Sun Valley Market Review Fall 2018
Table of Contents
Introduction North of Ketchum
4 - 5
Ketchum
6 -7
Warm Springs
8 -9
Sun Valley & Elkhorn
10 -11
South of Ketchum
12 -13
Hailey
14 -15
Bellevue
16 -17
Upcoming Events
18 -19
Engel & Völkers Network
02
3
20
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Setting The Tone For Sophisticated Real Estate Services
At Engel & Völkers Sun Valley, we strive to embrace our town’s simple ethos - we work hard, and we play hard. Our real estate advisors work each deal with the same drive and intensity as if they were making tracks down Baldy or fighting a trophy trout on the Big Wood River. Our advisors are not only the most successful in our area, they also share traits which align with Engel & Völkers’ culture, such as teamwork, passion, and competence. Combined with the utilization of state-of-the-art real estate tools and technology, premium brand recognition, and unrivaled market knowledge, we are able to offer our clients first-class service during the purchase or sale process.
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
03
North of Ketchum Neighborhood Market Report
13460/64 State Highway 75 | Offered at $16,000,000
North of Ketchum – Single Family Residence June, July & August
04
Metric
2017
2018
% Change
New Listings
8
6
-25%
Pending Sales
1
6
500%
Closed Sales
2
6
200%
Days on Market
471
217
-54%
Median Sale Price
$4,050,000
$2,125,000
-48%
Average Sale Price
$4,050,000
$1,768,333
-56%
Percent of List Price Received
84.16%
95.40%
13%
Active Listings for Period
17
16
-6%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
13460/64 State Highway 75 | Offered at $16,000,000 With 25% less inventory and sales up 200% over Summer 2017, it’s fair to say the area North of Ketchum has had a good summer! With amazing subdivisions like Hulen Meadows, Lake Creek, and Adam’s Gulch, plus proximity to hiking/ biking/cross-country ski trails and backcountry skiing, it’s no wonder this area is seeing so much activity. There are still opportunities to buy your own slice of North Ketchum, including Steve Miller’s Creative Compound, listed by our very own Darlene Young! Act fast though, with 54% fewer ‘days on market’ and a 13% increase in ‘Percent of List Price Received’ these deals won’t last!
13511 State Highway 75 | Offered at $2,975,000
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
05
Ketchum Neighborhood Market Report
140 West Sun Valley Road | Penthouse Over Commercial | Offered at $2,499,000
Ketchum – Single Family Residence June, July & August
06
Metric
2017
2018
% Change
New Listings
14
25
79%
Pending Sales
12
6
-50%
Closed Sales
8
7
-13%
Days on Market
169
172
2%
Median Sale Price
$1,080,000
$1,350,000
25%
Average Sale Price
$2,013,250
$1,496,428
-26%
Percent of List Price Received
87.31%
97.94%
12%
Active Listings for Period
27
51
89%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
150 Wood River Drive, Unit C5 | Offered at $425,000 The market for Single Family Residences in Ketchum has seen a great increase in the number of available listings with 16 more houses available for sale than Summer 2017, but fewer Pending Sales. This is a great opportunity for buyers looking for a home within walking/biking distance of Ketchum’s commercial district, and the base areas of Sun Valley’s fabled ski runs! For great in-town living check out the Jones & Grover Team’s Penthouse with Commercial Unit on Sun Valley Road! Ketchum has Condos ranging from quintessential ‘ski bum’ crash pads to lux penthouses in the new Limelight Hotel, and the options in Ketchum are aplenty with a 100% increase in available condo listings from last summer! Buyers have taken notice with 76% more Pending Sales and 29% more Closed Sales from Summer 2017. For a great mid-range option, check out Jones & Grover Team’s 150 Wood River Drive, Unit C5.
