SUN VALLEY
2021 REAL ESTATE MARKET REPORT
SUE ENGELMANN
Table of Contents
A FEW THOUGHTS ABOUT 2021 AND THIS MARKET REPORT • Real estate in 2020 set every conceivable record. And yet, remarkably, the market largely kept pace with 2020’s record production. Overall, the number of sales fell just short of equaling 2020’s record mark (1250 this year vs 1286 in 2020). More sold dollar volume was transacted in 2021 ($1.278B vs $1.245B). This figure represents an all-time record for the real estate market in Sun Valley. • The average sales price of just over $1M (for all property types in all markets!) also represents a new high, besting 2020’s mark of $967,000. • Most market areas showed a decrease in the number of sales, coinciding with a decrease in the number of new listings. In some cases, there were more sales than new listings! • Hailey and Bellevue, at the south end of the valley, were the busiest spots in the market. While the price points there aren’t what you see around the Resort Core, the gains that have been made in average sales price and number of sales in these two markets is rather incredible. • For comparison’s sake the report includes information for the three previous years (2018, 2019 and 2020). • There was a not-insignificant amount, around 10%, of deals that were transacted outside of the MLS in 2021, and therefore are not figured into this report. This trend seems to be growing, making it more important than ever to work with a trusted real estate advisor. Please reach out with questions about this report or about the market.
HISTORICAL LOOK AT THE SUN VALLEY MARKET
ABOUT THIS REPORT • All the figures in this report have been generated from the Sun Valley Board of Realtors site on January 3, 2022. The figures do not take into account off-market sales, commercial leases, mobile homes, mines, undisclosed sales, garages. FSBOs and other market anomalies. • Several market areas (North of Ketchum, South of Ketchum, Bellevue & Beyond, Custer County) do not have Condo/Townhome figures, as there are no such units in these areas. • The numbers in each table don’t always add up due to reporting idiosyncrasies, such as Fractional Sales, Garages, Co-listings, Leases and other ways to report a transaction. • Information is deemed to be reliable, but is not guaranteed. Readers should confirm the accuracy of the reported numbers with a licensed real estate agent. www.bhhssunvalley.com
ENTIRE SUN VALLEY MARKET // 2021 Entire Market (All property types in all markets) 2021
% Chg v 2020
2020
2019
2018
Sales
1250
-3%
1286
941
981
Sold $ Volume
$1.278 B
+3%
$1.244 B
$641M
$660M
Avg Sold Price
$1.02M
+5%
$967,000
$681,000
$673,000
New Listings
1398
-15%
1636
1732
1707
Residential Homes (Single Family Homes, Duplexes, Triplexes, Fourplexes) 2021
% Chg v 2020
2020
2019
2018
Sales
392
-14%
457
383
439
Sold $ Volume
$612M
-7%
$660M
$354M
$375M
Avg Sold Price
$1.6M
+14%
$1.4M
$925,000
$855,000
New Listings
514
-13%
592
618
691
2021
% Chg v 2020
2020
2019
2018
Sales
353
-8%
382
299
319
Sold $ Volume
$353M
+21%
$291M
$168M
$178M
Avg Sold Price
$1M
+31%
