UPDATE: Coronavirus Effect on Sun Valley Real Estate Market
Year Over Year Comparison
This Year: 6/1/2020 to 9/30/2020
Last Year: 6/1/2019 to 9/30/2019
It's no secret that the Sun Valley real estate market is trending up and everyone in town is chitter-chattering about it! A question might be, is the Sun Valley real estate market experiencing irrational exuberance? Time will tell if the market is irrational, but I can confirm anecdotally and statistically that the market is very exuberant! I moved to the Wood River Valley in 1980, and frankly I've never seen anything like it!
I have highlighted a few interesting numbers below followed by charts for real estate statistics like median price, volume, inventory levels, etc. The statistics are broken out by neighborhoods.
Here are a few stand-out numbers:
- Single-Family Homes: The median price of a single-family home across the entire MLS moved from $550,000 to $819,000, an increase of 48%. The median price for the area South of Ketchum rose 90%, from $892,500 to $1,700,000. Does this reflect people's desire for elbow room during a pandemic? Or did people gravitate to this area because they got more bang for the buck?
- What's happening in the Sun Valley condo market? The median price of a condo across the entire MLS rose 44%, moving from $370,000 to $535,000. Condo sales in Warm Springs have been a sleeper for the past several years, but Warm Springs has woken up. The median price of a Warm Springs condo is up 83%, moving from $280,000 in 2019 to $512,500.
- Sun Valley Townhouse Market Analysis: The median price of a townhouse in the Sun Valley MLS rose from $400,000 to $795,000, an increase of 98%. Which area saw the greatest increase? Ketchum townhouse median price was $795,000 in 2019 and increased to $1,322,500, an increase of 66%.
- Vacant Land in Sun Valley, Idaho: Residential land has been slow to move since the Great Recession. Buyers saw greater value in existing homes and resisted building due to the high cost of construction. However, we are definitely seeing a shift in vacant land sales with the median price increasing across the entire MLS by 85%; vacant land in 2019 had a median price of $150,000 and as of September 30, 2020 that value was $277,500. The neighborhoods north of Ketchum and in the Stanley Basin saw the greatest appreciation. Again, it would appear that people are looking for elbow room during the Coronavirus pandemic.
SINGLE-FAMILY HOME STATISTICS IN THE SUN VALLEY MLS
| | 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 | 60 | 3 | 33 | 39 | 18 | 23 | 32 | 39 |
| Elkhorn in Sun Valley | 30 | 23 | -23 | 18 | 17 | -5 | 10 | 16 | 60 |
| Hailey | 120 | 135 | 12 | 78 | 91 | 16 | 52 | 83 | 59 |
| Ketchum | 61 | 54 | -11 | 20 | 28 | 40 | 15 | 24 | 60 |
| Mackay | 14 | 10 | -28 | 4 | 1 | -75 | 3 | 7 | 133 |
| South of Ketchum | 111 | 102 | -8 | 51 | 55 | 7 | 15 | 54 | 260 |
| North of Ketchum | 23 | 15 | -34 | 11 | 6 | -45 | 4 | 7 | 75 |
| Other | 39 | 27 | -30 | 16 | 15 | -6 | 12 | 13 | 8 |