Ketchum – Condominium June, July & August Metric
2017
2018
% Change
New Listings
24
48
100%
Pending Sales
21
37
76%
Closed Sales
21
27
29%
Days on Market
190
232
22%
Median Sale Price
$407,000
$423,900
4%
Average Sale Price
$552,952
$694,640
26%
Percent of List Price Received
96.83%
94.99%
-2%
Active Listings for Period
50
86
72%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
07
Warm Springs Neighborhood Market Report The market for Single Family Homes in Warm Springs has been extremely active with 100% more Closed Sales than the preceding summer and a 50% increase in Pending Sales. With 45% more listings than Summer 2017, great options still exist for buyers. But don’t wait, as both Average and Median Sales Prices are up significantly! Check out this Mountain Contemporary option listed by Darlene Young! Warm Springs has a charm all its own, and with 57% more Condo listings to choose from than Summer 2017 there are plenty of options for 119 Dollar Drive | Offered at $1,750,000 Warm Springs lovers! The market absorbed fewer listed properties than the preceding summer with Closed Sales down 55%, and Pending Sales down 38%. On the bright side for Sellers, the Days on Market Until Sold is down 37%, to just 100 days. With Average and Median Sale Prices up 13% and 9% respectively, Buyers should get serious while there are still great listings to choose from, like Reid Sanborn’s 108 Pinewood Lane, Unit 100, which comes with a garage (and it’s just steps from Grumpy’s!).
Warm Springs – Single Family Residence June, July & August
08
Metric
2017
2018
% Change
New Listings
11
16
45%
Pending Sales
6
9
50%
Closed Sales
4
8
100%
Days on Market
171
227
33%
Median Sale Price
$764,500
$1,497,500
96%
Average Sale Price
$760,250
$1,692,875
123%
Percent of List Price Received
95.94%
95.63%
0%
Active Listings for Period
25
23
-8%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
108 Pinewood Lane | Offered at $479,000
Warm Springs – Condominium June, July & August Metric
2017
2018
% Change
New Listings
7
11
57%
Pending Sales
8
5
-38%
Closed Sales
11
5
-55%
Days on Market
159
100
-37%
Median Sale Price
$379,000
$415,000
9%
Average Sale Price
$532,181
$602,000
13%
Percent of List Price Received
93.19%
92.62%
-1%
Active Listings for Period
20
22
10%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
09
Sun Valley & Elkhorn Neighborhood Market Report
242 Elkhorn Road | Offered at $1,795,000
Sun Valley & Elkhorn – Single Family Residence June, July & August
10
Metric
2017
2018
% Change
New Listings
26
23
-12%
Pending Sales
18
12
-33%
Closed Sales
8
12
50%
Days on Market
212
162
-24%
Median Sale Price
$1,153,500
$1,272,500
10%
Average Sale Price
$1,145,375
$1,411,416
23%
Percent of List Price Received
94.39%
92.34%
-2%
Active Listings for Period
47
60
28%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
1331 New Villager Drive | Offered at $455,000 Long sought after for privacy, views, and amenities, the Sun Valley & Elkhorn areas are always in demand. Sun Valley & Elkhorn have a combined 12% fewer Single Family Home listings to choose from compared with the Summer of 2017. Plus, with a 50% increase in Closed Sales, 24% fewer Days on Market, and double-digit increases to both Median and Average Sale Prices, it’s a great time for Sellers to take advantage of this active market. And for buyers, Mike Murphy’s listing located on the Elkhorn Golf Course at 242 Elkhorn Road is a great option! The Condo Market in Sun Valley & Elkhorn has been extremely active with 81% more closed sales than Summer 2017. These closings are also happening 28% faster with an average of just 121 Days on Market. Sellers are seeing sales prices, on average, of 98.26% of their list price, which is the highest for any area and/or property type in the Wood River Valley. It’s still a great time for buyers to get off the bench with a 39% increase in available listings compared to last summer - for a great option, check out Sarah Resor’s listing at 1331 New Villager Drive!
