SUN VALLEY
2023 REAL ESTATE MARKET REPORT
HISTORICAL LOOK AT THE SUN VALLEY MARKET SALES & SOLD DOLLAR VOLUME
CLOSED SALES AND CLOSED DOLLAR VOLUME – THE CLEAREST INDICATION OF MARKET ACTIVITY Among the dozens of figures available to look at to determine how a real estate market is faring, Closed Sales and Closed Dollar Volume speak the clearest and loudest about a market’s performance. This chart shows the Sales and Sold Dollar Volume activity from 2005 to 2023 – 2005 marking the end of the first great real estate boom in Sun Valley. (The record for most Sales in a year is 1426 in 2004.) The 600 Sales in 2023 are on the lower end (the average is 772), while the $889M in Sold Dollar Volume is the 5th highest in the Sun Valley market’s history. So 2023 was a year of continued low inventory (see next page), resulting in greater www.bhhssunvalley.com demand and higher price points.
HISTORICAL LOOK AT THE SUN VALLEY MARKET OVERALL & RESIDENTIAL INVENTORY
INVENTORY IS THE STORY This chart shows the amount of real estate that has been available over the last 19 years. For 16 years there were well over 2500 properties for sale in a given year, and the drop in inventory over the last 3 years, especially Residential inventory (Homes, Condos, Townhomes, etc.), has undeniably had a huge impact on the market. It’s worth noting how much inventory was available in the Recession years of 20082013, compared with how few real estate transactions were conducted (previous page’s chart). That’s a lot of properties not selling! It will be interesting to see if the inventory levels, both locally and nationally, begin to rebound in 2024 after a few years of historic lows. Will dropping interest rates bring more sellers to the market and revers the low inventory trends?
www.bhhssunvalley.com
ENTIRE SUN VALLEY MARKET
2023
Entire Market (All property types in all markets) % Chg v 2022
2022
2021
2020
Sales
600
-18%
726
1250
1286
Sold $ Volume
$889M
-1%
$895M
$1.28B
$1.24B
Median Sold Price
$797,000
+9%
$733,500
$591,000
$515,000
New Listings
1093
-7%
1158
1398
1636
Median List Price
$899,000
+6%
$849,000
$739,000
$575,000
Residential Homes (Single Family Homes only) 2023
% Chg v 2022
2022
2021
2020
Sales
229
-12%
257
383
457
Sold $ Volume
$500M
+26%
$394M
$603M
$660M
Median Sold Price
$1.125M
+36%
$825,000
$875,000
$840,000
New Listings
394
-9%
424
501
592
Median List Price
$1.65M
+40%
$1.18M
$989,000
$975,000
2023
% Chg v 2022
2022
2021
2020
Sales
209
-8%
228
362
382
Sold $ Volume
$252M
-9%
$275M
$362M
$291M
Median Sold Price
$785,000
-8%
$849,500
$680,000
$502,000
New Listings
293
-14%
341
402
474
Median List Price
$875,000
0%
$875,000
$684,000
$545,000
2023
% Chg v 2022
2022
2021
2020
Sales
97
-35%
147
380
339
Sold $ Volume
$49M
-56%
$111M
$159M
$186M
Median Sold Price
$375,000
+9%
