Sun Valley Market Review Year End 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 Full Year Review
04
Metric
2017
2018
% Change
New Listings
5
10
100%
Pending Sales
9
23
156%
Closed Sales
11
24
118%
Days on Market
213
249
17%
Median Sale Price
$ 1,262,500
$ 955,000
-24%
Average Sale Price
$ 1,705,227
$ 1,407,436
-17%
Percent of List Price Received
88.05%
90.77%
3%
Active Listings for Period
9
23
156%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
13460/64 State Highway 75 | Offered at $16,000,000
Transaction activity increased over 100% in 2018 for single-family homes, and more inventory came onto the market, which is good for buyers! Both the median and average sale price are lower from the preceding year, but with a small sample size this shouldn’t be interpreted to mean that the prices are going down across the board.
13460/64 State Highway 75 | Offered at $16,000,000
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
05
Ketchum Neighborhood Market Report
125 Sheep Meadow Lane | Offered at $20,000,000
Ketchum – Single Family Residence Full Year Review
06
Metric
2017
2018
% Change
New Listings
14
10
-29%
Pending Sales
28
18
-36%
Closed Sales
30
19
-37%
Days on Market
267
161
-40%
Median Sale Price
$ 1,702,500
$ 1,250,000
-27%
Average Sale Price
$ 2,615,533
$ 1,965,000
-25%
Percent of List Price Received
92.82%
94.91%
2%
Active Listings for Period
28
18
-36%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
101 Emerald Street, Unit H | Offered at $775,000 At first glance, it would appear the singlefamily home market in Ketchum is in trouble, with number of sales and prices down from the preceding year. However, looking deeper at the properties sold in 2017, we find multiple unit sales of new projects, including the residential condominiums in the Limelight Hotel. At over $1,000 per square foot it’s no surprise the prices were higher in 2017! It is notable that ‘Days on Market’ was down 40% from 2017, as is inventory, which points to increasing demand and decreasing supply. The increase in listing inventory (38%) is great for buyers. With the average condo price under $600,000 we’re still seeing strong demand for living in/near town. We love seeing a 24% decrease in ‘Days on Market’, which suggests that buyers are seeing value, and with little movement in the Median Sale Price there’s still a lot of value there for buyers!
Ketchum – Condominium Full Year Review Metric
2017
2018
% Change
New Listings
48
66
38%
Pending Sales
88
90
2%
Closed Sales
101
99
-2%
Days on Market
232
176
-24%
Median Sale Price
$ 564,000
$ 575,000
2%
Average Sale Price
$ 908,242
$ 798,983
-12%
Percent of List Price Received
94.47%
95.69%
1%
Active Listings for Period
88
90
2%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
07
Warm Springs Neighborhood Market Report The increase in both single-family home transaction activity and price in the Warm Springs area is very positive for Sellers, and with a newly remodeled lodge at the base of Warm Springs (improved after the fire at the end of last ski season) the Buyers have reason to celebrate! The condo market in the Warm Springs area didn’t move much from 2017, but is still quite active, with 37 closed sales in 2018. Another bright spot is ‘Days on Market’ which decreased by 9%, which points to increasing demand for ski condos!