| Stanley Basin | 5 | 11 | 120 | 1 | 9 | 800 | 3 | 11 | 266 |
| South Blaine Co | 25 | 19 | -24 | 11 | 11 | 0 | 10 | 9 | -10 |
| Sun Valley | 29 | 30 | 3 | 14 | 21 | 50 | 12 | 15 | 25 |
| Warm Springs in Ketchum | 31 | 29 | -6 | 17 | 19 | 11 | 12 | 16 | 33 |
| Sub Type Totals: Single Family Residence | 546 | 515 | -5 | 274 | 312 | 13 | 171 | 287 | 67 |
| | Number Sold | Sold Volume | Average Sale Price |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 21 | 24 | 14 | 11,046,100 | 13,258,000 | 20 | 526,005 | 552,417 | 5 |
| Elkhorn in Sun Valley | 7 | 9 | 28 | 16,239,500 | 11,310,000 | -30 | 2,319,929 | 1,256,667 | -45 |
| Hailey | 64 | 63 | -1 | 32,716,691 | 43,588,250 | 33 | 511,198 | 691,877 | 35 |
| Ketchum | 11 | 18 | 63 | 14,789,000 | 68,413,500 | 362 | 1,344,455 | 3,800,750 | 182 |
| Mackay | 4 | 4 | 0 | 973,000 | 992,500 | 2 | 243,250 | 248,125 | 2 |
| South of Ketchum | 18 | 38 | 111 | 19,645,100 | 73,761,500 | 275 | 1,091,394 | 1,941,092 | 77 |
| North of Ketchum | 6 | 7 | 16 | 7,590,000 | 15,625,000 | 105 | 1,265,000 | 2,232,143 | 76 |
| Other | 9 | 9 | 0 | 4,271,900 | 8,089,000 | 89 | 474,656 | 898,778 | 89 |
| Stanley Basin | 4 | 11 | 175 | 4,394,000 | 7,792,500 | 77 | 1,098,500 | 708,409 | -35 |
| South Blaine Co | 13 | 7 | -46 | 4,733,000 | 4,335,000 | -8 | 364,077 | 619,286 | 70 |
| Sun Valley | 8 | 10 | 25 | 17,677,500 | 37,115,001 | 109 | 2,209,688 | 3,711,500 | 67 |
| Warm Springs in Ketchum | 12 | 9 | -25 | 14,048,000 | 11,657,000 | -17 | 1,170,667 | 1,295,222 | 10 |
| Sub Type Totals: Single Family Residence | 177 | 209 | 18 | 148,123,791 | 295,937,251 | 99 | 836,858 | 1,415,968 | 69 |
| | Median Sale Price | Percent of List |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 359,000 | 422,500 | 17 | 97 | 98 | 0 |
| Elkhorn in Sun Valley | 1,800,000 | 1,100,000 | -38 | 95 | 96 | 0 |
| Hailey | 467,500 | 528,000 | 12 | 98 | 98 | 0 |
| Ketchum | 1,058,000 | 2,275,000 | 115 | 99 | 92 | -6 |
| Mackay | 221,500 | 212,500 | -4 | 91 | 94 | 3 |
| South of Ketchum | 892,500 | 1,700,000 | 90 | 95 | 98 | 3 |
| North of Ketchum | 1,185,000 | 1,250,000 | 5 | 93 | 94 | 1 |
| Other | 349,000 | 395,000 | 13 | 97 | 94 | -2 |
| Stanley Basin | 400,000 | 434,250 | 8 | 98 | 97 | 0 |
| South Blaine Co | 225,000 | 675,000 | 200 | 92 | 96 | 4 |
| Sun Valley | 2,439,000 | 2,585,000 | 5 | 98 | 98 | 0 |
| Warm Springs in Ketchum | 1,187,500 | 1,175,000 | -1 | 96 | 93 | -3 |
| Sub Type Totals: Single Family Residence | 550,000 | 819,000 | 48 | 96 | 96 | 0 |
SUN VALLEY CONDO STATISTICS
| | 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 | 41 | 57 | 39 | 27 | 42 | 55 | 27 | 50 | 85 |
| Hailey | 14 | 10 | -28 | 10 | 10 | 0 | 6 | 6 | 0 |
| Ketchum | 77 | 106 | 37 | 41 | 65 | 58 | 30 | 52 | 73 |
| South of Ketchum | 0 | 1 | + | 0 | 1 | + | 0 | 1 | + |
| Other | 1 | 1 | 0 | 1 | 0 | - | 0 | 1 | + |
| Sun Valley | 30 | 31 | 3 | 19 | 19 | 0 | 16 | 24 | 50 |
| Warm Springs in Ketchum | 28 | 44 | 57 | 12 | 25 | 108 | 15 | 30 | 100 |
| Sub Type Totals: Condominium | 191 | 250 | 30 | 110 | 162 | 47 | 94 | 164 | 74 |