$349,000
$239,000
$242,000
New Listings
274
3%
262
349
428
Median List Price
$399,000
-9%
$425,000
$395,000
$300,000
Vacant Land
AVERAGE DAYS ON MARKET: 136
Condos/Townhomes (includes Duplexes, Triplexes, Fourplexes, Multi-Family)
HIGHEST OVERALL SALE (list price): $16,800,000
2023
ENTIRE MARKET, CONTINUED
Commercial Sales (Does not include leases)
2023
2023
% Chg v 2022
2022
2021
2020
Sales
24
-42%
41
55
50
Sold $ Volume
$29M
-27%
$39M
$50M
$43M
Median Sold Price
$538,000
-33%
$800,000
$738,000
$445,000
New Listings
69
+17%
58
90
73
Median List Price
$1.15M
+21%
$962,500
$970,000
$540,000
2023
% Chg v 2022
2022
2021
2020
Sales
13
+63%
8
19
17
Sold $ Volume
$32M
+67%
$19M
$43M
$30M
Median Sold Price
$2.475M
+63%
$1.52M
$1.2M
$1M
New Listings
33
+10%
30
26
28
Median List Price
$1.75M
-7%
$2.2M
$1.7M
$1.4M
Farm & Ranch
Luxury Residential (Residential Properties Listed at $3.5M or higher) 2023
% Chg v 2022
2022
2021
2020
Sales
59
+84%
32
54
50
Sold $ Volume
$349M
+68%
$207M
$284M
$270M
Median Sold Price
$4.7M
-18%
$5.7M
$4.3M
$4.7M
New Listings
156
+16%
135
98
96
Median List Price
$5.2M
+22%
$5.9M
$4.95M
$5.1M
Resort Core Residential (Ketchum, Warm Springs, Sun Valley, Elkhorn; Homes, Condos, THs) 2023
% Chg v 2022
2022
2021
2020
Sales
204
-1%
203
362
428
Sold $ Volume
$455M
+25%
$363M
$525M
$553M
Median Sold Price
$1.5M
+36%
$1.1M
$963,000
$780,000
New Listings
313
-15%
363
416
518
Median List Price
$1.9M
+36%
$1.4M
$975,000
$970,000
NORTH OF KETCHUM
2023
Entire Market 2022
2021
2020
Sales
7
-13%
8
20
26
Sold $ Volume
$33M
-40%
$55M
$82M
$79M
Median Sold Price
$3M
-51%
$6.2M
$2.4M
$1.7M
New Listings
31
+94%
15
28
37
Median List Price
$3.2M
-35%
$5.2M
$2.1M
$2.0M
2023
% Chg v 2022
2022
2021
2020
Sales
5
0%
5
15
16
Sold $ Volume
$31M
-35%
$47M
$74M
$44M
Median Sold Price
$4.1M
-38%
$6.6M
$3.2M
$2.4M
New Listings
23
+92%
12
19
19
Median List Price
$4.3M
-13%
$4.9M
$3.4M
$2.95M
2023
% Chg v 2022
2022
2021
2020
Sales
1
0%
1
4
8
Sold $ Volume
$1.8M
+40%
$1.3M
$6.9M
$31M
Median Sold Price
$1.8M
+40%
$1.3M
$1.6M
$1.05M
New Listings
6
+200%
2
8
16
Median List Price
$2.3M
+90%
$1.2M
$1.7M
$1.4M
Residential Homes
Vacant Land
AVERAGE DAYS ON MARKET: 90
% Chg v 2022
HIGHEST SALE (list price): $14,900,000
2023
KETCHUM
2023
Entire Market 2022
2021
2020
Sales
82
-22%
105
171
197
Sold $ Volume
$201M
+2%
$197M
$259M
$301M
Median Sold Price
$1.6M
+21%
$1.3M
$1.15M
$950,000
New Listings
152
-6%
161
182
270
Median List Price
$2.3M
+84%
$1.25M
$1.3M
$1.2M
2023
% Chg v 2022
2022
2021
2020
Sales
15
+67%
9
18
24
Sold $ Volume
$90M
+111%
$43M
$52M
$102M
Median Sold Price
$5.1M
+42%
$3.6M
$2.4M
$3.2M
New Listings
33
+44%
23
27
43
Median List Price
$5.9M
+9%
$5.4M
$3.2M
$2.95M
2023
% Chg v 2022
2022
2021
2020
Sales
57
-23%
74
118
132
Sold $ Volume
$96M
-20%
$119M
$159M
$148M
Median Sold Price
