Sun Valley Market Report Summer 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
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 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
126 Old Mill Road | Offered at $19,500,000
North Valley - Single Family Residence March, April & May
04
Metric
2017
2018
% Change
New Listings
21
41
95%
Pending Sales
22
26
18%
Closed Sales
25
28
12%
Days on Market
216
302
40%
Median Sale Price
$1,200,000
$1,286,075
7%
Average Sale Price
$1,621,827
$1,870,136
15%
Percent of List Price Received
92.31%
90.77%
-2%
Inventory for Sale
82
146
78%
Trend
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
The North Valley’s Single-Family Home market has seen an abundance of new listing activity this Spring compared to Spring 2017, and fortunately pending sales are up almost 20% to chip away at some of that inventory. Not surprisingly, with the increase in inventory, ‘Days on Market until Sold’, and the number of ‘Active Listings in Range’ are also up considerably from 216 days last Spring to 302 days. This translates to a win for buyers, with more to choose from, but as the economy improves we’re still seeing both average and median sale prices increase. The Condo/Townhome market in the North Valley has seen a great uptick in listing activity compared to last Spring, with a 34% increase in new listings. While there was no increase in ‘pending’ activity, 11% more closings occurred compared to the previous Spring, and ‘Days on Market until Sold’ has dropped by 34% to 169 days. These metrics are a great indicator of a strong market, and buyer’s looking to break into the market should consider acting sooner rather than later.
North Valley - Condominium March, April & May Metric
2017
2018
% Change
New Listings
59
79
34%
Pending Sales
62
62
0%
Closed Sales
63
70
11%
Days on Market
255
169
-34%
Median Sale Price
$525,000
$459,500
-12%
Average Sale Price
$844,003
$557,342
-34%
Percent of List Price Received
95.49%
95.97%
-0.5%
Inventory for Sale
166
193
16%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Trend
05
South of Ketchum Neighborhood Market Report
114 Abby Road | Offered at $3,995,000
South of Ketchum - Single Family Residence March, April & May
06
Metric
2017
2018
% Change
New Listings
24
25
4%
Pending Sales
11
14
27%
Closed Sales
6
10
67%
Days on Market
195
280
44%
Median Sale Price
$1,212,500
$1,200,000
-1%
Average Sale Price
$1,106,666
$1,216,450
10%
Percent of List Price Received
95.88%
94.39%
-2%
Inventory for Sale
44
73
66%
Trend
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
The Single-Family Home market ‘South of Ketchum’ is seeing more transactional activity than the preceding Spring, with a 27% increase in properties put ‘Under Contract’ for sale, and a whopping 67% increase in closed deals. With a 44% increase in ‘Days on Market’ we’re left to assume there are some sellers waiting for their price, and with the increased activity in this market they may soon get it! Look for closed sale prices to increase this Summer! 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
907 Riverside Drive | Offered at $789,000
South Valley - Single Family Residence March, April & May
08
Metric
2017
2018
% Change
New Listings
67
96
43%
Pending Sales
59
79
34%
Closed Sales
37
52
41%
Days on Market
173
139
-20%
Median Sale Price
$330,000
$362,500
10%
Average Sale Price
$408,860
$446,300
9%
Percent of List Price Received
96.91%
96.13%
-1%
Inventory for Sale
116
163
41%
Trend
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
The South Valley’s Single-Family Home market is the most active in the Valley, with almost all metrics pointing to a seller’s market. There were 41% more homes for sale than the preceding Spring, which would typically point to a slow down, but with 20% less ‘days on market’, and an 43% increase in ‘new listings’, it’s obvious that the supply is due to sellers are taking advantage of the active market and increasing sales prices, not a stagnant market. Look for prices to go up as the supply of ready, willing and able sellers runs out! It will be interesting to see how Quigley Farm, Hailey’s newest residential community, will affect the market, but we think there is plenty of demand, and home values will continue to rise incrementally. While the South Valley’s Condo/Townhome market is relatively small compared to the North Valley, it is getting some serious attention from buyers, with Closed sales up 22%! Both New Listings and ‘Days on Market until Sold’ are down around 20%, so it’s apparent buyers are getting into the market while rates are still low.
South Valley - Condominium March, April & May Metric
2017
2018
% Change
New Listings
25
20
-20%
Pending Sales
17
13
-24%
Closed Sales
9
11
22%
Days on Market
152
124
-18%
Median Sale Price
$223,950
$222,500
-1%
Average Sale Price
$222,883
$209,909
-6%
Percent of List Price Received
100.15%
98.07%
-2%
Inventory for Sale
30
35
17%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Trend
09
Upcoming Events Things to Do Around the Valley Sun Valley On Ice Saturdays - July 4th-Labor Day @ Dusk Sun Valley Outdoor Ice Rink Sun Valley On Ice runs Saturday nights, featuring, an all-star line-up showcasing the world’s greatest...details to come! Enjoy Olympic medalists and world-class figure skaters while you dine al fresco at the Sun Valley Lodge Terrace buffet, or view all the action from our outdoor seating adjoining the ice.
Ketchum Arts Festival July 13th - 15th Festival Meadow Come see over 100 arts & crafts from local artists and creators. The Festival is held at the Festival Meadow located on Sun Valley Rd and admission to the Festival is FREE! In addition to plenty of artisitic booths, the Festival features live music and an abundance of delectable food!
Sun Valley Writers’ Conference July 21st - 24th Sun Valley Resort A festival of ideas and literature with some of the most extraordinary writers and thinkers in the world, a good number of whom wield considerable influence in business, politics, media, and entertainment circles, but all of whom love to read – in one of the most breathtakingly beautiful places in the American West.
Sun Valley Summer Symphony July 29th - August 23rd Sun Valley Pavilion Sun Valley Summer Symphony announces an eclectic 2018 summer season, July 29 through August 23, featuring renowned soloists, performances of both familiar and modern classical works, a pairing of orchestra with film and a stunning and newly imagined setting for Ravel’s Daphnis et Chloé.
10
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Ride Idaho August 4th - 11th Ketchum & Stanley, Idaho 7-days fully supported, Start and end in Ketchum/Sun Valley. If you live in Idaho or just visit, you can never get enough of the Stanley Basin and the Sawtooth Mountains, and we’ll help you experience it with a unique view from the handlebars of your bike as you pedal along the’ Wild and Scenic Salmon River’.
Martina McBride in Concert Monday, August 27 - 7:00pm Sun Valley Pavillion Multiple Grammy® nominee Martina McBride has sold over 18 million albums to date, which includes 20 Top 10 singles and six #1 hits. McBride has earned more than 15 major music awards. Come see her perform live this summer in Sun Valley!
Sun Valley Gallery Walk Friday, August 31st - 5-8pm Ketchum, Idaho Sip on complimentary beverages as you walk through all the town’s various art galleries. Meet with artists and gallery owners as they share their works during this evening of artisitic expression. Our shop will feature a visiting artist as well, so be sure to stop by.
Wagon Days August 31st - September 3rd Ketchum & Sun Valley lease join us Labor Day weekend as Ketchum celebrates the P days before railroads or automobiles reached the town with its 60th year celebration of Wagon Days. Come to Main Street and watch the largest parade in the country without motorized vehicles (on Saturday), featuring dancers, horses and wagons!
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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