SUN VALLEY 2022 REAL ESTATE MARKET REPORT
SUE ENGELMANN
Table of Contents
• The previous two years of activity in the Sun Valley market were the busiest 24 months in history. The activity level was unsustainable, and 2022 shows an expected market drop, and therefore most of the figures in the report are going to compare negatively to 2021.
• The overall Sales figure (726) is comparatively strong, and the Sold Dollar Volume ($895M) is the market’s 4th highest total ever.
• Since inventory is at a historical low, sales slowed. We had 600 fewer new listings in 2022 than in 2019, for instance.
• The report includes data for the three previous years, offering a better perspective for each property type.
• Idaho is a non-disclosure state, and perhaps up to 10% of deals were transacted outside of the MLS in 2022, and are not accounted for in the report. This trend seems to be growing, making it more important than ever to work with a trusted and informed real estate advisor.
• It is tempting to look at the previous year’s report to make predictions for the upcoming year. However, there are so many variables affecting the real estate market that trying to forecast what 2023 will bring is folly. The best thing a buyer or seller can do is stay abreast of the current trends, and continue having discussions with me.
MARKET
ABOUT THIS REPORT
• All the figures in this report have been generated from the Sun Valley Board of Realtors site on January 3, 2023. 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.
• I nformation is deemed to be reliable, but is not guaranteed. Readers should confirm the accuracy of the reported numbers with me to ensure that nothing has changed since this report’s publication.
www.bhhssunvalley.com HISTORICAL
LOOK AT THE SUN VALLEY
Entire Market (All property types in all markets) 2022 % Chg v 2021 2021 2020 2019 Sales 726 -42% 1250 1286 941 Sold $ Volume $895M -30% $1.278 B $1.244 B $641M Median Sold Price $733,500 +24% $591,000 $515,000 $397,000 New Listings 1158 -18% 1398 1636 1732 Median List Price $849,000 +15% $739,000 $575,000 $479.000 Residential Homes (Single Family Homes only) Condos/Townhomes (includes Duplexes, Triplexes, Fourplexes, Multi-Family) Vacant Land ENTIRE SUN VALLEY MARKET 2022 2022 % Chg v 2021 2021 2020 2019 Sales 257 -33% 383 457 383 Sold $ Volume $394M -35% $603M $660M $354M Median Sold Price $825,000 -6% $875,000 $840,000 $546,000 New Listings 424 -15% 501 592 618 Median List Price $1.184M +20% $989,000 $975,000 $812,500 2022 % Chg v 2021 2021 2020 2019 Sales 228 -37% 362 382 299 Sold $ Volume $275M -24% $362M $291M $168M Median Sold Price $849,500 +25% $680,000 $502,000 $365,000 New Listings 341 -15% 402 474 401 Median List Price $875,000 +28% $684,000 $545,000 $425,000 2022 % Chg v 2021 2021 2020 2019 Sales 147 -61% 380 339 175 Sold $ Volume $111M -30% $159M $186M $52M Median Sold Price $349,000 +46% $239,000 $242,000 $153,000 New Listings 262 -25% 349 428 528 Median List Price $425,000 +8% $395,000 $300,000 $275,000 HIGHEST OVERALL SALE (list price): $19,500,000 AVERAGE DAYS ON MARKET: 119