$1.45M
+23%
$1.2M
$813,000
$808,000
New Listings
89
-16%
106
118
168
Median List Price
$1.6M
+47%
$1.1M
$786,000
$913,000
2023
% Chg v 2022
2022
2021
2020
Sales
1
-50%
2
12
7
Sold $ Volume
$6.5M
+28%
$5.1M
$24M
$17M
Median Sold Price
$6.5M
+155%
$2.6M
$1.7M
$1.6M
New Listings
6
0%
6
10
18
Median List Price
$3.35M
+29%
$2.6M
$1.7M
$1.6M
Residential Homes
Condos/Townhomes
Vacant Land
AVERAGE DAYS ON MARKET: 137
% Chg v 2022
HIGHEST SALE (list price): $16,800,000
2023
2023
% Chg v 2022
2022
2021
2020
Sales
39
-3%
40
83
105
Sold $ Volume
$81.2M
+60%
$51M
$104M
$108M
Median Sold Price
$1.16M
+32%
$878,000
$900,000
$759,000
New Listings
64
-26%
86
94
120
Median List Price
$2M
+20%
$1.7M
$933,000
$812,000
2023
% Chg v 2022
2022
2021
2020
Sales
14
+180%
5
18
26
Sold $ Volume
$44.2M
+331%
$13.4M
$46M
$50M
Median Sold Price
$2.8M
+81%
$1.55M
$2.2M
$1.65M
New Listings
22
-24%
29
20
29
Median List Price
$4.3M
-15%
$5M
$2.2M
$1.95M
2023
% Chg v 2022
2022
2021
2020
Sales
20
-20%
25
46
60
Sold $ Volume
$20M
-31%
$29M
$43M
$44M
Median Sold Price
$690,000
-19%
$849,000
$705,000
$583,000
New Listings
30
-21%
38
52
68
Median List Price
$835,000
-6%
$890,000
$734,000
$595,000
2023
% Chg v 2022
2022
2021
2020
Sales
2
-60%
5
13
11
Sold $ Volume
$2.2M
-68%
$6.9M
$11.2M
$8.4M
Median Sold Price
$1.1M
-4%
$1.145M
$600,000
$700,000
New Listings
7
-46%
13
16
12
Median List Price
$1.9M
0%
$1.9M
$1.35M
$617,000
Residential Homes
Condos/Townhomes
Vacant Land
AVERAGE DAYS ON MARKET: 116
2023
HIGHEST SALE (list price): $9,200,000
Entire Market
WARM SPRINGS
SUN VALLEY VILLAGE
2023
Entire Market 2022
2021
2020
Sales
33
-27%
45
70
92
Sold $ Volume
$96M
+2%
$94M
$126M
$144M
Median Sold Price
$1.675M
+7%
$1.6M
$1.35M
$1.1M
New Listings
54
-22%
69
87
98
Median List Price
$2.9M
+16%
$2.5M
$1.5M
$1.15M
2023
% Chg v 2022
2022
2021
2020
Sales
9
+800%
1
16
21
Sold $ Volume
$57M
+974%
$5.3M
$52M
$72M
Median Sold Price
$4M
-25%
$5.3M
$3.3M
$2.9M
New Listings
13
+18%
11
17
31
Median List Price
$5.2M
+7%
$4.95M
$3.5M
$3.5M
2023
% Chg v 2022
2022
2021
2020
Sales
20
-20%
25
39
42
Sold $ Volume
$29M
-34%
$44M
$47M
$28M
Median Sold Price
$1.2M
-3%
$1.2M
$975,000
$550,000
New Listings
30
-38%
48
46
45
Median List Price
$1.3M
-7%
$1.4M
$1.1M
$649,000
2023
% Chg v 2022
2022
2021
2020
Sales
2
-88%
17
11
28
Sold $ Volume
$5.8M
-83%
$34M
$16.4M
$43M
Median Sold Price
$2.9M
+46%
$1.995M
$900,000
$1.4M
New Listings
9
0%
9
19
22
Median List Price
$2.875M
+15%
$2.5M
$1.6M
$1.1M
Residential Homes
Condos/Townhomes
Vacant Land
AVERAGE DAYS ON MARKET: 111
% Chg v 2022
HIGHEST SALE (list price): $15,995,000
2023
ELKHORN IN SUN VALLEY
2023
Entire Market 2022
2021
2020
Sales
73
0%
73
124
146
Sold $ Volume
$113M
-9%
$124M
$139M
$124M
Median Sold Price
$1.15M
+16%
$995,000
$794,000
$612,000
New Listings
105
-15%
124
149
151
Median List Price
