Sun Valley Market Real Estate Report 2021

SUN VALLEY

2021 REAL ESTATE MARKET REPORT

SUE ENGELMANN

Table of Contents

A FEW THOUGHTS ABOUT 2021 AND THIS MARKET REPORT • Real estate in 2020 set every conceivable record. And yet, remarkably, the market largely kept pace with 2020’s record production. Overall, the number of sales fell just short of equaling 2020’s record mark (1250 this year vs 1286 in 2020). More sold dollar volume was transacted in 2021 ($1.278B vs $1.245B). This figure represents an all-time record for the real estate market in Sun Valley.

• The average sales price of just over $1M (for all property types in all markets!) also represents a new high, besting 2020’s mark of $967,000.

• Most market areas showed a decrease in the number of sales, coinciding with a decrease in the number of new listings. In some cases, there were more sales than new listings!

• Hailey and Bellevue, at the south end of the valley, were the busiest spots in the market. While the price points there aren’t what you see around the Resort Core, the gains that have been made in average sales price and number of sales in these two markets is rather incredible.

• For comparison’s sake the report includes information for the three previous years (2018, 2019 and 2020).

• There was a not-insignificant amount, around 10%, of deals that were transacted outside of the MLS in 2021, and therefore are not figured into this report. This trend seems to be growing, making it more important than ever to work with a trusted real estate advisor. Please reach out with questions about this report or about the market.

HISTORICAL LOOK AT THE SUN VALLEY MARKET

ABOUT THIS REPORT • All the figures in this report have been generated from the Sun Valley Board of Realtors site on January 3, 2022. 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.

• 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. www.bhhssunvalley.com

ENTIRE SUN VALLEY MARKET // 2021 Entire Market (All property types in all markets) 2021

% Chg v 2020

2020

2019

2018

Sales

1250

-3%

1286

941

981

Sold $ Volume

$1.278 B

+3%

$1.244 B

$641M

$660M

Avg Sold Price

$1.02M

+5%

$967,000

$681,000

$673,000

New Listings

1398

-15%

1636

1732

1707

Residential Homes (Single Family Homes, Duplexes, Triplexes, Fourplexes) 2021

% Chg v 2020

2020

2019

2018

Sales

392

-14%

457

383

439

Sold $ Volume

$612M

-7%

$660M

$354M

$375M

Avg Sold Price

$1.6M

+14%

$1.4M

$925,000

$855,000

New Listings

514

-13%

592

618

691

2021

% Chg v 2020

2020

2019

2018

Sales

353

-8%

382

299

319

Sold $ Volume

$353M

+21%

$291M

$168M

$178M

Avg Sold Price

$1M

+31%

$762,000

$561,000

$557,000

New Listings

388

-18%

474

401

417

2021

% Chg v 2020

2020

2019

2018

Sales

380

+12%

339

175

155

Sold $ Volume

$159M

-15%

$186M

$52M

$47M

Avg Sold Price

$418,000

-24%

$549,000

$297,000

$306,000

New Listings

346

-19%

428

528

442

Condos/Townhomes

Vacant Land

HIGHEST OVERALL SALE (list price): $16,000,000 // AVERAGE DAYS ON MARKET: 173

ENTIRE MARKET, CONTINUED // 2021 Commercial Sales (Does not include leases) 2021

% Chg v 2020

2020

2019

2018

Sales

55

+10%

50

43

33

Sold $ Volume

$50M

+15%

$43M

$32M

$23M

Avg Sold Price

$909,000

+6%

$860,000

$736,000

$703,000

New Listings

88

+21%

73

104

85

2021

% Chg v 2020

2020

2019

2018

Sales

19

+12%

17

10

7

Sold $ Volume

$43M

+45%

$30M

$12.3M

$13.2M

Avg Sold Price

$2.3M

+27%

$1.8M

$1.23M

$1.9M

New Listings

26

-7%

28

49

37

Farm & Ranch

Luxury Residential (Residential Properties Listed at $2.5M or higher) A comprehensive Luxury Report is separately available 2021