| | 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 | 26 | 39 | 50 | 10,937,000 | 19,715,800 | 80 | 420,654 | 505,533 | 20 |
| Hailey | 8 | 6 | -25 | 1,919,500 | 2,004,250 | 4 | 239,938 | 334,042 | 39 |
| Ketchum | 28 | 36 | 28 | 20,810,000 | 33,856,453 | 62 | 743,214 | 940,457 | 26 |
| South of Ketchum | 0 | 1 | + | 0 | 215,000 | + | 0 | 215,000 | + |
| Other | 0 | 1 | + | 0 | 739,000 | + | 0 | 739,000 | + |
| Sun Valley | 18 | 15 | -16 | 9,546,000 | 9,017,000 | -5 | 530,333 | 601,133 | 13 |
| Warm Springs in Ketchum | 13 | 24 | 84 | 4,906,250 | 16,006,000 | 226 | 377,404 | 666,917 | 76 |
| Sub Type Totals: Condominium | 93 | 122 | 31 | 48,118,750 | 81,553,503 | 69 | 517,406 | 668,471 | 29 |
| | Median Sale Price | Percent of List |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Elkhorn in Sun Valley | 351,000 | 450,500 | 28 | 97 | 98 | 1 |
| Hailey | 254,750 | 296,500 | 16 | 98 | 99 | 1 |
| Ketchum | 564,500 | 685,000 | 21 | 96 | 99 | 3 |
| South of Ketchum | 0 | 215,000 | + | 0 | 100 | + |
| Other | 0 | 739,000 | + | 0 | 100 | + |
| Sun Valley | 547,500 | 625,000 | 14 | 99 | 99 | 0 |
| Warm Springs in Ketchum | 280,000 | 512,500 | 83 | 97 | 98 | 0 |
| Sub Type Totals: Condominium | 370,000 | 535,000 | 44 | 97 | 99 | 2 |
SUN VALLEY TOWNHOUSE STATISTICS
| | 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 |
| Bellevue | 0 | 2 | + | 0 | 2 | + | 0 | 1 | + | 0 | 0 | 0 |
| Elkhorn in Sun Valley | 8 | 19 | 137 | 6 | 15 | 150 | 3 | 14 | 366 | 2 | 5 | 150 |
| Hailey | 24 | 39 | 62 | 17 | 14 | -17 | 14 | 28 | 100 | 10 | 10 | 0 |
| Ketchum | 23 | 34 | 47 | 12 | 20 | 66 | 11 | 28 | 154 | 5 | 14 | 180 |
| Sun Valley | 2 | 4 | 100 | 1 | 4 | 300 | 2 | 2 | 0 | 2 | 1 | -50 |
| Warm Springs in Ketchum | 9 | 20 | 122 | 3 | 12 | 300 | 3 | 15 | 400 | 3 | 13 | 333 |
| Sub Type Totals: Townhouse | 66 | 118 | 78 | 39 | 67 | 71 | 33 | 88 | 166 | 22 | 43 | 95 |
| | Sold Volume | Average Sale Price |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 0 | 0 | 0 | 0 | 0 | 0 |
| Elkhorn in Sun Valley | 2,170,000 | 6,809,000 | 213 | 1,085,000 | 1,361,800 | 25 |
| Hailey | 2,601,000 | 2,790,000 | 7 | 260,100 | 279,000 | 7 |
| Ketchum | 3,741,500 | 17,604,000 | 370 | 748,300 | 1,257,429 | 68 |
| Sun Valley | 4,000,000 | 2,660,000 | -33 | 2,000,000 | 2,660,000 | 33 |
| Warm Springs in Ketchum | 1,665,000 | 10,202,500 | 512 | 555,000 | 784,808 | 41 |
| Sub Type Totals: Townhouse | 14,177,500 | 40,065,500 | 182 | 644,432 | 931,756 | |
| | Median Sale Price | Percent of List |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 0 | 0 | 0 | 0 | 0 | 0 |
| Elkhorn in Sun Valley | 1,085,000 | 1,570,000 | 44 | 99 | 100 | 0 |
| Hailey | 232,500 | 271,250 | 16 | 97 | 97 | 0 |
| Ketchum | 795,000 | 1,322,500 | 66 | 98 | 99 | 0 |
| Sun Valley | 2,000,000 | 2,660,000 | 33 | 93 | 100 | 7 |
| Warm Springs in Ketchum | 630,000 | 735,000 | 16 | 97 | 99 | 2 |
| Sub Type Totals: Townhouse | 400,000 | 795,000 | 98 | 97 | 99 | 2 |
SUN VALLEY 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 | 46 | 66 | 43 | 15 | 40 | 166 | 10 | 33 | 230 |