$1.295M
+4%
$1.25M
$799,000
$625,000
2023
% Chg v 2022
2022
2021
2020
Sales
10
-23%
13
14
35
Sold $ Volume
$30M
-49%
$59M
$42M
$57M
Median Sold Price
$2.6M
-27%
$3.6M
$2.95M
$1.2M
New Listings
25
-24%
33
21
31
Median List Price
$3.895M
+16%
$3.35M
$3.5M
$1.4M
2023
% Chg v 2022
2022
2021
2020
Sales
57
+10%
52
95
89
Sold $ Volume
$75M
+40%
$53M
$87M
$53M
Median Sold Price
$860,000
-1%
$873,000
$750,000
$460,000
New Listings
70
-11%
79
115
100
Median List Price
$843,000
-4%
$875,000
$675,000
$497,000
2023
% Chg v 2022
2022
2021
2020
Sales
3
-40%
5
10
18
Sold $ Volume
$2.3M
-70%
$7.6M
$6.3M
$9.1M
Median Sold Price
$825,000
-13%
$945,000
$585,000
$453,000
New Listings
6
-33%
9
9
19
Median List Price
$1.5M
+16%
$1.29M
$800,000
$450,000
Residential Homes
Condos/Townhomes
Vacant Land
AVERAGE DAYS ON MARKET: 163
% Chg v 2022
HIGHEST SALE (list price): $5,750,000
2023
SOUTH OF KETCHUM
2023
Entire Market 2022
2021
2020
Sales
54
-2%
55
121
187
Sold $ Volume
$115M
+33%
$87M
$200M
$254M
Median Sold Price
$1.3M
-16%
$1.55M
$925,000
$775,000
New Listings
129
+21%
107
144
234
Median List Price
$2M
+8%
$1.85M
$1.45M
$1.1M
2023
% Chg v 2022
2022
2021
2020
Sales
33
-8%
36
60
102
Sold $ Volume
$100M
+40%
$71M
$160M
$197M
Median Sold Price
$2.7M
+55%
$1.7M
$1.8M
$1.6M
New Listings
77
+20%
64
80
140
Median List Price
$3.5M
+18%
$3M
$2.55M
$2.1M
2023
% Chg v 2022
2022
2021
2020
Sales
18
-5%
19
56
78
Sold $ Volume
$13.2M
-16%
$15.7M
$31M
$44M
Median Sold Price
$594,000
-6%
$632,000
$450,000
$359,000
New Listings
44
+5%
42
62
86
Median List Price
$795,000
+18%
$675,000
$685,000
$450,000
Residential Homes
Vacant Land
AVERAGE DAYS ON MARKET: 128
% Chg v 2022
HIGHEST SALE (list price): $8,885,000
2023
HAILEY
2023
Entire Market 2022
2021
2020
Sales
158
-29%
222
329
306
Sold $ Volume
$126M
-21%
$161M
$196M
$130M
Median Sold Price
$679,000
+13%
$600,000
$437,000
$338,000
New Listings
246
-17%
295
341
381
Median List Price
$630,000
+2%
$615,000
$589,000
$380,000
2023
% Chg v 2022
2022
2021
2020
Sales
75
-30%
107
136
126
Sold $ Volume
$75M
-22%
$96M
$107M
$78M
Median Sold Price
$879,000
+11%
$795,000
$695,000
$521,000
New Listings
98
-20%
122
159
171
Median List Price
$932,000
+7%
$875,000
$753,000
$540,000
2023
% Chg v 2022
2022
2021
2020
Sales
42
-11%
47
62
52
Sold $ Volume
$26M
-7%
$28M
$26M
$15.5M
Median Sold Price
$560,000
+16%
$481,000
$369,000
$282,000
New Listings
56
-10%
62
65
87
Median List Price
$584,000
+20%
$487,000
$370,000
$305,000
2023
% Chg v 2022
2022
2021
2020
Sales
20
-50%
40
95
104
Sold $ Volume
$6.4M
-52%
$13.3M
$25M
$22M
Median Sold Price
$307,000
+12%
$275,000
$213,000
$165,000
New Listings
62
-11%
70
69
90
Median List Price
$350,000
-1%
$352,000
249,000
$220,000
Residential Homes
Condos/Townhomes
Vacant Land
AVERAGE DAYS ON MARKET: 99
% Chg v 2022
