SUN VALLEY REAL ESTATE MARKET REPORT
2017
PREPARED BY PAM COLESWORTHY COLDWELL BANKER DISTINCTIVE PROPERTIES SUN VALLEY www.pamcolesworthy.com
LOOKING BACK, PLANNING AHEAD It has been quite the year for real estate in Sun Valley. Just the briefest look at the local numbers reveals a market that finally turned the corner and enjoyed the growth that we had been waiting for. Page 3 of this report I am sharing with you gives an overview of how the market performed in general—some of those percentage changes are going to absolutely amaze you (like sold volume up 53% over 2016, for starters!). There is a lot of interesting information about our micro markets too, and I thought it would be useful to include numbers from 2014 and 2015 for added perspective. I had a very good year in 2017, but my sights are set much higher for 2018. I aim to help 15 families buy or sell real estate in the Sun Valley area in 2018. the only way I will approach this number is if I can continue to rely on you, my friends and closest clients, to mention my name to people you know who are thinking of making a purchase or listing their home. Thank you for your referrals—they are the lifeline of my business. As always, if you have any questions about the market, or if you would like to discuss anything in this report, please contact me. I would love to talk with you about any of your real estate needs. Pam Colesworthy 208.720.4520 pamela.colesworthy@coldwellbanker.com www.pamcolesworthy.com
2017 SUN VALLEY PRODUCTION MARKET-WIDE OVERVIEW (2014-Present) ENTIRE MARKET 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
693
$423M
758
$435M
784
$404M
957 +22%
$627M +55%
RESIDENTIAL HOME SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
304
$238M
354
$251M
357
$228M
404 +13%
$346M +51%
TOWNHOME & CONDO SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
202
$88M
236
$111M
241
$103M
306 +27%
$172M +68%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
96
$33M
85
$25M
98
$37M
152 +55%
$48M +29%
All figures taken from Sun Valley Board of Realtors, Jan 2, 2018. Information is deemed to be reliable, but is not guaranteed. Figures do not include undisclosed transactions.
% Change is 2017 vs 2016
2017 SUN VALLEY PRODUCTION MARKET-WIDE OVERVIEW (2014-Present) SALES ABOVE $1M, MARKET-WIDE 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
111
$244M
97
$204M
97
$175M
146 +50%
$294M +68%
RESORT CORE SALES (Ketchum, Warm Springs, Sun Valley, Elkhorn) 2014 2015 2016 2017 Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
270
$225M
304
$220M
299
$208M
400 +34%
$370M +77%
COMMERCIAL SALES, MARKET-WIDE 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
42
$31M
42
$38M
47
$17M
51 +8%
$30M +78%
FARM & RANCH SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
7
$24M
3
$2.4M
11
$12M
7 -36%
$22M +87%
All figures taken from Sun Valley Board of Realtors, Jan 2, 2018. Information is deemed to be reliable, but is not guaranteed. Figures do not include undisclosed transactions.
% Change is 2017 vs 2016
NORTH KETCHUM RESIDENTIAL HOME SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
13
$12.9M
21
$33.8M
11
$19.8M
11 +0%
$18.8M -5%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
5
$6.1M
6
$6.6M
4
$10.9M
6 +50%
$12.3M +12%
North Ketchum was one of the few “flat” markets in the valley.
RESIDENTIAL HOME SALES 2014
2015
KETCHUM
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
25
$59M
20
$29M
20
$34M
33 +65%
$80.3M +164%
TOWNHOME & CONDO SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
65
$44M
72
$51M
85
$48M
100 +18%
$86.7M +80%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
10
$8.2M
3
$1.6M
10
$7.8M
7 -30%
$4.7M -40%
Ketchum was truly the catalyst for the area’s overall market growth this year.
WARM SPRINGS RESIDENTIAL HOME SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
12
$12.5M
13
$11.8M
15
$22.6M
26 +73%
$25.3M +12%
TOWNHOME & CONDO SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
28
$8.4M
33
$14.6M
26
$11.6M
40 +54%
$21.2M +83%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
5
$2.8M
6
$2.6M
2
$1.2M
3 +50%
$979K -18%
14 sales of $1M+ occurred in Warm Springs in 2017.
