Sun Valley Market Report Spring 2018
Table of Contents
02
Introduction
3
North Valley
4-5
South of Ketchum
6-7
South Valley
8-9
Upcoming Events
10-11
Engel & Völkers Network
12-13
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Real Estate Opportunities Are In Bloom.
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 passion 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 Valley Neighborhood Market Report
205 Morning Star Road | Offered at $1,398,500
North Valley - Single Family Residence December, January & February
04
Metric
2016/17
2017/18
% Change
New Listings
50
41
-18%
Pending Sales
25
30
-20%
Closed Sales
21
20
-5%
Days on Market
237
178
-25%
Median Sale Price
$1,850,000
$1,144,500
-38%
Average Sale Price
$1,667,603
$1,523,200
-9%
Percent of List Price Received
93.00%
90.71%
-2%
Inventory for Sale
207
198
-4%
Trend
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Single Family Residences in the North Valley saw a lot of activity in 2017/18, with the number of pending transactions up 20% over last winter. With new listings and overall inventory down since last winter it’s no surprise that more buyers are moving off the bench, and that’s evident with days on market down 25%! It’s beginning to be a great time to list property in the North Valley, as we’re slowly moving towards a seller’s market - just ask Steve Miller, who recently listed his property with our very own Darlene Young! Condos in Sun Valley are selling like proverbial hot cakes, with a 48% increase in pending sales over last winter. With diminished inventory and less listings coming to market we’re seeing buyers act quickly to secure deals before the summer season - with 35% less ‘days on market’ it’s becoming increasingly important for buyers to get their offer in quickly. With 17% fewer available listings we expect prices to continue to rise.
North Valley - Condominium December, January, & February Metric
2016/17
2017/18
% Change
New Listings
83
76
-8%
Pending Sales
44
65
48%
Closed Sales
40
43
8%
Days on Market
327
213
-35%
Median Sale Price
$437,500
$400,000
-9%
Average Sale Price
$552,102
$650,558
18%
Percent of List Price Received
92.61%
92.51%
-0.11%
Inventory for Sale
282
233
-17%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Trend
05
South of Ketchum Neighborhood Market Report
121 Wilderness Drive | Offered at $1,495,000
South of Ketchum - Single Family Residence December, January & February
06
Metric
2016/17
2017/18
% Change
New Listings
21
20
-5%
Pending Sales
9
9
0%
Closed Sales
11
4
-64%
Days on Market
190
348
83%
Median Sale Price
$785,000
$534,750
-32%
Average Sale Price
$1,035,290
$565,625
-45%
Percent of List Price Received
95.02%
95.85%
1%
Inventory for Sale
104
84
-19%
Trend
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
South of Ketchum, previously referred to as Mid-Valley, while extremely desirable, had less activity than the North Valley, with no increase in pending transactions and 64% fewer sales compared to the previous winter. With 83% more ‘days on market’ until a closed sale, and decreased sales prices, it’s seemingly still a buyer’s market, albeit with 19% less active inventory than last year. With easy access to town via car, bus, bike or Nordic skiing, South of Ketchum serves as a great middle location to all the culture of Ketchum and the more local-oriented town of Hailey. While providing a more-remote, authentic mountain experience, the Mid-Valley area also offers great proximity to downtown Ketchum and Hailey. True to the area’s character, the housing is a mix of older ‘locals’ housing and exclusive mountain retreats.