Commercial Sales (Does not include leases) 2022 % Chg v 2021 2021 2020 2019 Sales 41 -26% 55 50 43 Sold $ Volume $39M -21% $50M $43M $32M Median Sold Price $800,000 +8% $738,000 $445,000 $395,000 New Listings 58 -36% 90 73 104 Median List Price $962,500 -1% $970,000 $540,000 $339,000 Farm & Ranch ENTIRE MARKET, CONTINUED 2022 2022 % Chg v 2021 2021 2020 2019 Sales 8 -58% 19 17 11 Sold $ Volume $19M -56% $43M $30M $12.8M Median Sold Price $1.52M +26% $1.2M $1M $1M New Listings 30 +15% 26 28 49 Median List Price $2.225M +34% $1.66M $1.4M $1.9M Luxury Residential (Residential Properties Listed at $2.5M or higher) 2022 % Chg v 2021 2021 2020 2019 Sales 62 -35% 95 92 33 Sold $ Volume $295M -27% $405M $390M $123M Median Sold Price $3.5M -4% $3.6M $3.43M $3.25M New Listings 184 +17% 158 173 121 Median List Price $4.9M +22% $3.99M $3.8M $3.9M Resort Core Residential (Ketchum, Warm Springs, Sun Valley Village, Elkhorn) 2022 % Chg v 2021 2021 2020 2019 Sales 203 -44% 362 428 347 Sold $ Volume $363M -31% $525M $553M $337M Median Sold Price $1.1M +14% $963,000 $780,000 $625,000 New Listings 363 -13% 416 518 479 Median List Price $1.4M +44% $975,000 $970,000 $795,000
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 8 -60% 20 26 11 Sold $ Volume $55M -32% $82M $79M $11.9M Median Sold Price $6.175M +157% $2.4M $1.65M $1.15M New Listings 15 -46% 28 37 27 Median List Price $5.2M +142% $2.145M $2.04M $1.43M Residential Homes Vacant Land NORTH OF KETCHUM 2022 2022 % Chg v 2021 2021 2020 2019 Sales 5 -67% 15 16 8 Sold $ Volume $47M -36% $74M $44M $10.6M Median Sold Price $6.6M +110% $3.15M $2.37M $1.23M New Listings 11 -42% 19 19 21 Median List Price $5.2M +55% $3.35M $2.95M $1.5M 2022 % Chg v 2021 2021 2020 2019 Sales 1 -75% 4 8 3 Sold $ Volume $1.325M -81% $6.9M $31M $1.3M Median Sold Price $1.325M -17% $1.6M $1.05M $500,000 New Listings 2 -75% 8 16 6 Median List Price $1.22M -27% $1.67M $1.36M $2M HIGHEST SALE (list price): $19,500,000 AVERAGE DAYS ON MARKET: 320
NORTH OF KETCHUM
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 104 -39% 171 197 155 Sold $ Volume $195M -25% $259M $301M $173M Median Sold Price $1.29M +12% $1.145M $950,000 $785,000 New Listings 158 -13% 182 270 264 Median List Price $1.27M -2% $1.295M $1.24M $1.01M Residential Homes KETCHUM 2022 2022 % Chg v 2021 2021 2020 2019 Sales 10 -47% 19 24 31 Sold $ Volume $49M -7% $53M $102M $67M Median Sold Price $3.75M +58% $2.375M $3.17M $1.5M New Listings 25 -11% 28 43 59 Median List Price $5.445M +79% $3.04M $2.95M $2.05M HIGHEST SALE (list price): $15,000,000 AVERAGE DAYS ON MARKET: 101
Condos/Townhomes Vacant Land 2022 % Chg v 2021 2021 2020 2019 Sales 77 -35% 118 132 90 Sold $ Volume $124M -22% $159M $148M $73M Median Sold Price $1.1M +35% $813,000 $808,000 $585,000 New Listings 112 -5% 118 168 148 Median List Price $1.045M +33% $786,000 $913,000 $850,000 2022 % Chg v 2021 2021 2020 2019 Sales 2 -83% 12 7 4 Sold $ Volume $5.1M -79% $24M $17M $8.5M Median Sold Price $2.55M +54% $1.65M $1.55MM $2.2M New Listings 6 -40% 10 18 23 Median List Price $2.6M +49% $1.745M $1.62M $1.8M KETCHUM 2022
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 40 -52% 83 105 75 Sold $ Volume $51M -51% $104M $108M $53M Median Sold Price $878,000 -3% $900,000 $759,000 $585,000 New Listings 84 -11% 94 120 108 Median List Price $1.625M +74% $933,000 $812,000 $700,000 Residential Homes WARM SPRINGS 2022 2022 % Chg v 2021 2021 2020 2019 Sales 5 -72% 18 26 28 Sold $ Volume $13.4M -71% $46M $50M $34M Median Sold Price $1.55M -30% $2.225M $1.65M $1.1M New Listings 26 +30 20 29 33 Median List Price $4.62M +115% $2.15M $1.98M $1.2M HIGHEST SALE (list price): $6,795,000 AVERAGE DAYS ON MARKET: 113
WARM SPRINGS 2022 Condos/Townhomes Vacant Land 2022 % Chg v 2021 2021 2020 2019 Sales 25 -46% 46 60 38 Sold $ Volume $29M -34% $43M $44M $14.9M Median Sold Price $849,000 +21% $705,000 $583,000 $315,000 New Listings 39 -25% 52 68 51 Median List Price $895,000 +22% $734,000 $595,000 $535,000 2022 % Chg v 2021 2021 2020 2019 Sales 5 -62% 13 11 8 Sold $ Volume $6.9M -39% $11.2M $8.4M $4.3M Median Sold Price $1.145M +91% $600,000 $700,000 $469,000 New Listings 13 -19% 16 12 19 Median List Price $1.9M +41% $1.35M $617,000 $578,000
