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Sun Valley Market Report Fall 2019


Table of Contents

Introduction

02

3

Transaction Count

4-5

Listing Volume

6-7

Median List Price

8-9

Days on Market

10-11

Median Sold Price

12-13

Total Volume Sold

14-15

Sales Price/List Price %

16-17

Meet Our Team

18-19

Upcoming Events

20-21

Engel & Völkers Network

22-23

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


“The mountains are calling, and I must go...” -John Muir

At Engel & Völkers Sun Valley, we strive to embrace our town’s simple ethos - We work hard, and we play hard. Our real estate advisors work each deal with the same passion and intensity as if they were making tracks down Baldy or fighting a trophy trout on the Big Wood River. Our advisors are not only the most successful in our area, they also share traits which align with Engel & Völkers’ culture, such as teamwork, passion, and competence. Combined with the utilization of stateof-the-art real estate tools and technology, premium brand recognition, and unrivaled market knowledge, we are able to offer our clients first-class service during the purchase or sale process. In this market report, we will look at trends from 1998 through fall 2019. Looking at these trends can give us good indications on the future of our market in the Wood River Valley.

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Transaction Count Comprehensive Market Report While the number of transactions for single-family home sales in Blaine County has risen for each of the three preceding years, and we’re on track to do between 300-400 transactions per year, the number of transactions is still 30% below the peak in 2004, when over 500 transactions occured. In our opinion that is not a bad thing, as we feel that our market is more-healthy than it was during the ‘sub-prime’ credit years.

311 Juniper Road | Listed at $1,185,000

500

400

300

200

100

1998

04

1999

2000

2001

2002

2003

2004

2005

2006

2007

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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2008

121 & 125 S Wilderness Drive | Listed at $2,394,000

2009

2010

2011

2012

2013

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

2014

2015

2016

2017

2018

05


Listing Volume Comprehensive Market Report $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0

1998

1999

2000

2001

2002

2003

2004

2005

2006

In looking at the listing volume from 2004/2005 it’s evident the combination of new construction as well as value increases after the dot com bubble contributed to spec builder and seller’s motivations to sell real estate. The same motivation has been in play over the past few years, with the exception of spec building, which has been less-active. Listing volume in 2018 was over 17% below 2005’s volume, but the good news is we’re still up over 105% since the begin113 Corrock Drive | Listed at $2,200,000 ning fo the recovery in 2013!

06

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

2007


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

120 N 2nd Avenue #301 | Listed at $2,795,000 291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Median List Price Comprehensive Market Report

581 Paintbrush Lane | Listed at $3,295,000 For Sale: 1999

For Sale: 2006

For Sale: 2012

For Sale: 2019

Median Price: $210,000

Median Price: $694,500

Median Price: $274,700

Median Price: $659,000

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

08

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


Median list prices experienced increases most years since the recovery began, but have not reached pre-recession highs, which is good news for buyers. Average list prices 2019 YTD are still over 5% less than 2006 highs. When adjusted for inflation list prices are approximately 25% less than they were 13 years ago! • -5.11% compared to 2006 • -25.6% adjusted for inflation

125 Sheep Meadow Lane | Listed at $20,000,000 291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Days On Market Comprehensive Market Report Days on market is an excellent indicator of the strength of the market, and it’s been trending down most years since 2012, which is approximately when the recovery began from the last recession. If the trend continues our market will be moving towards pre-recession 139 Bird Drive | Listed at $675,000 lows! 1998

2004

2007

2019

221

162

234

174

D A Y S

D A Y S

D A Y S

D A Y S

250

200

150

100

50

0

10

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


2019 Current Days On Market Trends Ketchum

Sun Valley

160

114

155

112

150

110

145

108

140

106

135

104

130 125

102 5/17

6/14

7/12

8/09

9/06

100

Snapshot Date

6/14

7/12

8/09

9/06

8/09

9/06

Snapshot Date

Hailey

Bellevue

104

128

102

126

100

124

98

122

96

120

94

118

92 90

5/17

116 5/17

6/14

7/12

8/09

9/06

Snapshot Date

114

5/17

6/14

7/12 Snapshot Date

170 Exhibition Blvd | Listed at $1,275,000 291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Median Sold Price Comprehensive Market Report