$762,000
$561,000
$557,000
New Listings
388
-18%
474
401
417
2021
% Chg v 2020
2020
2019
2018
Sales
380
+12%
339
175
155
Sold $ Volume
$159M
-15%
$186M
$52M
$47M
Avg Sold Price
$418,000
-24%
$549,000
$297,000
$306,000
New Listings
346
-19%
428
528
442
Condos/Townhomes
Vacant Land
HIGHEST OVERALL SALE (list price): $16,000,000 // AVERAGE DAYS ON MARKET: 173
ENTIRE MARKET, CONTINUED // 2021 Commercial Sales (Does not include leases) 2021
% Chg v 2020
2020
2019
2018
Sales
55
+10%
50
43
33
Sold $ Volume
$50M
+15%
$43M
$32M
$23M
Avg Sold Price
$909,000
+6%
$860,000
$736,000
$703,000
New Listings
88
+21%
73
104
85
2021
% Chg v 2020
2020
2019
2018
Sales
19
+12%
17
10
7
Sold $ Volume
$43M
+45%
$30M
$12.3M
$13.2M
Avg Sold Price
$2.3M
+27%
$1.8M
$1.23M
$1.9M
New Listings
26
-7%
28
49
37
Farm & Ranch
Luxury Residential (Residential Properties Listed at $2.5M or higher) A comprehensive Luxury Report is separately available 2021
% Chg v 2020
2020
2019
2018
Sales
95
+3%
92
33
37
Sold $ Volume
$405M
+4%
$390M
$123M
$135M
Avg Sold Price
$4.3M
+0%
$4.3M
$3.7M
$3.6M
New Listings
159
-8%
173
121
125
Resort Core (Ketchum, Warm Springs, Sun Valley Village, Elkhorn) 2021
% Chg v 2020
2020
2019
2018
Sales
448
-17%
540
400
391
Sold $ Volume
$627M
-7%
$677M
$386M
$370M
Avg Sold Price
$1.4M
+8%
$1.3M
$965,000
$947,000
New Listings
508
-21%
639
620
667
NORTH OF KETCHUM // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
20
-23%
26
11
30
Sold $ Volume
$82M
+4%
$79M
$11.9M
$42M
Avg Sold Price
$4.1M
+37%
$3.0M
$1.1M
$1.4M
New Listings
28
-24%
37
27
32
2021
% Chg v 2020
2020
2019
2018
Sales
15
-6%
16
8
24
Sold $ Volume
$74M
+66%
$44M
$10.6M
$33.8M
Avg Sold Price
$4.9M
+75%
$2.8M
$1.3M
$1.4M
New Listings
120
+5%
19
21
22
2021
% Chg v 2020
2020
2019
2018
Sales
4
-50%
8
3
5
Sold $ Volume
$6.9M
-78%
$31M
$1.3M
$6.6M
Avg Sold Price
$1.7M
-56%
$3.9M
$432,000
$1.3M
New Listings
8
-50%
16
6
8
Residential Homes
Vacant Land
HIGHEST SALE (list price): $16,000,000 // AVERAGE DAYS ON MARKET: 171
KETCHUM // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
171
-13%
197
155
151
Sold $ Volume
$259M
-14%
$301M
$173M
$162M
Avg Sold Price
$1.5M
+0%
$1.5M
$1.1M
$1.1M
New Listings
179
-34%
270
264
302
2021
% Chg v 2020
2020
2019
2018
Sales
18
-25%
24
31
22
Sold $ Volume
$52M
-49%
$102M
$67M
$42M
Avg Sold Price
$2.9M
-33%
$4.3M
$2.1M
$1.9M
New Listings
27
-37%
43
59
80
2021
% Chg v 2020
2020
2019
2018
Sales
113
-14%
132
90
101
Sold $ Volume
$156M
+5%
$148M
$73M
$81M
Avg Sold Price
$1.4M
+27%
$1.1M
$813,000
$802,000
New Listings
115
-32%
168
148
141
2021
% Chg v 2020
2020
2019
2018
Sales
12
+71%
7
4
6
Sold $ Volume
$24M
+70%
$17M
$8.5M
$13.7M
Avg Sold Price
$2M
-17%
$2.4M
$2.1M
$2.3M
New Listings
10
-44%
18
23
31
Residential Homes
Condos/Townhomes
Vacant Land
HIGHEST SALE (list price): $7,250,000 // AVERAGE DAYS ON MARKET: 161
Entire Market
WARM SPRINGS // 2021 2021
% Chg v 2020
2020
2019
2018
Sales
83
-21%
105
75
72
Sold $ Volume
$104M
-4%
$108M
$53M
$65M
Avg Sold Price
$1.3M
+30%
$1M
$707,000
$906,000
New Listings
94
-22%
120
108
138
2021
% Chg v 2020
2020
2019
2018
Sales
22
-15%
26
28