113 Corrock Drive | Offered at $2,500,000
Warm Springs – Single Family Residence Full Year Review
08
Metric
2017
2018
% Change
New Listings
14
12
-14%
Pending Sales
19
24
26%
Closed Sales
23
25
9%
Days on Market
191
325
70%
Median Sale Price
$ 795,000
$ 1,500,000
89%
Average Sale Price
$ 992,362
$ 1,739,320
75%
Percent of List Price Received
94.55%
92.24%
-2%
Active Listings for Period
19
24
26%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
1908 Warm Springs Road, Unit 11 | Offered at $699,000
Warm Springs – Condominium Full Year Review Metric
2017
2018
% Change
New Listings
16
18
13%
Pending Sales
35
36
3%
Closed Sales
40
37
-8%
Days on Market
207
189
-9%
Median Sale Price
$ 397,250
$ 385,000
-3%
Average Sale Price
$ 530,212
$ 479,094
-10%
Percent of List Price Received
92.93%
94.90%
2%
Active Listings for Period
35
36
3%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
09
Sun Valley & Elkhorn Neighborhood Market Report
311 Juniper Road | Offered at $1,245,000
Sun Valley & Elkhorn – Single Family Residence Full Year Review
10
Metric
2017
2018
% Change
New Listings
22
16
-27%
Pending Sales
38
34
-11%
Closed Sales
41
34
-17%
Days on Market
204
270
32%
Median Sale Price
$ 1,450,000
$ 1,592,500
10%
Average Sale Price
$ 1,689,138
$ 1,912,117
13%
Percent of List Price Received
92.43%
91.95%
-1%
Active Listings for Period
38
34
-11%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
1331 New Villager Drive | Offered at $439,000 For single-family homes, we saw less inventory come onto the market from the preceding year (16), but with more than twice as many sales as new listings (34) the inventory is shrinking. This is evident with double-digit increases in both Median and Average sale prices. The condo market in Sun Valley & Elkhorn was much more active than the market for single-family homes, with double digit increases in Pending and Closed sales, and 17% more inventory to fill the demand. Not surprisingly, along with the increased demand we’re seeing a big jump in Median and Average sale prices!
Sun Valley & Elkhorn – Condominium Full Year Review Metric
2017
2018
% Change
New Listings
63
74
17%
Pending Sales
94
114
21%
Closed Sales
101
124
23%
Days on Market
226
168
-26%
Median Sale Price
$ 345,000
$ 427,500
24%
Average Sale Price
$ 443,329
$ 516,746
17%
Percent of List Price Received
95.03%
96.33%
1.37%
Active Listings for Period
95
114
20%
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 $2,995,000
South of Ketchum – Single Family Residence Full Year Review
12
Metric
2017
2018
% Change
New Listings
26
27
4%
Pending Sales
37
47
27%
Closed Sales
43
51
19%
Days on Market
192
257
34%
Median Sale Price
$ 937,500
$ 1,100,000
17%
Average Sale Price
$ 1,465,201
$ 1,337,833
-9%
Percent of List Price Received
95.87%
93.71%
-2%
Active Listings for Period
37
47
27%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
The area between Ketchum and Hailey saw an active 2018 for singlefamily homes, with a 27% increase in Pending sales, and 19% more Closed sales! Luckily there were 27% more listings available during 2018 so there was plenty to choose from.
104 Cove Creek Road | Offered at $4,750,000
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 Hailey’s single-family home market continues to have the healthiest metrics, with all signs pointing towards a seller’s market, including big jumps in Pending and Closed sales, healthy (8%) increase in both Median and Average sale prices, and decreasing Days on Market (120) - the lowest of any area in Blaine County. Supply will continue to come onto the market with the new Quigley Farm development, which has 30 lots for sale in the first phase. Hailey’s condo market wasn’t quite as active as last year, which is likely due to the sell-through of the Sweetwater project. Nevertheless, while small, there is strong demand for condominium units in Hailey, as is evident by the 50+ Pending and Closed sales in 2018!
