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If you’re in Sun Valley, you already know what makes it great. Sunshine and blue skies, 360-degree mountain views and the Big Wood River, no crowds and yet endless cultural activities. In other words, Sun Valley – the original mountain resort – is still one of the best. In fact, Ski Magazine just ranked us in their Top 10 AGAIN. So if you’re here and having a terrific time on the mountain and in the restaurants and are wondering how tourists become locals, here are some real estate market insights for you. (All numbers taken from the Sun Valley Board of Realtors, November 1, 2016.) WHAT’S HOT? • Warm Springs. Long known as one of the best neighborhoods in the Wood River Valley, Warm Springs has seen some big residential sales in 2016, and the overall sold volume in Warm Springs reflects this. Compared to $21.5M in volume in 2015 (through October), $30M in volume has been sold in 2016, a 28% increase. • Ketchum. There have been 92 residential homes and condo/townhome sales in 2016, up from 80 in 2015. So while the median sales price is down, the increased number of transactions means that inventory is dropping slightly – a good thing for sellers. • Sun Valley. There have been 23 condo/townhome sales this year in the Sun Valley Village, as compared to 15 in 2015, and the sold volume is up 25%. The rebounding Sun Valley condo market is a great sign for the area. • Hailey. The county seat and population center has been going gangbusters in 2016. The number of residential home and condo/townhome sales is up 13% over 2015, and sold volume is up 20%. • Vacant Land. Lots and land is finally making a comeback in 2016. Through October, there have been 86 land sales area-wide, 19 more than there were over the same time frame in 2015. The sold volume is up from $18.6M to $35.2M in 2016, a 47% increase. WHERE THE MARKET IS SLUGGISH • Mid-Valley. In the expansive area between Ketchum and Hailey, home sales are down in number and in volume. In 2015 there were 38 sales through October, while there have been 27 in 2016. Sold volume is down 22%, from $49M to $35M. • Elkhorn. Unlike Sun Valley Village, Elkhorn has seen a 20% dip in the number of condo/townhome sales, and a 22% drop in sales volume over the first 10 months of 2016. • North of Ketchum. (roughly from Adams Gulch to the SNRA Headquarters) Sales have slowed down, dropping 60% in number, and 39% in volume. A bright side is that the median sales price for homes in this area is up 13%. Inventory in this area is significantly down from previous years, which certainly has contributed to the lackluster sales performance. WHAT DO ALL THESE NUMBERS MEAN? • The Sun Valley area is continuing to have a slow, steady recovery from the recession. From a low of $204M in sold volume in 2009, $425M was sold in 2015. We are on course to just about equal that amount in 2016. • Valley-wide, the residential home and condo volume sold in 2016 is running just a tick behind 2015’s pace. So far this year, $284M in volume has been sold in 510 transactions. In 2015, $290M in volume was sold in 493 transactions through October. • The numbers suggest that Mid-Valley homes and Elkhorn condos are the best places for buyers to look for values. Elkhorn has a large inventory of condos and townhomes that make perfect ski getaways. Mid-Valley’s inventory is full of spacious and luxurious homes that offer convenient access to both Sun Valley and Hailey. The high inventory and longer “Days on Market” mean that sellers may be more willing to make a deal. • That said, a new trend agents are reporting is receiving multiple offers on listings that in many cases had been on the market for a number of years. This may be because buyers who were trying to wait out sellers were outflanked by new buyers who saw that this is an opportune time to buy. The buyers who were waiting, therefore, had to jump in and make offers to try to secure the property they had their eyes on for some time. The Sun Valley real estate market is still undervalued, meaning that comparable properties in other Western resort markets are often listed for 30%-50% higher. A remodeled four bedroom in-town condo for $600,000 in Jackson, Aspen, or Park City? Probably not going to happen. So for those looking to get a foothold in our world-class ski and summer resort, it is a great time to buy property in Sun Valley. Stop in any one of the many real estate offices sprinkled throughout Ketchum to talk with a professional agent, and find your spot in Sun Valley. WHAT YOU NEED TO KNOW ABOUT THE Sun Valley Real Estate Market By Sun Valley Sotheby’s International Realty SUN VALLEY SOURCE 41


SunValleySourceWinter2017
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