I hope this video
finds you well and cozy on these chilly days. Hasn’t this fall been amazing
with the vibrant aspen trees and snow on the high mountains? I don’t think it
gets any better than this.
Do you wonder
what’s going on with the market? Me too! It’s crazy.
How has the pandemic changed
Sun Valley real estate? In March of 2020, like many I just couldn’t fathom that
Baldy would close for the year. The real estate market reacted quickly, too,
with the median price of residential property dropping almost 14%. Then prices
bumbled along for a few months before jumping up 12% in September. Overall
since the beginning of the pandemic, the price of residential property in Sun
Valley has increased over 30%.
I disagree with the statement
that all real estate is local. In the Wood River Valley, all real estate is
For instance, a
condo in Ketchum reacts differently to the market than a condo in Sun Valley.
The median price of a condo in Ketchum is up Year-to-Date 23% to $770,000,
while the median price of a Sun Valley condo is up 90% to $1,050,000. Yes, the
median price of a Sun Valley condo is up 90%. That wasn’t a typo in my script!
homes in Warm Springs are selling at 106% of asking price - that is the widest
gap between asking price and selling price in any neighborhood.
neighborhoods, homes are selling at 101% of asking price, on average.
Because we are a
small community with a small data base, these numbers make statistical analysis
a bit difficult. In other words, these numbers are intended as a guide only,
because as I said various property types and various neighborhoods react to the
market in their own unique way. Contact me if you are interested in discussing a
specific neighborhood or a specific property type.
It would appear
that residential prices are leveling off. Is this a trend? An anomaly? A
seasonal change in the market? We don’t know yet. So check out my November
newsletter for up-to-date statistics and a recipe for my make-ahead mashed
potatoes so you can ski on Thanksgiving instead of slaving over the stove.
Believe me, nobody will know you made them ahead.
Until next time,
Respectfully Blogged by SHEILA LIERMANN | 208.481.0450 | SunValleySheila@gmail.com