| Elkhorn in Sun Valley | 28 | 26 | -7 | 7 | 13 | 85 | 1 | 13 | 1200 |
| Hailey | 157 | 171 | 8 | 31 | 44 | 41 | 18 | 49 | 172 |
| Ketchum | 25 | 13 | -48 | 9 | 8 | -11 | 3 | 6 | 100 |
| Mackay | 16 | 12 | -25 | 6 | 2 | -66 | 5 | 4 | -20 |
| South of Ketchum | 112 | 108 | -3 | 22 | 36 | 63 | 12 | 43 | 258 |
| North of Ketchum | 10 | 15 | 50 | 2 | 11 | 450 | 2 | 8 | 300 |
| Other | 102 | 87 | -14 | 49 | 25 | -48 | 7 | 11 | 57 |
| South Blaine Co | 68 | 50 | -26 | 29 | 9 | -68 | 9 | 10 | 11 |
| Stanley Basin | 8 | 6 | -25 | 2 | 5 | 150 | 2 | 5 | 150 |
| Sun Valley | 37 | 38 | 2 | 25 | 12 | -52 | 2 | 22 | 1000 |
| Warm Springs in Ketchum | 29 | 22 | -24 | 5 | 10 | 100 | 5 | 7 | 40 |
| Sub Type Totals: Residential Land | 638 | 614 | -3 | 202 | 215 | 6 | 76 | 211 | 177 |
| | Number Sold | Sold Volume | Average Sale Price |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 9 | 12 | 33 | 2,573,500 | 1,744,000 | -32 | 285,944 | 145,333 | -49 |
| Elkhorn in Sun Valley | 0 | 9 | + | 0 | 4,590,000 | + | 0 | 510,000 | + |
| Hailey | 16 | 31 | 93 | 2,909,430 | 8,161,320 | 180 | 181,839 | 263,268 | 44 |
| Ketchum | 2 | 3 | 50 | 5,275,000 | 9,000,000 | 70 | 2,637,500 | 3,000,000 | 13 |
| Mackay | 4 | 4 | 0 | 268,000 | 181,500 | -32 | 67,000 | 45,375 | -32 |
| South of Ketchum | 10 | 36 | 260 | 3,309,000 | 15,355,500 | 364 | 330,900 | 426,542 | 28 |
| North of Ketchum | 1 | 5 | 400 | 500,000 | 7,072,500 | 1314 | 500,000 | 1,414,500 | 182 |
| Other | 8 | 12 | 50 | 2,414,500 | 707,300 | -70 | 301,812 | 58,942 | -80 |
| South Blaine Co | 12 | 11 | -8 | 960,000 | 1,197,000 | 24 | 80,000 | 108,818 | 36 |
| Stanley Basin | 1 | 5 | 400 | 153,000 | 5,115,000 | 3243 | 153,000 | 1,023,000 | 568 |
| Sun Valley | 1 | 19 | 1800 | 1,525,000 | 27,395,000 | 1696 | 1,525,000 | 1,441,842 | -5 |
| Warm Springs in Ketchum | 5 | 7 | 40 | 2,538,323 | 4,995,000 | 96 | 507,665 | 713,571 | 40 |
| Sub Type Totals: Residential Land | 69 | 154 | 123 | 22,425,753 | 85,514,120 | 281 | 325,011 | 555,286 | 70 |
| | Median Sale Price | Percent of List |
| Area | Last Year | This Year | PCT | Last Year | This Year | PCT |
| Bellevue | 87,500 | 101,500 | 16 | 91 | 91 | 0 |
| Elkhorn in Sun Valley | 0 | 445,000 | + | 0 | 98 | + |
| Hailey | 149,155 | 205,000 | 37 | 98 | 96 | -2 |
| Ketchum | 2,637,500 | 3,600,000 | 36 | 97 | 97 | 0 |
| Mackay | 70,000 | 47,000 | -32 | 84 | 99 | 18 |
| South of Ketchum | 286,250 | 280,000 | -2 | 94 | 95 | 0 |
| North of Ketchum | 500,000 | 1,112,500 | 122 | 95 | 97 | 1 |
| Other | 52,500 | 37,000 | -29 | 200 | 92 | -54 |
| South Blaine Co | 87,500 | 80,000 | -8 | 94 | 93 | -1 |
| Stanley Basin | 153,000 | 860,000 | 462 | 102 | 102 | 0 |
| Sun Valley | 1,525,000 | 1,300,000 | -14 | 95 | 97 | 1 |
| Warm Springs in Ketchum | 400,000 | 700,000 | 75 | 88 | 93 | 4 |
| Sub Type Totals: Residential Land | 150,000 | 277,500 | 85 | 103 | 96 | -6 |
Respectfully Blogged by:
Sheila Liermann | Sun Valley Real Estate Broker
208.481.0450 | SunValleySheila@gmail.com