Sun Valley & Elkhorn – Condominium June, July & August Metric
2017
2018
% Change
New Listings
31
43
39%
Pending Sales
33
35
6%
Closed Sales
21
38
81%
Days on Market
169
121
-28%
Median Sale Price
$325,000
$329,000
1%
Average Sale Price
$370,400
$405,239
9%
Percent of List Price Received
95.02%
98.26%
3.41%
Active Listings for Period
67
77
15%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
11
South of Ketchum Neighborhood Market Report
114 Abby Road | Offered at $3,995,000
South of Ketchum – Single Family Residence June, July & August
12
Metric
2017
2018
% Change
New Listings
18
46
156%
Pending Sales
18
20
11%
Closed Sales
16
20
25%
Days on Market
176
237
35%
Median Sale Price
$797,000
$1,106,000
39%
Average Sale Price
$1,058,166
$1,227,225
16%
Percent of List Price Received
94.70%
93.30%
-1%
Active Listings for Period
46
95
107%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
114 Abby Road | Offered at $3,995,000 The area South of Ketchum is highly regarded for it’s proximity to both Ketchum, Sun Valley, and Hailey. Its inventory ranges from mid-range Single Family Homes to large estates and family compounds. New listings for Summer 2018 are up over 2017 a whopping 156%, giving buyers a lot to choose from, and with Pending Sales and Closed Sales both up double-digits, buyers are taking advantage! Sale Prices are up significantly, so buyers shouldn’t wait - a great option is Mike Murphy’s river front listing at 114 Abby Road!
104 Cove Creek Road | Offered at $4,750,000
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
13
Hailey Neighborhood Market Report With great neighborhoods and an increasingly vibrant downtown, Buyers have been flocking to Hailey in recent years. Hailey’s Single Family Home market has been very active for the past couple of years, and this summer has seen that trend continue with 19% more Closed Sales compared to Summer 2017. Sellers have been taking advantage of the active market with 27% more listings on the market this summer compared to the preceding summer. That’s good news for Buyers, as there are many great options to choose from!
105 Pioneer Road | Offered at $635,000
While the market for condominiums in Hailey is small, it was much more active in Summer 2018 than the previous summer with 133% more closed sales! Both Median and Average Sale Prices were up significantly, at 9% and 14% respectively. With more listings on the market than last summer, it’s still a great time to buy!
Hailey – Single Family Residence June, July & August
14
Metric
2017
2018
% Change
New Listings
41
52
27%
Pending Sales
46
46
0%
Closed Sales
54
64
19%
Days on Market
143
118
-17%
Median Sale Price
$361,850
$379,250
5%
Average Sale Price
$421,538
$434,846
3%
Percent of List Price Received
97.62%
97.91%
0%
Active Listings for Period
76
101
33%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
105 Pioneer Road | Offered at $635,000
Hailey – Condominium June, July & August Metric
2017
2018
% Change
New Listings
2
6
200%
Pending Sales
3
6
100%
Closed Sales
3
7
133%
Days on Market
199
159
-20%
Median Sale Price
$204,500
$222,000
9%
Average Sale Price
$186,666
$212,685
14%
Percent of List Price Received
95.16%
97.00%
2%
Active Listings for Period
6
14
133%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
15
Bellevue Neighborhood Market Report
100 Mustang Lane | Offered at $819,000
Bellevue – Single Family Residence June, July & August
16
Metric
2017
2018
% Change
New Listings
23
18
-22%
Pending Sales
19
12
-37%
Closed Sales
13
17
31%
Days on Market
128
132
3%
Median Sale Price
$362,500
$307,500
-15%
Average Sale Price
$375,076
$406,568
8%
Percent of List Price Received
97.03%
96.24%
-1%
Active Listings for Period
42
44
5%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
100 Mustang Lane | Offered at $819,000 Bellevue’s Single Family Home market continues to see activity with 31% more sales than the previous summer, although with 37% fewer Pending Sales than Summer 2017 we’re getting mixed signals! Nevertheless, the number of Pending Sales and Closed Sales are healthy and encouraging. As we move into Fall, we expect to see more Pending Sales as buyers come ‘off the fence’ while rates are still low. If you’re one of those buyers you’d be smart to check out Jones & Grover Team’s “Little Farm Near the River”, located at 100 Mustang Lane!