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 47 -33% 70 92 66 Sold $ Volume $96M -24% $126M $144M $84M Median Sold Price $1.55M +15% $1.35M $1.08M $688,000 New Listings 70 -20% 87 98 111 Median List Price $2.22M +48% $1.5M $1.15M $1.15M Residential Homes SUN VALLEY VILLAGE 2022 2022 % Chg v 2021 2021 2020 2019 Sales 1 -94% 16 21 17 Sold $ Volume $5.3M -90% $52M $72M $41M Median Sold Price $5.3M +61% $3.3M $2.93M $2.38M New Listings 11 -35% 17 31 26 Median List Price $4.95M +41% $3.5M $3.47M $2.77M HIGHEST SALE (list price): $10,600,000 AVERAGE DAYS ON MARKET: 134
Condos/Townhomes Vacant Land 2022 % Chg v 2021 2021 2020 2019 Sales 27 -31% 39 42 41 Sold $ Volume $46M -2% $47M $28M $32.3M Median Sold Price $1.2M +23% $975,000 $550,000 $515,000 New Listings 50 +9% 46 45 48 Median List Price $1.315M +18% $1.12M $649,000 $505,000 2022 % Chg v 2021 2021 2020 2019 Sales 17 +55% 11 28 3 Sold $ Volume $34M +104% $16.4M $43M $3.0M Median Sold Price $1.995M +122% $900,000 $1.41M $995,000 New Listings 8 -58% 19 22 33 Median List Price $2.5M +56% $1.6M $1.09M $1.55M SUN VALLEY VILLAGE 2022
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 71 -43% 124 146 104 Sold $ Volume $123M -12% $139M $124M $77M Median Sold Price $995,000 +25% $794,000 $612,000 $422,000 New Listings 121 -19% 149 151 137 Median List Price $1.25M +56% $799,000 $625,000 $485,000 Residential Homes ELKHORN IN SUN VALLEY 2022 2022 % Chg v 2021 2021 2020 2019 Sales 13 -7% 14 35 27 Sold $ Volume $59M +40% $42M $57M $42M Median Sold Price $3.6M +22% $2.95M $1.2M $1.41M New Listings 32 +52% 21 31 34 Median List Price $3.4M -2% $3.5M $1.43M $1.35M HIGHEST SALE (list price): $11,800,000 AVERAGE DAYS ON MARKET: 106
Condos/Townhomes Vacant Land 2022 % Chg v 2021 2021 2020 2019 Sales 50 -47% 95 89 74 Sold $ Volume $52M -41% $87M $53M 33.6M Median Sold Price $873,000 +16% $750,000 $460,000 $361,000 New Listings 77 -33% 115 100 82 Median List Price $875,000 +30% $675,000 $497,000 $382,000 2022 % Chg v 2021 2021 2020 2019 Sales 5 -50% 10 18 2 Sold $ Volume $7.6M +20% $6.3M $9.1M $815,000 Median Sold Price $945,000 +62% $585,000 $453,000 $407,000 New Listings 9 +0% 9 19 18 Median List Price $1.29M +61% $800,000 $450,000 $429,000 ELKHORN IN SUN VALLEY 2022
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 56 -54% 121 187 63 Sold $ Volume $88M -56% $200M $254M $62M Median Sold Price $1.49M +61% $925,000 $775,000 $750,000 New Listings 104 -28% 144 234 192 Median List Price $1.8M +25% $1.45M $1.07M $1.15M Residential Homes Vacant Land SOUTH OF KETCHUM 2022 2022 % Chg v 2021 2021 2020 2019 Sales 36 -40% 60 102 39 Sold $ Volume $71M -55% $160M $197M $52M Median Sold Price $1.74M -4% $1.8M $1.6M $948,000 New Listings 63 -21% 80 140 111 Median List Price $2.9M +14% $2.55M $2.1M $2.02M 2022 % Chg v 2021 2021 2020 2019 Sales 19 -66% 56 78 23 Sold $ Volume $15.7M -50% $31M $44M $9.1M Median Sold Price $632,000 +40% $450,000 $359,000 $300,000 New Listings 39 -37% 62 86 75 Median List Price $655,000 -4% $685,000 $450,000 $439,000 HIGHEST SALE (list price): $4,995,000 AVERAGE DAYS ON MARKET: 133
OF KETCHUM
SOUTH
