Sun Valley Market Report Summer 2017 (June, July, August)
Best of all , he loved the Fall -Ernest Hemingway
Another Sun Valley summer has come to a close. The chairlifts that carried mountain bikers and hikers all summer have fallen silent until winter, and the leaves are starting to turn gold. As our first full summer providing premier residential real estate services to the Wood River Valley, Engel & Vรถlkers Sun Valley offers some insight into the last three months as well as a peek into what you can look forward to in the upcoming months. Fall can be a magical time in this valley as crowds diminish and the air turns crisp. This summer we saw some great overall growth in real estate sales. While Sun Valley continues to be a great value in comparison to Aspen, Park City and Jackson Hole, we did see considerable growth in condo sales as well as home sales geared toward full time residents. Take a look through our neighborhood market reports and let us know how we can help you with your real estate needs.
Table of Contents Neighborhood Market Reports Sun Valley 4 Elkhorn 5 Warm Springs 6 Ketchum 7 North Ketchum 8 Mid-Valley 9 Hailey 10 Bellevue 11 Upcoming Events 12-13
Sun Valley Neighborhood Market Report
105 Wedeln Lane | Listed at $4,499,500
Neighborhood Highlights • Inventory within Sun Valley is down considerably which is most likely leading to the increase in prices for Single Family Residences • Pending and closed sales were up year over year despite new listings being down • As inventory continues to decrease, fall might be a great time to consider selling in Sun Valley!
2016
2017
% Change
New Listings
33
27
-18%
Pending Sales
20
22
10%
Closed Sales
11
12
9%
Days On Market
162
166
2%
Median Sale Price (SFR)
$1,040,000
$1,587,500
53%
Average Sale Price (SFR)
$1,613,500
$1,587,500
-2%
Median Sale Price (Condo)
$395,000
$357,250
-10%
Average Sale Price (Condo)
$437,214
$378,840
-13%
Percent of Listing Price Received
96.92%
94.55%
-2%
Inventory For Sale
82
52
-37%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Elkhorn Neighborhood Market Report
242 Elkhorn Road | Listed at $1,895,000
Neighborhood Highlights • It has been a big summer for condo sales in Elkhorn with sales prices increasing • Condo sales were a majorly contributing factor to the increase in pending and closed sales as single family residences in Elkhorn were quite stagnant • An Elkhorn condo can be a great investment - ask us how!
2016
2017
% Change
New Listings
57
64
12%
Pending Sales
21
43
105%
Closed Sales
15
26
73%
Days On Market
152
219
44%
Median Sale Price (SFR)
$900,000
$897,500
-0.3%
Average Sale Price (SFR)
$898,571
$998,000
11%
Median Sale Price (Condo)
$188,500
$330.000
75%
Average Sale Price (Condo)
$213,249
$381,800
79%
Percent of Listing Price Received
95.21%
94.64%
-1%
Inventory For Sale
126
103
-18%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Warm Springs Neighborhood Market Report
170 Exhibition Blvd | Listed at $1,595,000
Neighborhood Highlights • High end sales in 2016 skewed the statistics for sales price in Warm Springs • However, condo sales have continued the trend seen in other neighborhoods with big increases • A decrease in ‘days on market’ provides good insight on moving inventory while ‘percent of listing price received’ has also increased
2016
2017
% Change
New Listings
41
38
-7%
Pending Sales
11
21
91%
Closed Sales
10
20
100%
Days On Market
282
171
-39%
Median Sale Price (SFR)
$1,450,000
$915,000
-37%
Average Sale Price (SFR)
$3,313,333
$859,000
-74%
Median Sale Price (Condo)
$315,000
$495,000
57%
Average Sale Price (Condo)
$319,214
$583,533
83%
Percent of Listing Price Received
84.29%
93.60%
11%
Inventory For Sale
93
73
-22%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Ketchum Neighborhood Market Report
102 Spring Lane | Listed at $13,750,000
Neighborhood Highlights • Similarly to Elkhorn, Ketchum condo sales prices have been on the rise • Despite increased sales prices, quantity of closed sales year over year has remained fairly stagnant with a slight decrease • Despite a slight increase in new listings, overall inventory is down as older listings go off the market
2016
2017
% Change
New Listings
73
76
4%
Pending Sales
37
41
11%
Closed Sales
37
35
-5%
Days On Market
193
200
4%
Median Sale Price (SFR)
$1,010,000
$700,000
-25%
Average Sale Price (SFR)
$1,620,625
$1,862,888
15%
Median Sale Price (Condo)
$360,000
$472,500
31%
Average Sale Price (Condo)
$534,720
$657,884
23%
Percent of Listing Price Received
92.96%
91.41%
-2%
Inventory For Sale
159
138
-13%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
North Ketchum Neighborhood Market Report
13511 Highway 75 | Listed at $3,375,000
Neighborhood Highlights • North Ketchum has had a slow summer with only two closed sales in three months • However, one high end sale has provided quite a jump in average/median sales price • Unfortunately listings continue to sit on the market with days on market increasing considerably and new listings staying stagnant
2016
2017
% Change
New Listings
14
14
0%
Pending Sales
2
1
-50%
Closed Sales
5
2
-60%
Days On Market
324
471
45%
Median Sale Price (SFR)
$1,110,650
$4,050,000
265%
Average Sale Price (SFR)
$2,374,430
$4,050,000
71%
Percent of Listing Price Received
98.08%
84.16%
-14%
Inventory For Sale
36
31
-14%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Mid-Valley Neighborhood Market Report
107 East Fork Road | Listed at $1,995,000