1725 Briarwood Drive | Sold by Team TruNorth
Hailey – Single Family Residence Full Year Review
14
Metric
2017
2018
% Change
New Listings
91
119
31%
Pending Sales
127
155
22%
Closed Sales
135
165
22%
Days on Market
153
120
-22%
Median Sale Price
$ 360,000
$ 390,000
8%
Average Sale Price
$ 426,367
$ 462,317
8%
Percent of List Price Received
96.94%
97.15%
0%
Active Listings for Period
126
155
23%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
110 Sitting Bull Drive | Sold by Sarah Resor
Hailey – Condominium Full Year Review Metric
2017
2018
% Change
New Listings
51
40
-22%
Pending Sales
56
51
-9%
Closed Sales
58
54
-7%
Days on Market
108
129
19%
Median Sale Price
$ 220,000
$ 225,000
2%
Average Sale Price
$ 229,918
$ 231,348
1%
Percent of List Price Received
98.54%
97.27%
-1%
Active Listings for Period
56
51
-9%
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 Full Year Review
16
Metric
2017
2018
% Change
New Listings
37
29
-22%
Pending Sales
44
40
-9%
Closed Sales
45
42
-7%
Days on Market
137
168
23%
Median Sale Price
$ 318,000
$ 307,750
-3%
Average Sale Price
$ 341,374
$ 378,027
11%
Percent of List Price Received
96.66%
95.73%
-1%
Active Listings for Period
44
40
-9%
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Supply diminished in Bellevue in 2018, which led to fewer Pending and Closed sales, but developers are confident there is still strong demand, which will find supply in the new Strahorn development out Slaughterhorse Canyon, which is expected to bring 47 lots in Phase 1.
100 Mustang Lane | Offered at $819,000
Visit us at 291 North First Avenue in Ketchum, ID
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
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Upcoming Events Things to Do Around the Valley Boulder Mountain Tour, Sun Valley Nordic Festival Thursday, January 31 – Sunday, February 3 Various Locations Sun Valley is Nordic Town USA! Four days of cross-country ski events including the famous 34km Boulder Mountain Tour on Feb 2. Also, don’t miss the sprint race across from the Ketchum post office, Jan 31 and Nordic Demo Day on Feb 3 where you can try on great gear from Boulder Mountain Tour Sponsors!
Sun Valley Opera Winter Festival Saturday, February 2 – Tuesday, March 12 Argyros Performing Arts Center World-renowned tenor, Michael Fabiano, opens the festival’s 6th year on 2/2/19. Next, Irish-American baritone Emmett O’Hanlon will join the Sun Valley Opera 2/18/19 for an unforgettable recital. The series concludes 12/3/19, with lauded mezzo, Emilie Fons’s anticipated performance in a private residence.
BCRD Ski the Rails Saturday, February 9 Wood River Trail A free cross-country ski tour along the Wood River Trail for Nordic skiers of all ages, levels, and their dogs! Learn about the history of the famous Wood River Trail from a local perspective. Aid stations along the way will keep you energized. Finish at the Sun Valley Brewery for a bonfire and live music!
Sun Valley Gallery Walk Friday, February 15 | 5:00pm – 8:00pm 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!
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291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
Rita Wilson Saturday, February 16 | 7:00pm – 9:00pm Argyros Performing Arts Center Since the release of her debut album AM/FM, Rita Wilson has focused on her career as a songwriter. In March 2016, she released her self-titled second album, showcasing her skill for creating insightful, eloquent singer-songwriter pop music that is etched with stunning honesty.
Special Olympics Idaho Regional Winter Games Saturday, March 9 | 8:30am – 3:30pm Dollar Mountian Lodge & Sun Valley Nordic Center Join the Engel & Völkers Sun Valley team to volunteer or help coach at the Special Olympics Idaho Eastern and Southwest Winter Regional Games. Friday evening dinner and dance is followed by a full day of skiing at both the Sun Valley Nordic Center and on Dollar Mountain, then awards!
Sun Valley Film Festival Wednesday, March 13 – Sunday, March 17 Various Locations Over five unforgettable days, the Sun Valley Film Festival brings together over 3,500 industry insiders and movie lovers to celebrate the art of filmmaking in a majestic setting. A combination of cutting-edge content and unprecedented access in Sun Valley’s cinematic setting makes SVFF a “can’t miss.”
Janss Pro-Am Classic Thursday, March 28 – Saturday, March 30 Bald Mountain Skiers and snowboarders of all abilities form teams of 6 with a celebrity pro before going head-to-head in a dual giant slalom format on world-famous Bald Mountain. Teams are encouraged to dress up for each event’s unique theme. Held in memory of Sun Valley Co. owner, Bill Janss, this is “the best party on snow!”
291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evusa.com 208-928-7223
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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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