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 222 -33% 329 306 265 Sold $ Volume $161M -18% $196M $130M $100M Median Sold Price $600,000 +37% $437,000 $338,000 $313,000 New Listings 295 -14% 341 381 444 Median List Price $619,000 +5% $589,000 $380,000 $349,000 Residential Homes HAILEY 2022 2022 % Chg v 2021 2021 2020 2019 Sales 107 -21% 136 126 138 Sold $ Volume $96M -11% $107M $78M $65M Median Sold Price $795,000 +14% $695,000 $521,000 $436,000 New Listings 122 -23% 159 171 184 Median List Price $875,000 +16% $753,000 $540,000 $489,000 HIGHEST SALE (list price): $2,800,000 AVERAGE DAYS ON MARKET: 103
Condos/Townhomes Vacant Land 2022 % Chg v 2021 2021 2020 2019 Sales 47 -24% 62 52 55 Sold $ Volume $28M +9% $26M $15.5M $13.5M Median Sold Price $481,000 +31% $369,000 $282,000 $247,000 New Listings 62 -5% 65 87 71 Median List Price $487,000 +32% $370,000 $305,000 $275,000 2022 % Chg v 2021 2021 2020 2019 Sales 40 -58% 95 104 51 Sold $ Volume $13.3M -47% $25M $22M $10.9M Median Sold Price $275,000 +29% $213,000 $165,000 $150,000 New Listings 71 +3% 69 90 148 Median List Price $354,000 +42% 249,000 $220,000 $223,000 HAILEY 2022
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 100 -53% 214 117 112 Sold $ Volume $83M -10% $92M $51M $38M Median Sold Price $498,000 +50% $333,000 $340,000 $242,000 New Listings 148 -35% 228 218 239 Median List Price $539,000 +9% $495,000 $342,000 307,000 Residential Homes Vacant Land BELLEVUE & BEYOND 2022 2022 % Chg v 2021 2021 2020 2019 Sales 54 -34% 82 66 58 Sold $ Volume $46M -22% $59M $35M $26M Median Sold Price $576,000 +2% $568,000 $428,000 $355,000 New Listings 75 -35% 115 89 95 Median List Price $689,000 +13% $610,000 $494,000 $402,000 2022 % Chg v 2021 2021 2020 2019 Sales 31 -73% 114 39 47 Sold $ Volume $20M -14% $23M $5.6M $7.6M Median Sold Price $176,500 +57% $113,000 $120,000 $90,000 New Listings 51 -38% 82 107 91 Median List Price $299,000 +25% $240,000 $118,000 $125,000 HIGHEST SALE (list price): $13,000,000 AVERAGE DAYS ON MARKET: 109
BELLEVUE
Entire Market 2022 % Chg v 2021 2021 2020 2019 Sales 19 -27% 26 38 35 Sold $ Volume $10.5M -63% $29M $21M $17.2M Median Sold Price $402,000 -1% $405,000 $323,000 $159,000 New Listings 38 +3% 37 30 56 Median List Price $975,000 +105% $475,000 $435,000 $270,000 Residential Homes Vacant Land CUSTER COUNTY 2022 2022 % Chg v 2021 2021 2020 2019 Sales 7 +133% 3 20 12 Sold $ Volume $5.8M +208% $1.9M $11.8M $7.1M Median Sold Price $850,000 +7% $794,000 $394,000 $279,000 New Listings 17 +143% 7 14 16 Median List Price $975,000 -11% $1.1M $473,000 $284,000 2022 % Chg v 2021 2021 2020 2019 Sales 8 -47% 15 12 17 Sold $ Volume $2.1M -57% $4.9M $2.5M $2.3M Median Sold Price $200,000 +33% $150,000 $132,000 $100,000 New Listings 11 -48% 21 9 27 Median List Price $495,000 +148% $200,000 $98,000 $175,000 HIGHEST SALE (list price): $1,890,000 AVERAGE DAYS ON MARKET: 90
SOME OF MY BROKERAGE’S NOTABLE SALES Sheep Meadow | N of Ketchum Price Undisclosed | Both Sides Old Mill Way | N of Ketchum Listed at $19,500,000 | Buyer Quigley Lane | Hailey Listed at $3,295,000 | Seller Rodeo Drive | Croy Canyon Listed at $2,795,000 | Both Sides Barlow Lane | N of Ketchum Listed at $6,750,000 | Seller Adams Gulch | N of Ketchum Listed at $18,500,000 | Buyer CURRENT ACTIVE LISTINGS Clos du Val | Sun Valley Listed at $6,895,000 | Both Sides Eagles Wing | Warm Springs Listed at $4,950,000 | Both Sides Silver Queen | Elkhorn Listed at $3,295,000 | Buyer Scan this QR code to see all current Sun Valley-area listings Scan this QR code to see all our brokerage’s listings
Count on me for better real estate experiences in Sun Valley and around the world. © 2023 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. 360 East Ave N Suite 100 Ketchum, ID | 208.720.0680 sue@sueengelmann.com sueengelmann.com