Neighborhood Highlights • Closed Sales for Mid-Valley have more than doubled year over year • Not only have the number of sales increased, but sales prices are on the rise as well • Mid-Valley offers some newer construction homes that become more and more desirable to buyers in the Wood River Valley
2016
2017
% Change
New Listings
40
47
18%
Pending Sales
10
19
90%
Closed Sales
7
16
129%
Days On Market
154
176
14%
Median Sale Price (SFR)
$625,000
$797,000
28%
Average Sale Price (SFR)
$736,571
$1,058,166
44%
Percent of Listing Price Received
97.63%
94.70%
-3%
Inventory For Sale
116
104
-10%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Hailey Neighborhood Market Report
157 Aspen Lakes Drive | Listed at $5,895,000
Neighborhood Highlights • Hailey is showing very steady growth year over year as Hailey continues to be the heart of full time residency in the Wood River Valley • With continued development of the commercial district, Hailey becomes increasingly more livable & desirable • Hailey offers incredible value, while maintaining close proximity to resort living
2016
2017
% Change
New Listings
84
100
19%
Pending Sales
56
73
30%
Closed Sales
55
81
47%
Days On Market
148
125
-16%
Median Sale Price (SFR)
$260,500
$319,500
23%
Average Sale Price (SFR)
$338,980
$358,610
6%
Percent of Listing Price Received
94.96%
97.95%
3%
Inventory For Sale
104
101
-3%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Bellevue Neighborhood Market Report
100 Mustang Lane | Listed at $819,000
Neighborhood Highlights • The increased inventory has not been absorbed as quickly as the north valley, but that hasn’t affected median/ average sales prices • Pending sales, and a decrease in ‘days on market’ point to a shift in the Bellevue and south valley real estate market
2016
2017
% Change
New Listings
20
37
85%
Pending Sales
17
20
18%
Closed Sales
21
15
-29%
Days On Market
179
120
-33%
Median Sale Price (SFR)
$234,000
$330,000
41%
Average Sale Price (SFR)
$300,785
$350,900
17%
Percent of Listing Price Received
95.01%
96.17%
1%
Inventory For Sale
44
46
5%
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Autumn Events Despite the Fall being referred to as a “slack” season, there is still plenty to do throughout the valley. Plus, without the crowds, you can truly experience Sun Valley like a local and fall in love with the amazing character of the Wood River Valley. Check out some of our favorite events below and come join us!
TedXSunValley Septemer 23rd - 10am-5pm
TEDxSunValley features original TEDx talks by people from and connected to the Sun Valley community as well as official TED Talk videos and a musical performance. Several themes emerged last year from the speakers including: the rise of millennials, tapping into and taming technology, innovative approaches to social impact, and the power of story to inspire.
Baldy Hill Climb Septemer 30th - 8:30am
The running, hiking and biking challenge offers “One Big Mountain, Five Awesome Events.” The course for runners and hikers spans 1.86 miles and 3,140 vertical feet from the bottom of Warm Springs to the summit of Bald Mountain at 9,020 feet. Truly an event for all ages, the BHC also features a free children’s Kinderclimb for ages 11-and-younger.
5k for 5B Veterans Septemer 30th - 9am
Join the Sun Valley Board of Realtors on September 30th at Lions Park in Hailey for the 5K and tailgate party. The 5K is raising money for the Veterans Housing Program, so we encourage everyone to come and run/walk. Surely, some of our advisors will be in attendence. Tailgate party after the run/walk is great for the whole family!
Trailing of the Sheep Festival October 4th-8th
The Trailing of the Sheep Festival preserves the stories and colorful history of sheep ranchers and herders, celebrates the rich cultures of the past and present and entertains and educates children, adults and families about the production of local food and fiber that sustain local economies and generations of hard-working families.
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
Autumn Events (cont’d) Sun Valley Jazz Festival October 18-22nd
Attendees from all fifty states, every Canadian province, and several foreign countries gather each October to celebrate live performances of America’s music. The Sun Valley Jazz & Music Festival was birthed out of a love and appreciation for jazz music by Tom & Barbara Hazzard. Become One of the Thousands of Jazz Fans Who Have Been Delighted Since 1990!
Winter Season Begins Novemer 23rd - 9am
The lifts start turning once again! Put the turkey in the oven and then hit the slopes for the first tracks of the season. After an epic 81st winter season, we have no doubt 2017-2018 will be nothing short of spectacular. Be sure to check sunvalley.com for information on open lifts and runs based on snow coverage.
Thanksgiving Buffet November 23rd - 2pm
Everything is on the menu in Sun Valley for a spectacular Thanksgiving Holiday. Skip out on cooking and enjoy a lavish buffet and live entertainment at the Sun Valley Inn. Spend the day on the slopes instead of over a hot stove and still enjoy a wonderful home-cooked meal with the idyllic surroundings of Sun Valley Resort.
Sun Valley Gallery Walk Novemer 24th - 5-8pm
Each year, the SVGA hosts gallery walks (exhibition openings for all SVGA galleries), which are eagerly anticipated and free to the public. Locals and visitors alike take in thought-provoking exhibitions of newly installed art, enjoy wine, mingle with friends, and often meet the artists. Join the special holiday gallery walk right after Thanksgiving.
291 N First Avenue | Ketchum | Idaho | 83340 sunvalley.evusa.com 208-928-7223
291 N. First Avenue Ketchum, Idaho 83340 sunvalley.evusa.com 208-928-7223