Visit us at 291 North First Avenue in Ketchum, ID
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
17
Upcoming Events Things to Do Around the Valley Trailing of the Sheep Festival Wednesday, October 10 – Sunday, October 14 Sun Valley, Ketchum & Hailey The Trailing of the Sheep Festival preserves the stories, colorful history, and rich cultures of sheep ranchers and herders while entertaining and educating children and adults about the production of local food and fiber that sustain local economies and generations of hard-working families.
Ketchum Harvest Festival Friday, October 12 – 1:00pm – 6:00pm Forest Service Park Enjoy fresh local foods, unique artisan goods, live music, fall games, hand pressed cider, and more fall fun at this free and family friendly event. Take part in a harvest basket raffle for the Hunger Coalition or try your hand at corn shucking and apple stacking beginning at 3:00pm.
Sun Valley Jazz and Music Festival Wednesday, October 17 – Sunday, October 21 Sun Valley Five days. Forty bands. One million smiles. Attendees from all fifty states, every Canadian province, and several foreign countries gather each October to celebrate live performances of America’s music. Become one of the thousands of jazz fans who have been delighted since 1990!
Rhythm Future Quartet Tuesday, October 30 – 7:30pm Sun Valley Opera House Rhythm Future Quartet strives to keep the spirit of Gypsy jazz alive and expanding. Led by violinist Jason Anick and guitarist Olli Soikkeli, the quartet performs dynamic and lyrical arrangements of both Gypsy jazz standards and original compositions that draw upon diverse international rhythms and musical idioms.
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291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Wood River Orchestra Fall Concert Sunday, November 18 – 4:00pm Community Campus Performing Arts Theater Formed in 2007, the Wood River Orchestra serves as a venue for musicians of the Wood River Valley. Join them at the Community Campus Performing Arts Auditorium for their annual Fall concert. Free for all attendees!
Turkey Trot Community 5K Fun Run and Walk Thursday, November 22 - 10:00am Hailey Become part of a Thanksgiving Day community tradition with the 16th Annual Turkey Trot. This 5K Fun Run and Walk takes trotters through downtown Hailey, along the Big Wood River, and through the Wood River Land Trust’s beautiful Draper Wood River Preserve.
Winter Season Opening Day Thursday, November 22 Sun Valley Resort The day we’ve all been waiting for! Sun Valley’s 83rd winter season kicks off Thanksgiving Day at Dollar Mountain and Bald Mountain. Be sure to check the Mountain Report for updates and come join the fun on and off the snow!
Sun Valley Gallery Walk Friday, November 23 – 5:00pm Ketchum Sip on complimentary beverages as you stroll through all the town’s various art galleries. Meet with artists and gallery owners as they share their works during this evening of artistic expression. Our shop will feature a visiting artist as well, so be sure to stop by.
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
19
Engel & Volkers Network Over 800 Shops in 38 Countries
Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts, and aircrafts. Based in over 800 locations, Engel & Völkers offers both private and institutional clients a professionally tailored range of services. Consultancy, sales, and leasing form the core competences of the staff of more than 10,000 employees. The company is currently operating in over 30 countries on four continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success.
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291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
A Strong Brand A Versatile Company Profile
As a specialist for the brokerage of high-end properties in the world’s most beautiful locations, Engel & Völkers has made a name for itself over the past decades – both in Germany and abroad.
Engel & Völkers Yachting is a luxury yachting brokerage house offering yacht sales and purchase, yacht charter, new builds, refits, and berth services worldwide.
Business aviation is our profession. Business aircraft are our expertise: from small jets to long-range super jets. From business aircraft charter to aircraft purchase and sales. From aviation legal and tax consultancy to aircraft structured finance.
Engel & Völkers is an international commercial consulting real estate firm. Through our exclusivity and the constantly growing network of our well-known brand, we have access to a wide range of international clients.
Engel & Völkers is a proud partner of the Special Olympics and the first cause-marketing sponsor of the organization’s Play Unified, global youth campaign. Play Unified was launched to inspire and mobilize youth around the world.
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
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