 373 |
| Mackay | 3 | 4 | 33 | 228,000 | 181,500 | -20 |
| South of Ketchum | 8 | 22 | 175 | 2,851,500 | 7,110,000 | 149 |
| North of Ketchum | 1 | 5 | 400 | 500,000 | 7,072,500 | 1314 |
| Other | 7 | 11 | 57 | 2,353,000 | 682,300 | -71 |
| South Blaine Co | 11 | 7 | -36 | 810,000 | 618,000 | -23 |
| Stanley Basin | 0 | 3 | + | 0 | 2,530,000 | + |
| Sun Valley | 1 | 16 | 1500 | 1,525,000 | 21,920,000 | 1337 |
| Warm Springs in Ketchum | 3 | 5 | 66 | 1,065,823 | 3,320,000 | 211 |
| Sub Type Totals: Residential Land | 56 | 114 | 103 | 16,049,843 | 61,998,270 | 286 |
| 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 |
| Bellevue | 285,944 | 152,100 | -46 | 87,500 | 101,500 | 16 | 91 | 90 | -1 |
| Elkhorn in Sun Valley | 0 | 407,500 | + | 0 | 432,500 | + | 0 | 98 | + |
| Hailey | 186,918 | 254,453 | 36 | 154,450 | 178,590 | 15 | 99 | 96 | -2 |
| Ketchum | 1,900,000 | 3,000,000 | 57 | 1,900,000 | 3,600,000 | 89 | 95 | 97 | 1 |
| Mackay | 76,000 | 45,375 | -40 | 100,000 | 47,000 | -53 | 83 | 99 | 19 |
| South of Ketchum | 356,438 | 323,182 | -9 | 297,500 | 215,000 | -27 | 95 | 93 | -1 |
| North of Ketchum | 500,000 | 1,414,500 | 182 | 500,000 | 1,112,500 | 122 | 95 | 97 | 1 |
| Other | 336,143 | 62,027 | -81 | 48,000 | 40,000 | -16 | 219 | 91 | -58 |
| South Blaine Co | 73,636 | 88,286 | 19 | 85,000 | 75,000 | -11 | 94 | 92 | -1 |
| Stanley Basin | 0 | 843,333 | + | 0 | 425,000 | + | 0 | 99 | + |
| Sun Valley | 1,525,000 | 1,370,000 | -10 | 1,525,000 | 1,225,000 | -19 | 95 | 97 | 1 |
| Warm Springs in Ketchum | 355,274 | 664,000 | 86 | 380,823 | 600,000 | 57 | 90 | 94 | 4 |
| Sub Type Totals: Residential Land | 286,604 | 543,844 | 89 | 147,450 | 217,800 | 47 | 106 | 95 | -10 |
If you are interested in knowing what's happening in a specific neighborhood, just contact me.
Respectfully Blogged,
Sheila Liermann | Sun Valley Real Estate Broker
208.481.0450 | SunValleySheila@gmail.com