% Chg v 2020

2020

2019

2018

Sales

95

+3%

92

33

37

Sold $ Volume

$405M

+4%

$390M

$123M

$135M

Avg Sold Price

$4.3M

+0%

$4.3M

$3.7M

$3.6M

New Listings

159

-8%

173

121

125

Resort Core (Ketchum, Warm Springs, Sun Valley Village, Elkhorn) 2021

% Chg v 2020

2020

2019

2018

Sales

448

-17%

540

400

391

Sold $ Volume

$627M

-7%

$677M

$386M

$370M

Avg Sold Price

$1.4M

+8%

$1.3M

$965,000

$947,000

New Listings

508

-21%

639

620

667

NORTH OF KETCHUM // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

20

-23%

26

11

30

Sold $ Volume

$82M

+4%

$79M

$11.9M

$42M

Avg Sold Price

$4.1M

+37%

$3.0M

$1.1M

$1.4M

New Listings

28

-24%

37

27

32

2021

% Chg v 2020

2020

2019

2018

Sales

15

-6%

16

8

24

Sold $ Volume

$74M

+66%

$44M

$10.6M

$33.8M

Avg Sold Price

$4.9M

+75%

$2.8M

$1.3M

$1.4M

New Listings

120

+5%

19

21

22

2021

% Chg v 2020

2020

2019

2018

Sales

4

-50%

8

3

5

Sold $ Volume

$6.9M

-78%

$31M

$1.3M

$6.6M

Avg Sold Price

$1.7M

-56%

$3.9M

$432,000

$1.3M

New Listings

8

-50%

16

6

8

Residential Homes

Vacant Land

HIGHEST SALE (list price): $16,000,000 // AVERAGE DAYS ON MARKET: 171

KETCHUM // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

171

-13%

197

155

151

Sold $ Volume

$259M

-14%

$301M

$173M

$162M

Avg Sold Price

$1.5M

+0%

$1.5M

$1.1M

$1.1M

New Listings

179

-34%

270

264

302

2021

% Chg v 2020

2020

2019

2018

Sales

18

-25%

24

31

22

Sold $ Volume

$52M

-49%

$102M

$67M

$42M

Avg Sold Price

$2.9M

-33%

$4.3M

$2.1M

$1.9M

New Listings

27

-37%

43

59

80

2021

% Chg v 2020

2020

2019

2018

Sales

113

-14%

132

90

101

Sold $ Volume

$156M

+5%

$148M

$73M

$81M

Avg Sold Price

$1.4M

+27%

$1.1M

$813,000

$802,000

New Listings

115

-32%

168

148

141

2021

% Chg v 2020

2020

2019

2018

Sales

12

+71%

7

4

6

Sold $ Volume

$24M

+70%

$17M

$8.5M

$13.7M

Avg Sold Price

$2M

-17%

$2.4M

$2.1M

$2.3M

New Listings

10

-44%

18

23

31

Residential Homes

Condos/Townhomes

Vacant Land

HIGHEST SALE (list price): $7,250,000 // AVERAGE DAYS ON MARKET: 161

Entire Market

WARM SPRINGS // 2021 2021

% Chg v 2020

2020

2019

2018

Sales

83

-21%

105

75

72

Sold $ Volume

$104M

-4%

$108M

$53M

$65M

Avg Sold Price

$1.3M

+30%

$1M

$707,000

$906,000

New Listings

94

-22%

120

108

138

2021

% Chg v 2020

2020

2019

2018

Sales

22

-15%

26

28

26

Sold $ Volume

$51M

+2%

$50M

$34M

$44M

Avg Sold Price

$2.3M

+21%

$1.9M

$1.2M

$1.7M

New Listings

29

-12%

29

33

43

2021

% Chg v 2020

2020

2019

2018

Sales

42

-30%

60

38

37

Sold $ Volume

$39M

-13%

$44M

$14.9M

$17.7M

Avg Sold Price

$929,000

+27%

$733,000

$394,000

$479,000

New Listings

49

-28%

68

51

61

2021

% Chg v 2020

2020

2019

2018

Sales

13

+18%

11

8

5

Sold $ Volume

$11.2M

+35%

$8.4M

$4.3M

$2.9M

Avg Sold Price

$862,000

+13%

$764,000

$539,000

$574,000

New Listings

16

+33%

12

19

27

Residential Homes

Condos/Townhomes

Vacant Land

HIGHEST SALE (list price): $4,750,000 // AVERAGE DAYS ON MARKET: 164