26
Sold $ Volume
$51M
+2%
$50M
$34M
$44M
Avg Sold Price
$2.3M
+21%
$1.9M
$1.2M
$1.7M
New Listings
29
-12%
29
33
43
2021
% Chg v 2020
2020
2019
2018
Sales
42
-30%
60
38
37
Sold $ Volume
$39M
-13%
$44M
$14.9M
$17.7M
Avg Sold Price
$929,000
+27%
$733,000
$394,000
$479,000
New Listings
49
-28%
68
51
61
2021
% Chg v 2020
2020
2019
2018
Sales
13
+18%
11
8
5
Sold $ Volume
$11.2M
+35%
$8.4M
$4.3M
$2.9M
Avg Sold Price
$862,000
+13%
$764,000
$539,000
$574,000
New Listings
16
+33%
12
19
27
Residential Homes
Condos/Townhomes
Vacant Land
HIGHEST SALE (list price): $4,750,000 // AVERAGE DAYS ON MARKET: 164
SUN VALLEY VILLAGE // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
71
-23%
92
66
64
Sold $ Volume
$128M
-11%
$144M
$84M
$75M
Avg Sold Price
$1.8M
+13%
$1.6M
$1.3M
$1.2M
New Listings
88
-10%
98
111
92
2021
% Chg v 2020
2020
2019
2018
Sales
18
-14%
21
17
14
Sold $ Volume
$63M
-12%
$72M
$41M
$37M
Avg Sold Price
$3.5M
+3%
$3.4M
$2.4M
$2.6M
New Listings
19
-39%
31
26
21
2021
% Chg v 2020
2020
2019
2018
Sales
39
-7%
42
41
41
Sold $ Volume
$46M
+63%
$28M
$32.3M
$26.3M
Avg Sold Price
$1.2M
+82%
$666,000
$788,000
$641,000
New Listings
47
+4%
45
48
54
2021
% Chg v 2020
2020
2019
2018
Sales
11
-61%
28
3
5
Sold $ Volume
$16.4M
-62%
$43M
$3.0M
$6.6M
Avg Sold Price
$1.5M
+0%
$1.5M
$1.0M
$1.3M
New Listings
19
-14%
22
33
12
Residential Homes
Condos/Townhomes
Vacant Land
HIGHEST SALE (list price): $9,100,000 // AVERAGE DAYS ON MARKET: 82
ELKHORN //
2021
Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
123
-16%
146
104
104
Sold $ Volume
$137M
+10%
$124M
$77M
$68M
Avg Sold Price
$1.1M
+29%
$850,000
$736,500
$649,000
New Listings
147
-3%
151
137
135
2021
% Chg v 2020
2020
2019
2018
Sales
14
-60%
35
27
21
Sold $ Volume
$42M
-27%
$57M
$42M
$30M
Avg Sold Price
$3M
+88%
$1.6M
$1.6M
$1.4M
New Listings
21
-32%
31
34
33
2021
% Chg v 2020
2020
2019
2018
Sales
94
+6%
89
74
82
Sold $ Volume
$86M
+63%
$53M
33.6M
$37.7M
Avg Sold Price
$915,000
+54%
$596,000
$454,000
$460,000
New Listings
113
+13%
100
82
86
2021
% Chg v 2020
2020
2019
2018
Sales
10
-44%
18
2
1
Sold $ Volume
$6.3M
-30%
$9.1M
$815,000
$315,000
Avg Sold Price
$630,000
+25%
$506,000
$407,500
$315,000
New Listings
9
-53%
19
18
15
Residential Homes
Condos/Townhomes
Vacant Land
HIGHEST SALE (list price): $4,750,000 // AVERAGE DAYS ON MARKET: 97
SOUTH OF KETCHUM // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
120
-36%
187
63
68
Sold $ Volume
$199M
-22%
$254M
$62M
$74M
Avg Sold Price
$1.7M
+21%
$1.4M
$982,000
$1.1M
New Listings
143
-39%
234
192
183
2021
% Chg v 2020
2020
2019
2018
Sales
60
-41%
102
39
52
Sold $ Volume
$160M
-19%
$197M
$52M
$69M
Avg Sold Price
$2.7M
+80%
$1.9M
$1.3M
$1.3M
New Listings
79
-44%
140
111
115
2021
% Chg v 2020
2020
2019
2018
Sales
55
-30%
78
23
14
Sold $ Volume
$31M
-30%
$44M
$9.1M
$4.2M
Avg Sold Price
$564,000
+0%
$564,000
$397,000
$303,000
New Listings
62
-28%
86
75
58
Residential Homes
Vacant Land
HIGHEST SALE (list price): $14,995,000 // AVERAGE DAYS ON MARKET: 166
HAILEY // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
330
+8%
306
265
276
Sold $ Volume
$197M
+51%
$130M