140 Eagle Lake Drive | Offered at $3,200,000
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
07
South Valley Neighborhood Market Report
100 Mustang Lane | Offered at $819,000
South Valley - Single Family Residence December, January & February
08
Metric
2016/17
2017/18
% Change
New Listings
30
55
83%
Pending Sales
19
40
111%
Closed Sales
19
27
42%
Days on Market
227
153
-33%
Median Sale Price
$300,000
$325,000
8%
Average Sale Price
$365,289
$370,741
1%
Percent of List Price Received
95.37%
96.23%
1%
Inventory for Sale
112
139
24%
Trend
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
The South Valley market for single family residences is the most active market in the Wood River Valley, with almost all metrics pointing to a seller’s market. There are 24% more homes for sale than the preceding winter, which would typically point to a slow down, but with 33% less ‘days on market’, and an 83% increase in ‘new listings’, it’s obvious that the supply is not due to a stagnant market, but one in which sellers are taking advantage of the active market and increasing sales prices. Look for prices to go up and inventory to go down as the supply of ready, willing and able sellers runs out! While the South Valley’s condo market is relatively small, it is getting some serious attention from buyers! With pending sales up 33% and closed sales up a whopping 80%, condo buyers are on the hunt, and with an 86% increase in new listings there is plenty to target. Sweetwater condo development’s latest units sold through in record time, thanks in part to Engel & Völkers’ very own Reid Sanborn who listed 12 units, with 9 sold since June 2017.
South Valley - Condominium December, January, & February Metric
2016/17
2017/18
% Change
New Listings
7
13
86%
Pending Sales
6
8
33%
Closed Sales
5
9
80%
Days on Market
110
146
33%
Median Sale Price
$199,100
$225,000
13%
Average Sale Price
$205,910
$223,222
8%
Percent of List Price Received
97.53%
95.35%
-2%
Inventory for Sale
19
27
42%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Trend
09
Upcoming Events Things to Do Around the Valley Clean Sweep with the ERC Saturday, May 5th - 9am-1pm Ketchum, Hailey & Bellevue Help clean up our environment until 11:30am and then come back together with fellow participants to celebrate your good work with a free lunch generously provided by KB’s, raffle drawings and prizes. This event is family friendly and youth and services groups are encouraged to participate.
Buyer & Cellar May 10th - 20th Whiskey Jacques’ Jonathan Tolins hysterically entertaining comedy Buyer & Cellar comes to Whiskey Jacques’ for a limited 10 night run this May. New York actor Nick Cearley reprises the role in this one man show that he has performed around the country to critical acclaim.
Mother’s Day High Tea Sunday, May 13th - 1-4pm Sun Valley Resort Join us this for Sun Valley’s memorable High Tea! This wonderful tradition includes a selection of hot teas paired with savory finger sandwiches and delectable pastries. A champagne option is also available. Celebrate Mom on Mother’s Day with this classy affair!
Ketchum Wide Open Saturday May 19th Ketchum Town Square The putt-putt tournament of all putt-putt tournaments returns! Each golfer can either have a drink or donate the price of that drink to this year’s Charity to lower their score by ONE...no more, no less!
10
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Sawtooth Relay Saturday, June 9th Stanley, Idaho Teams of 6 using one van will complete 12 legs beginning at Stanley, Idaho’s elementary school and finishing in Atkinson Park, Ketchum. The 62-mile course is open to running and walking teams and ultra-marathoners.
Sun Valley BrewFest! Saturday, June 16th - 12-6pm Sun Valley Pavillion Don’t miss the chance to taste some of the finest craft beers in North America located in beautiful Ketchum/Sun Valley! $30 donation buys you unlimited beer samples and a souvenir pint glass to the first 1,000 people
Citizen Cope with G. Love & Special Sauce Saturday, June 16th - 6:30pm Sun Valley Pavillion Citizen Cope (Clarence Greenwood) is an American songwriter, producer and performer. His music is commonly described as a mix of blues, soul, folk and rock. Citizen Cope’s compositions have been recorded by artists as varied as Carlos Santana, Dido, Pharoahe Monch and Richie Havens.
Sun Valley Wellness Festival June 29th - July 2nd The Community School or two decades, Sun Valley Wellness Festival has inspired thouF sands of people to live healthier lives, and features some of the world’s foremost wellness speakers. The 4 day conference features top wellness experts with 30+ presentations & workshops in diverse aspects of body, mind, & spirit.
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
11
Engel & Volkers Network Over 800 Shops in 38 Countries
Engel & Völkers is one of the world’s leading service companies specialised in the brokerage of premium residential property, commercial real estate, yachts and aircrafts. Based in over 800 locations in total, 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.
12
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 & 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
13
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