SUN VALLEY VILLAGE // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

71

-23%

92

66

64

Sold $ Volume

$128M

-11%

$144M

$84M

$75M

Avg Sold Price

$1.8M

+13%

$1.6M

$1.3M

$1.2M

New Listings

88

-10%

98

111

92

2021

% Chg v 2020

2020

2019

2018

Sales

18

-14%

21

17

14

Sold $ Volume

$63M

-12%

$72M

$41M

$37M

Avg Sold Price

$3.5M

+3%

$3.4M

$2.4M

$2.6M

New Listings

19

-39%

31

26

21

2021

% Chg v 2020

2020

2019

2018

Sales

39

-7%

42

41

41

Sold $ Volume

$46M

+63%

$28M

$32.3M

$26.3M

Avg Sold Price

$1.2M

+82%

$666,000

$788,000

$641,000

New Listings

47

+4%

45

48

54

2021

% Chg v 2020

2020

2019

2018

Sales

11

-61%

28

3

5

Sold $ Volume

$16.4M

-62%

$43M

$3.0M

$6.6M

Avg Sold Price

$1.5M

+0%

$1.5M

$1.0M

$1.3M

New Listings

19

-14%

22

33

12

Residential Homes

Condos/Townhomes

Vacant Land

HIGHEST SALE (list price): $9,100,000 // AVERAGE DAYS ON MARKET: 82

ELKHORN //

2021

Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

123

-16%

146

104

104

Sold $ Volume

$137M

+10%

$124M

$77M

$68M

Avg Sold Price

$1.1M

+29%

$850,000

$736,500

$649,000

New Listings

147

-3%

151

137

135

2021

% Chg v 2020

2020

2019

2018

Sales

14

-60%

35

27

21

Sold $ Volume

$42M

-27%

$57M

$42M

$30M

Avg Sold Price

$3M

+88%

$1.6M

$1.6M

$1.4M

New Listings

21

-32%

31

34

33

2021

% Chg v 2020

2020

2019

2018

Sales

94

+6%

89

74

82

Sold $ Volume

$86M

+63%

$53M

33.6M

$37.7M

Avg Sold Price

$915,000

+54%

$596,000

$454,000

$460,000

New Listings

113

+13%

100

82

86

2021

% Chg v 2020

2020

2019

2018

Sales

10

-44%

18

2

1

Sold $ Volume

$6.3M

-30%

$9.1M

$815,000

$315,000

Avg Sold Price

$630,000

+25%

$506,000

$407,500

$315,000

New Listings

9

-53%

19

18

15

Residential Homes

Condos/Townhomes

Vacant Land

HIGHEST SALE (list price): $4,750,000 // AVERAGE DAYS ON MARKET: 97

SOUTH OF KETCHUM // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

120

-36%

187

63

68

Sold $ Volume

$199M

-22%

$254M

$62M

$74M

Avg Sold Price

$1.7M

+21%

$1.4M

$982,000

$1.1M

New Listings

143

-39%

234

192

183

2021

% Chg v 2020

2020

2019

2018

Sales

60

-41%

102

39

52

Sold $ Volume

$160M

-19%

$197M

$52M

$69M

Avg Sold Price

$2.7M

+80%

$1.9M

$1.3M

$1.3M

New Listings

79

-44%

140

111

115

2021

% Chg v 2020

2020

2019

2018

Sales

55

-30%

78

23

14

Sold $ Volume

$31M

-30%

$44M

$9.1M

$4.2M

Avg Sold Price

$564,000

+0%

$564,000

$397,000

$303,000

New Listings

62

-28%

86

75

58

Residential Homes

Vacant Land

HIGHEST SALE (list price): $14,995,000 // AVERAGE DAYS ON MARKET: 166

HAILEY // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

330

+8%

306

265

276

Sold $ Volume

$197M

+51%

$130M

$100M

$105M

Avg Sold Price

$597,000

+40%

$425,000

$376,000

$382,000

New Listings

339

-11%

381

444

453

2021

% Chg v 2020

2020

2019

2018

Sales

136

+8%

126

138

169

Sold $ Volume

$107M

+38%

$78M

$65M

$78M

Avg Sold Price

$787,000

+27%

$619,000