104 Cove Creek Road | Listed at $4,750,000 SOLD: 1999

SOLD: 2006

SOLD: 2012

SOLD: 2019

Median Price: $219,102

Median Price: $690,750

Median Price: $259,000

Median Price: $659,000

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 0

12

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


Median sold price is probably our most-important metric, as it relates directly to the value of your home! The 2019 YTD median has jumped 33% over 2018, which is great news for Sellers. We’re approaching 2006 values, which is very positive. However, in adjusting for inflation we’re still about 27% behind 2006 values. We view this as a postive indication that our current market is much more healthy than the pre-recession market, which was driven by sub-prime loans!

214 Willow Road | Listed at $6,450,000 291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Total Volume Sold Comprehensive Market Report

126 Old Mill Road | Listed at $19,500,000 $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0

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1998

1999

2000

2001

2002

2003

2004

2005

2006

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

2007


7

The total volume sold closely mirrors the total listed volume referred to in this report. While the recovery from the dot com bubble and speculative building contributed to the ‘total listed volume’ metric, the ‘total sold volume’ was fueled in part by the pre-recession’s loose lending environment (i.e. stated income loans and sub-prime loans). Our current recovery hasn’t touched pre-recession highs, and we view this as a postive sign that our market is healthy! • -21.27% compared to 2005 • +24.55% year-over-year since 2009

601 S Leadville Avenue | Listed at $565,000

2008

2009

2010

2011

2012

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

2013

2014

2015

2016

2017

2018

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Sales Price/List Price Comprehensive Market Report This metric allows you to assess the pricing power of sellers in any given market, the levels of supply and demand, and the desirability of a market. In a strong seller’s market we’d expect to see the ratio close to 100, or in some cases even over 100, as was the case in 1998. The steady increase since approximately 2011 is a postive sign for our market! • 1996-1998 saw SP/LP over 100% • 1999-2007 saw consistent SP/LP around 98% • 2008-2015 hovered around high 80’s/low 90’s • Since 2016 we’re just below 94% 811 W College Street | Offered at $285,000 100

95

90

85

80

75

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1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

2008


221 Picabo Street #G, 4-H Fractional | Listed at $265,000

Sales Price as a % of List Price:

2009

2010

2011

2012

2013

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

2014

2015

2016

2017

2018

2019

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Meet Our Team Comprehensive Market Report Paul Kenny & Matt Bogue Broker & License Partners matt.bogue@evrealestate.com paul.kenny@evrealestate.com Matt: 208.720.7948 & Paul: 208.720.3323 Mike Murphy Real Estate Advisor mike.murphy@evrealestate.com 208.720.3323 Andi & Mike Meucci Real Estate Advisors of Meucci Group mike.meucci@evrealestate.com andi.meucci@evrealestate.com Mike: 208.720.8449 & Andi: 425.890.1585 Toby Eagan Real Estate Advisor toby.eagan@evrealestate.com 208.721.1659 Sarah Resor Real Estate Advisor sarah.resor@evrealestate.com 208.720.3371

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291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


Stacey Rutherford & Malea Southward Real Estate Advisors of TruNorth Team trunorthteam@evrealestate.com Malea: 208.721.1381 & Stacey: 208.450.9131 Darlene Young & Kelsey Bates Real Estate Advisors of Young Group darlene.young@evrealestate.com kelsey.bates@evrealestate.com Darlene: 208.720.0741 & Kelsey: 206.369.2350 Travis Jones & Svea Grover Real Estate Advisors of Jones•Grover Team jonesgroverteam@evrealestate.com Travis: 208.721.8579 & Svea: 208.720.0377 Reid Sanborn Real Estate Advisor reid.sanborn@evrealestate.com 208.720.8244 George Maurtua Real Estate Advisor george.maurtua@evrealestate.com 208.720.0508

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Upcoming Events Things to Do Around the Valley Oktoberfest! Friday, Sept 20 - Saturday Sept 21 Ketchum Town Square All Weekend: OKTOBERFEST! at Ketchum Town Square Free Photo Booth Beer Garden Games- Hammerschlagen, Beer Pong, Cornhole, Giant Jenga, live music and more!

