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Express
www.mtexpress.com
Wednesday, October 23, 2019
ECONOMIC ALMANAC
Real estate market continues to bounce back following recession Affordable housing still lacking in Blaine County BY ALEJANDRA BUITRAG0—Express Staff Writer
T
he real estate market in Blaine County has continued on a steady stride upward since the Great Recession, with some saying 2018 has been the strongest comeback year since the market crash in 2008. But while luxury homes are still plentiful in the valley, affordable housing remains lacking. Between 2017 and 2018, prices have been stable and the market has been active with sales throughout the valley. While more units were sold in 2018 in Blaine County than any other year in the past decade, the median price of units in the county in 2018 was nearly identical to the prices in 2017, around $400,000, according to data provided by the Sun Valley Board of Realtors. But according to Sun Valley Board of Realtors President Ned Burns, the inventory is limited in the range of $325,000 to $395,000 outside of the south valley. Bellevue’s median home price in 2018 was $303,000 and Carey’s was $215,000. That
being said, Hailey remains on top with the largest number of residential units sold in the valley, at 222 in 2018, and a median home price of $345,000 in 2018. Burns said there is still a “lack of inventory” that often influences buying decisions—limiting buyer options to two or three homes.
“[2018 was] probably the strongest recovery year since the crash.” Grace Summers
Sun Valley Board of Realtors
In terms of demographics, Burns said there does seem to be a stronger presence of new full-time residents moving in, either to retire or for a job opportunity. As in years past, Sun Valley and Ketchum generally attract the retirees and those with more spending power, while Hailey
and Bellevue seem to offer more of what families are looking for in the housing markets. In general, the market is healthy— but essentially for those who have money to spend. Burns said that if someone is looking to move to the valley but is in a stable housing situation where they are, they may wait from one to three years for something in the market to open up that fits what they’re looking for. Overall, 2018 was “probably the strongest recovery year since the crash,” said Grace Summers, chief executive officer of the Sun Valley Board of Realtors. In comparison to 2007, at the height of the economic boom, the housing market is still down, but Burns said growth has been stable overall since the last market dip in 2012 and there is optimism that over the next two to four years the market appreciation rate will teeter around See REAL ESTATE, next page ä
RESIDENTIAL SALES HISTORY IN BLAINE COUNTY
SAVE
152
$
UP TO
Source: Sun Valley Board of Realtors
MEDIAN HOME PRICE BY CITY ($000)
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ALL BLAINE COUNTY RESIDENTIAL INVESTMENT ($M) 89,475 16,996 78,244 14,708 35,925 8,346 47,154 14,796 29,080 7,818
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Source: City & County Building Departments, Sun Valley Economic Development