$438,000

$461,000

New Listings

167

-2%

171

184

221

2021

% Chg v 2020

2020

2019

2018

Sales

62

+20%

52

55

54

Sold $ Volume

$26M

+65%

$15.5M

$13.5M

$12.5M

Avg Sold Price

$419,000

+41%

$298,000

$245,000

$231,000

New Listings

58

-33%

87

71

70

2021

% Chg v 2020

2020

2019

2018

Sales

96

-8%

104

51

38

Sold $ Volume

$26M

+18%

$22M

$10.9M

$5.9M

Avg Sold Price

$271,000

+28%

$211,000

$215,000

$157,000

New Listings

66

-30%

90

148

128

Residential Homes

Condos/Townhomes

Vacant Land

HIGHEST SALE (list price): $6,000,000 // AVERAGE DAYS ON MARKET: 187

BELLEVUE & BEYOND // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

214

+83%

117

112

101

Sold $ Volume

$92M

+82%

$51M

$38M

$32M

Avg Sold Price

$430,000

-1%

$436,000

$338,000

$314,000

New Listings

226

+4%

218

239

186

2021

% Chg v 2020

2020

2019

2018

Sales

80

+21%

60

58

62

Sold $ Volume

$58M

+65%

$32M

$26M

$24M

Avg Sold Price

$725,000

+36%

$533,000

$442,000

$382,000

New Listings

110

+24%

89

95

93

2021

% Chg v 2020

2020

2019

2018

Sales

114

+192%

39

47

29

Sold $ Volume

$23M

+311%

$5.6M

$7.6M

$2.9M

Avg Sold Price

$202,000

+40%

$144,000

$162,000

$102,500

New Listings

82

-23%

107

91

66

Residential Homes

Vacant Land

HIGHEST SALE (list price): $2,975,000 // AVERAGE DAYS ON MARKET: 207

CUSTER COUNTY // 2021 Entire Market 2021

% Chg v 2020

2020

2019

2018

Sales

26

-32%

38

35

43

Sold $ Volume

$29M

+35%

$21M

$17.2M

$15.8M

Avg Sold Price

$1.1M

+99%

$553,000

$492,000

$368,000

New Listings

37

+23%

30

56

52

2021

% Chg v 2020

2020

2019

2018

Sales

3

-85%

20

12

18

Sold $ Volume

$1.9M

-84%

$11.8M

$7.1M

$9.9M

Avg Sold Price

$633,000

+7%

$590,000

$594,000

$555,000

New Listings

7

-50%

14

16

21

2021

% Chg v 2020

2020

2019

2018

Sales

15

+25%

12

17

20

Sold $ Volume

$4.9M

+98%

$2.5M

$2.3M

$2.2M

Avg Sold Price

$327,000

+57%

$208,000

$135,000

$108,000

New Listings

21

+133%

9

27

24

Residential Homes

Vacant Land

HIGHEST SALE (list price): $6,500,000 // AVERAGE DAYS ON MARKET: 302

SOME

OF

OUR

BROKREAGE’S IN 2021

NOTABLE

SALES

221/225 Sutton Place | Gimlet Listed at $14,995,000 | Seller

5 Polo Lane | Gimlet Listed at $8,500,000 | Both Sides

120 Foxglove | Hulen Meadows Listed at $3,700,000 | Seller

113 N Hiawatha | Hailey Listed at $3,150,000 | Buyer

280 S Cottonwood | Ketchum Listed at $2,400,000 | Both Sides

180 S GE | Golden Eagle Listed at $7,195,000 | Both Sides

109 Equus Lane |Bellevue Listed at $1,595,000 | Buyer

321 S Leadville | Ketchum Listed at $1,350,000 | Seller

7 Polo Rd | Gimlet Listed at $6,900,000 | Seller

First & Sun Valley |Ketchum Listed at $4,750,000 | Seller

400 Huffman | Warm Springs Listed at $4,750,000 | Buyer

6 West Lake | Sun Valley Listed at $5,450,000 | Seller

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SUE ENGELMANN 360 East Ave Ste 100 Ketchum, ID | 208.720.0680 www.sueengelmann.com | sue@sueengelmann.com © 2022 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.