RESIDENTIAL HOME SALES 2014
2015
SUN VALLEY
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
9
$17.5M
14
$26.3M
11
$19.3M
23 +109%
$42.6M +121%
TOWNHOME & CONDO SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
27
$12.5M
22
$10.9M
29
$13.1M
32 +10%
$15.6M +19%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
3
$4.6M
1
$3.25M
3
$4.4M
6 +100%
$6.6M +49%
Home sales in Sun Valley enjoyed a phenomenal year in 2017.
RESIDENTIAL HOME SALES 2014
2015
ELKHORN
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
13
$22.8M
16
$26.3M
20
$19.9M
18 -10%
$26.6M +33%
TOWNHOME & CONDO SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
38
$16.7M
71
$27.7M
57
$20.6M
72 +26%
$30.1M +46%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
0
$0M
0
$0M
0
$0M
3 n/a
$2.1M n/a
Home sales were down, but volume was up in Elkhorn, a good sign for luxury homes.
SOUTH OF KETCHUM (MID-VALLEY)
RESIDENTIAL HOME SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
54
$68.1M
44
$52.2M
33
$38.6M
44 +33%
$63.6M +64%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
13
$5.5M
13
$4.6M
12
$4.4M
23 +92%
$8.2M +88%
Vacant Land South of Ketchum enjoyed a stellar year, good news for builders.
HAILEY
RESIDENTIAL HOME SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
92
$29.9M
129
$42.2M
137
$49.4M
139 +1.5%
$58.5M +18%
TOWNHOME & CONDO SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
42
$6.2M
33
$5.3M
40
$7.9M
58 +40%
$13.3M +69%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
32
$2.8M
26
$3.5M
36
$6M
44 +22%
$7.1M +18%
After carrying the market for a couple of years, Hailey home sales plateaued in 2017.
RESIDENTIAL HOME SALES 2014
2015
BELLEVUE
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
33
$8.3M
44
$11.5M
41
$14.3M
47 +15%
$15.8M +11%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
3
$693K
10
$1.7M
4
$383K
11 $1.4M +175% +262%
Bellevue’s affordability index is decreasing, but there are still values to be had.
Volume
SOUTH BLAINE COUNTY RESIDENTIAL HOME SALES 2014
2015
(GANNETT, PICABO, CAREY)
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
4
$366K
16
$4.4M
15
$2.5M
18 +20%
$5.7M +125%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
7
$668K
2
$165K
6
$879K
16 $1.25M +167% +43%
Land sales took off in South Blaine County, and homes sales increased as well.
STANLEY BASIN (SAWTOOTH CITY, STANLEY, CHALLIS)
RESIDENTIAL HOME SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
Volume
7
$1.7M
10
$5.1M
8
$2.3M
6 -25%
$3.05M +33%
VACANT LAND SALES 2014
2015
2016
2017
Sales
Volume
Sales
Volume
Sales
Volume
Sales
5
$1M
6
$972K
2
$503K
6 $977K +200% +94%
Just 35 miles north of Ketchum, the Stanley Basin remains a perfect getaway.
Volume
SUN VALLEY REAL ESTATE ACTIVITY 2012 to the PRESENT $423M
Sales
$627M
$435M
$404M
$363M
957 SALES
$303M
Sold Volume 749 SALES
728 SALES
693 SALES
2012
2013
2014
758 SALES
2015
PAM COLESWORTHY COLDWELL BANKER DISTINCTIVE PROPERTIES SUN VALLEY 208.720.4520 | pamela.colesworthy@coldwellbanker.com 100 S Leadville Ave, Ketchum, Idaho 83340 www.pamcolesworthy.com I PLEDGE TO DELIVER TRULY REMARKABLE SERVICE.
784 SALES
2016
2017