HIGHEST SALE (list price): $3,250,000
2023
BELLEVUE & BEYOND
2023
% Chg v 2022
2022
2021
2020
Sales
81
-20%
101
214
117
Sold $ Volume
$61M
-27%
$84M
$92M
$51M
Median Sold Price
$529,000
+7%
$495,000
$333,000
$340,000
New Listings
140
-5%
148
228
218
Median List Price
$552,000
+2%
$539,000
$495,000
$342,000
2023
% Chg v 2022
2022
2021
2020
Sales
44
-13%
51
82
66
Sold $ Volume
$37M
-18%
$44M
$59M
$35M
Median Sold Price
$752,000
+23%
$610,000
$568,000
$428,000
New Listings
59
-15%
69
115
89
Median List Price
$756,000
+9%
$695,000
$610,000
$494,000
2023
% Chg v 2022
2022
2021
2020
Sales
22
-29%
31
114
39
Sold $ Volume
$7.6M
-62%
$20M
$23M
$5.6M
Median Sold Price
$343,000
+94%
$177,000
$113,000
$120,000
New Listings
48
-6%
51
82
107
Median List Price
$397,000
+33%
$299,000
$240,000
$118,000
Residential Homes
Vacant Land
AVERAGE DAYS ON MARKET: 161
2023
HIGHEST SALE (list price): $3,800,000
Entire Market
CUSTER COUNTY
2023
Entire Market 2022
2021
2020
Sales
11
-42%
19
26
38
Sold $ Volume
$14M
+34%
$10.5M
$29M
$21M
Median Sold Price
$895,000
+123%
$402,000
$405,000
$323,000
New Listings
40
+5%
38
37
30
Median List Price
$598,000
-40%
$975,000
$475,000
$435,000
2023
% Chg v 2022
2022
2021
2020
Sales
4
-43%
7
3
20
Sold $ Volume
$4.5M
-23%
$5.8M
$1.9M
$12M
Median Sold Price
$923,000
+9%
$850,000
$794,000
$394,000
New Listings
6
-65%
17
7
14
Median List Price
$1.2M
+19%
$975,000
$1.1M
$473,000
2023
% Chg v 2022
2022
2021
2020
Sales
4
-50%
8
15
12
Sold $ Volume
$1.5M
-30%
$2.1M
$4.9M
$2.5M
Median Sold Price
$438,000
+119%
$200,000
$150,000
$132,000
New Listings
23
+109%
11
21
9
Median List Price
$425,000
-14%
$495,000
$200,000
$98,000
Residential Homes
Vacant Land
ABOUT THIS REPORT
• All the figures in this report have been generated from the Sun Valley Board of Realtors site on January 3, 2024. The figures do not take into account off-market sales, commercial leases, mobile homes, mines, undisclosed sales, garages. FSBOs and more. • Several market areas do not include 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 transactions get reported. • 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.
AVERAGE DAYS ON MARKET: 164
% Chg v 2022
HIGHEST SALE (list price): $2,495,000
2023
SOME OF OUR BROKERAGE’S NOTABLE 2023 SALES
Lane Ranch | Sun Valley $14,750,000 List | Both Sides
Busterback Ranch | Sawtooths $10,995,000 List | Seller
Gates Rd | Warm Springs $8,800,000 List | Buyer
Huffman Dr | Warm Springs $6,650,000 List | Seller
Covey Run | South of Ketchum $4,449,000 List | Seller
Crown Ranch | Elkhorn $4,444,000 List | Both Sides
Rember St | West Ketchum $4,350,000 List | Buyer
106 Chestnut | Bellevue $2,350,000 List | Buyer
David St | Picabo $1,599,000 List | Both Sides
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ACTIVE
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