Lunafest Thursday, Oct 3rd - 5:30pm Argyros Performing Arts Center Lunafest, the fundraising film festival dedicated to promoting awareness about women’s issues, highlighting women filmmakers, and bringing women together in their communities, will be hosted by Girls on the Run at the Argyros Performing Arts Center in Ketchum.

San Francisco Ballet Stars of Tomorrow Saturday, Oct 5th - 7pm Argyros Performing Arts Center Witness the future of ballet as twelve rising stars from the San Francisco Ballet School, one of the most respected professional ballet schools in the world, join us in Sun Valley before launching their professional careers with major companies.

Trailing of the Sheep Festival October 9th - October 13th Various Locations The Trailing of the Sheep Festival was started in 1996 in response to the rapid loss of farms and ranches and the rapid growth in the Wood River Valley. The Festival preserves the stories and colorful history of sheep ranchers and herders, celebrates the rich cultures of the past and present.

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291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


Taste & Craft Saturday, Oct 12th - 4:30pm Argyros Performing Arts Center Join to experience a high end tasting event with a curated group of vendors. Enjoy quality time with educataors and celebrate quality food and beverage. An edjucation focused event, celebrating craft-made products.

Sun Valley Jazz & Music Festival October 16th - October 20th Various Locations Attendees from all fifty states, and several foreign countries gather each October to celebrate live performances of America’s music. The Sun Valley Jazz & Music Festival was birthed out of a love and appreciation for jazz music by Tom & Barbara Hazzard and is held mid-October each year in Sun Valley, ID.

Turkey Trot Thursday, Nov 28th - 9am Sturtevant’s Hailey Held on the morning of Thanksgiving each year, this great community event brings out over 650 participants to run, walk & stroll the beautiful 5K course through the Draper Preserve in Hailey. It’s the perfect way to burn off some calories before you stuff yourself silly!

Sun Valley Gallery Association Gallery Walk Friday Nov 29th - 5pm-8pm Various Locations Each year SVGA hosts seven gallery walks (exhibition openings for all SVGA galleries), which are eagerly anticipated and free to the public.

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Engel & Volkers Network Over 800 Shops in 38 Countries

Engel & Völkers is one of the world’s leading service companies specialised in the brokerage of premium residential property, commercial real estate, yachts and aircrafts. Based in over 800 locations in total, Engel & Völkers offers both private and institutional clients a professionally tailored range of services. Consultancy, sales and leasing form the core competences of the staff of more than 10,000 employees. The company is currently operating in over 30 countries on four continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success.

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291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223


A Strong Brand A Versatile Company Profile

As a specialist for the brokerage of high-end properties in the world’s most beautiful locations, Engel & Völkers has made a name for itself over the past decades – both in Germany and abroad.

Engel & Völkers Yachting is a luxury yachting brokerage house offering yacht sales & purchase, yacht charter, new builds, refits and berth services worldwide.

Business aviation is our profession. Business aircraft are our expertise: from small jets to long-range super jets. From business aircraft charter to aircraft purchase and sales. From aviation legal and tax consultancy to aircraft structured finance.

Engel & Völkers is an international commercial consulting real estate firm. Through our exclusivity and the constantly growing network of our well-known brand, we have access to a wide range of international clients.

Engel & Völkers is a proud partner of the Special Olympics and the first cause-marketing sponsor of the organization’s Play Unified, global youth campaign. Play Unified was launched to inspire and mobilize youth around the world.

291 N First Avenue • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223

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Market Review: Engel & Völkers Sun Valley Fall 2019  

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