$100M
$105M
Avg Sold Price
$597,000
+40%
$425,000
$376,000
$382,000
New Listings
339
-11%
381
444
453
2021
% Chg v 2020
2020
2019
2018
Sales
136
+8%
126
138
169
Sold $ Volume
$107M
+38%
$78M
$65M
$78M
Avg Sold Price
$787,000
+27%
$619,000
$438,000
$461,000
New Listings
167
-2%
171
184
221
2021
% Chg v 2020
2020
2019
2018
Sales
62
+20%
52
55
54
Sold $ Volume
$26M
+65%
$15.5M
$13.5M
$12.5M
Avg Sold Price
$419,000
+41%
$298,000
$245,000
$231,000
New Listings
58
-33%
87
71
70
2021
% Chg v 2020
2020
2019
2018
Sales
96
-8%
104
51
38
Sold $ Volume
$26M
+18%
$22M
$10.9M
$5.9M
Avg Sold Price
$271,000
+28%
$211,000
$215,000
$157,000
New Listings
66
-30%
90
148
128
Residential Homes
Condos/Townhomes
Vacant Land
HIGHEST SALE (list price): $6,000,000 // AVERAGE DAYS ON MARKET: 187
BELLEVUE & BEYOND // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
214
+83%
117
112
101
Sold $ Volume
$92M
+82%
$51M
$38M
$32M
Avg Sold Price
$430,000
-1%
$436,000
$338,000
$314,000
New Listings
226
+4%
218
239
186
2021
% Chg v 2020
2020
2019
2018
Sales
80
+21%
60
58
62
Sold $ Volume
$58M
+65%
$32M
$26M
$24M
Avg Sold Price
$725,000
+36%
$533,000
$442,000
$382,000
New Listings
110
+24%
89
95
93
2021
% Chg v 2020
2020
2019
2018
Sales
114
+192%
39
47
29
Sold $ Volume
$23M
+311%
$5.6M
$7.6M
$2.9M
Avg Sold Price
$202,000
+40%
$144,000
$162,000
$102,500
New Listings
82
-23%
107
91
66
Residential Homes
Vacant Land
HIGHEST SALE (list price): $2,975,000 // AVERAGE DAYS ON MARKET: 207
CUSTER COUNTY // 2021 Entire Market 2021
% Chg v 2020
2020
2019
2018
Sales
26
-32%
38
35
43
Sold $ Volume
$29M
+35%
$21M
$17.2M
$15.8M
Avg Sold Price
$1.1M
+99%
$553,000
$492,000
$368,000
New Listings
37
+23%
30
56
52
2021
% Chg v 2020
2020
2019
2018
Sales
3
-85%
20
12
18
Sold $ Volume
$1.9M
-84%
$11.8M
$7.1M
$9.9M
Avg Sold Price
$633,000
+7%
$590,000
$594,000
$555,000
New Listings
7
-50%
14
16
21
2021
% Chg v 2020
2020
2019
2018
Sales
15
+25%
12
17
20
Sold $ Volume
$4.9M
+98%
$2.5M
$2.3M
$2.2M
Avg Sold Price
$327,000
+57%
$208,000
$135,000
$108,000
New Listings
21
+133%
9
27
24
Residential Homes
Vacant Land
HIGHEST SALE (list price): $6,500,000 // AVERAGE DAYS ON MARKET: 302
SOME
OF
OUR
BROKREAGE’S IN 2021
NOTABLE
SALES
221/225 Sutton Place | Gimlet Listed at $14,995,000 | Seller
5 Polo Lane | Gimlet Listed at $8,500,000 | Both Sides
120 Foxglove | Hulen Meadows Listed at $3,700,000 | Seller
113 N Hiawatha | Hailey Listed at $3,150,000 | Buyer
280 S Cottonwood | Ketchum Listed at $2,400,000 | Both Sides
180 S GE | Golden Eagle Listed at $7,195,000 | Both Sides
109 Equus Lane |Bellevue Listed at $1,595,000 | Buyer
321 S Leadville | Ketchum Listed at $1,350,000 | Seller
7 Polo Rd | Gimlet Listed at $6,900,000 | Seller
First & Sun Valley |Ketchum Listed at $4,750,000 | Seller
400 Huffman | Warm Springs Listed at $4,750,000 | Buyer
6 West Lake | Sun Valley Listed at $5,450,000 | Seller
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SUE ENGELMANN 360 East Ave Ste 100 Ketchum, ID | 208.720.0680 www.sueengelmann.com | sue@sueengelmann.com © 2022 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity.