Sun Valley Market Report Year End 2019
Table of Contents
Introduction
02
3
North Of Ketchum
4-5
Ketchum
6-9
Warm Springs
10-13
Sun Valley & Elkhorn
14-17
South of Ketchum
18-19
Hailey
20-23
Bellevue
24-25
Meet Our Team
26-27
Upcoming Events
28-29
Engel & Völkers Network
30-31
291 First Avenue North • 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 state-ofthe-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 comparisons between 2018 and 2019. Looking at these trends can give us good indications on the future of our market in the Wood River Valley.
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
03
North Of Ketchum (Single-Family Homes) Year End Market Report No doubt one of the most sought after places to live, the area North of Ketchum is a relatively small market area, with large lots occupying the narrow valley. With 36% fewer listings year over year (only 21 in 2019) it’s no surprise there were signifcantly fewer sales. On the bright side for sellers, properties are selling in 7% fewer days than in 2018, and the Median Sale Price is up 23%!
13460/64 State Highway 75 | Listed at $16,000,000
North of Ketchum - Single-Family Homes Year-Over-Year Market Report
04
Metric
2018
2019
% Change
New Listings
18
12
-33%
Pending Sales
24
10
-58%
Closed Sales
24
8
-67%
Days on Market
242
225
-7%
Median Sale Price
$ 1,000,000
$ 1,225,000
23%
Average Sale Price
$ 1,422,138
$ 1,325,000
-7%
Percent of List Price Received
85.25%
88.057%
3%
Active Listings for Period
33
21
-36%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
125 Sheep Meadow Lane | Listed at $20,000,000
North of Ketchum Single-Family Homes 30% 20% 10%
Percent Change from 2018 to 2019
0% -10% -20% -30% -40% -50% -60% -70% -80%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
05
Ketchum (Single-Family Homes) Year End Market Report Ketchum - Single-Family Homes Year-Over-Year Market Report Metric
2018
2019
% Change
New Listings
28
46
64%
Pending Sales
21
33
57%
Closed Sales
19
31
63%
Days on Market
161
189
17%
Median Sale Price
$ 1,250,000
$ 1,500,000
20%
Average Sale Price
$ 1,965,000
$ 2,146,486
9%
Percent of List Price Received
91.69%
87.34%
-5%
Active Listings for Period
37
62
68%
With a 68% increase in available listings compared with 2018 it’s a good time to be a buyer in Ketchum, Idaho! Both Pending and Sold numbers are up massively, and so is the Median Sold Price (up 20%)!
581 Paintbrush Lane | Listed at $3,295,000
06
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Ketchum Single-Family Homes 30% 90% 80%
Percent Change from 2018 to 2019
70% 60% 50% 40% 30% 20% 10% 0% -10%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
126 Old Mill Road | Listed at $19,500,000 291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
07
Ketchum (Condos & Townhomes) Year End Market Report
320 First Avenue Ave N #B | Listed at $2,350,000
Ketchum - Condos & Townhomes Year-Over-Year Market Report
08
Metric
2018
2019
% Change
New Listings
100
122
22%
Pending Sales
104
107
3%
Closed Sales
102
89
-13%
Days on Market
173
136
-21%
Median Sale Price
$ 586,251
$ 579,500
-1%
Average Sale Price
$ 822,630
$ 807,324
-2%
Percent of List Price Received
93.00%
92.69%
-0.33%
Active Listings for Period
127
145
14%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
660 N 1st Ave #301 | Listed at $1,929,000
Ketchum Condos & Townhomes 30% 25% 20%
Percent Change from 2018 to 2019
15% 10% 5% 0% -5% -10% -15% -20% -25%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
09
Warm Springs (Single-Family Homes) Year End Market Report Surprisingly, both the Median and Average Sale Prices are down approximately 30% year over year. This doesn’t necessarily point to falling values, however, as the Warm Springs area is comprised of ‘apples and oranges’, and the inventory changes from year to year - we suspect there were a greater number of larger and/or newer homes sold in Warm Springs in 2018. Other metrics, including Pending & Sold Sales (up 12% and 8% respectively), plus 20% fewer Days on Market Until Sold point to a strong market!
113 Corrock Drive | Listed at $2,159,000
Warm Springs - Single-Family Homes Year-Over-Year Market Report
10
Metric
2018
2019
% Change
New Listings
21
23
10%
Pending Sales
25
28
12%
Closed Sales
25
27
8%
Days on Market
325
261
-20%
Median Sale Price
$ 1,500,000
$ 1,100,000
-27%
Average Sale Price
$ 1,739,320
$ 1,216,740
-30%
Percent of List Price Received
89.53%
91.44%
2%
Active Listings for Period
37
35
-5%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Warm Springs Single-Family Home 20% 15% 10%
Percent Change from 2018 to 2019
5% 0% -5% -10% -15% -20% -25% -30% -35%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
113 Corrock Drive | Listed at $2,159,000 291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
11
Warm Springs (Condos & Townhomes) Year End Market Report
221 Picabo St Unit G, 4-H | Listed at $249,500
Warm Springs - Condos & Townhomes Year-Over-Year Market Report
12
Metric
2018
2019
% Change
New Listings
32
45
41%
Pending Sales
38
38
0%
Closed Sales
38
39
3%
Days on Market
192
129
-33%
Median Sale Price
$ 400,000
$ 315,000
-21%
Average Sale Price
$ 478,723
$ 401,048
-16%
Percent of List Price Received
92.36%
92.07%
0%
Active Listings for Period
52
59
13%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Our Advisors report that the prices ‘per square foot’ have not fallen, which leaves us pointing to differing inventory having sold year over year (i.e. larger, and/or newer properties), which would have the same effect.
SO LD
The metric which stands out in the Warm Springs Condo market is the 33% drop in Days on Market Until Sold - this points to strong demand. While the number of Pending and Closed Sales has remained pretty much the same year over year, surprisingly both the Median and Average Sales Prices are off compared to 2018.
1908 Warm Springs Rd 11 | Just Sold
Warm Springs Condos & Townhomes 70% 60% 50%
Percent Change from 2018 to 2019
40% 30% 20% 10% 0% -10% -20% -30% -40%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
13
Sun Valley & Elkhorn (Single-Family Homes) Year End Market Report The Sun Valley & Elkhorn markets remain an attractive option for many buyers who appreciate the large lots and expansive views offered. With 48% more New Listings compared to 2018 buyers had a lot of choices, and with similar Median and Average Sale Prices it remains a great time to buy!
98 Skyline Drive | Listed at $2,495,000
Sun Valley & Elkhorn - Single-Family Residences Year-Over-Year Market Report
14
Metric
2018
2019
% Change
New Listings
33
49
48%
Pending Sales
42
38
-10%
Closed Sales
34
44
29%
Days on Market
270
222
-18%
Median Sale Price
$ 1,592,500
$ 1,556,250
-2%
Average Sale Price
$ 1,912,117
$ 1,873,772
-2%
Percent of List Price Received
87.28%
90.84%%
4%
Active Listings for Period
58
65
12%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
311 Juniper Road | Listed at $1,145,000
Sun Valley & Elkhorn Single-Family Homes 80% 70% 60%
Percent Change from 2018 to 2019
50% 40% 30% 20% 10% 0% -10% -20% -30%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
15
Sun Valley & Elkhorn (Condos & Townhomes) Year End Market Report Sun Valley & Elkhorn - Condos & Townhomes Year-Over-Year Market Report Metric
2018
2019
% Change
New Listings
107
111
4%
Pending Sales
124
113
-9%
Closed Sales
124
112
-10%
Days on Market
168
112
-33%
Median Sale Price
$ 430,000
$ 389,750
-9%
Average Sale Price
$ 525,778
$ 576,698
10%
Percent of List Price Received
94.13%
95.80%
1.77%
Active Listings for Period
147
134
-9%
The number of Days on Market Until Sold is 2nd only to Hailey as the fewest in Blaine County, with just 112 days from list to closing. Translation: Buyer’s, don’t wait to submit your offers! With 9% fewer Active Listings compared to 2018 we expect the market to remain competitive!
1542 Snow Creek Condo Dr | Listed at $335,000
16
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Sun Valley & Elkhorn Condos & Townhomes 15% 10% 5%
Percent Change from 2018 to 2019
0% -5% -10% -15% -20% -25% -30% -35%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
PE N
D
IN
G
-40%
601 S Leadville Ave C1 | Listed at $565,000 291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
17
South of Ketchum (Single-Family Homes) Year End Market Report The Median Sale Price is down 14% year over year. This doesn’t necessarily point to falling values, however, as the South of Ketchum area is comprised of a wide variety of properties, and the inventory changes from year to year we suspect there were a greater number of larger and/or newer homes sold South of Ketchum in 2018. With increasing inventory it’s an excellent time for buyers to plant their flag in this desirable area - don’t wait, as the Days on Market until Sold is down 36%!
214 Willow Road | Listed at $6,450,000
Warm Springs - Single-Family Homes Year-Over-Year Market Report
18
Metric
2018
2019
% Change
New Listings
48
67
40%
Pending Sales
50
40
-20%
Closed Sales
51
38
-25%
Days on Market
257
164
-36%
Median Sale Price
$ 1,100,000
$ 947,500
-14%
Average Sale Price
$ 1,337,833
$ 1,366,092
2%
Percent of List Price Received
91.68%
92.66%
1%
Active Listings for Period
72
89
24%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
South of Ketchum Single-Family Homes 60% 50% 40%
Percent Change from 2018 to 2019
30% 20% 10% 0% -10% -20% -30% -40%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
PE
N
D IN
G
-50%
104 Cove Creek Rd | Listed at $4,750,000 291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
19
Hailey (Single-Family Homes)
SO LD
Year End Market Report
630 S River St | Just Sold
Hailey - Single-Family Homes Year-Over-Year Market Report
20
Metric
2018
2019
% Change
New Listings
151
134
-11%
Pending Sales
164
132
-20%
Closed Sales
164
135
-18%
Days on Market
120
104
-13%
Median Sale Price
$ 390,000
$ 436,000
12%
Average Sale Price
$ 462,782
$ 471,906
2%
Percent of List Price Received
95.69%
97.78%
2%
Active Listings for Period
188
158
-16%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
SO LD
Hailey’s Days on Market Until Sold is down 13% year over year to just 104 days from list to sale - the fewest # of days for Single Family Homes in Blaine County. With 16% fewer Active Listings during the year the market is getting more competitive, which is reflected in the 12% increase in Median Sale Price compared to 2018. We attribute the fewer Pending and Closed Sales to the lack of inventory, as Hailey remains one of the most popular places to live in Blaine County!
Hailey Single-Family Home 25% 20% 15%
Percent Change from 2018 to 2019
10% 5% 0% -5% -10% -15% -20% -25% -30%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
21
Hailey (Condos & Townhomes) Year End Market Report North of Ketchum - Residential Year-Over-Year Market Report Metric
2018
2019
% Change
New Listings
55
61
11%
Pending Sales
58
62
7%
Closed Sales
57
57
0%
Days on Market
129
91
-29%
Median Sale Price
$ 227,000
$ 245,000
8%
Average Sale Price
$ 243,347
$ 254,616
5%
Percent of List Price Received
96.51%
97.50%
1%
Active Listings for Period
66
69
5%
Hailey’s condo market is small but mighty, with just 69 Active Listings (up 5% from 2018), 57 sold, with a Median Sale Price 8% higher than the preceding year. Days on Market Until Sold is down as well, to just 91 days!!
631 E Croy St Bldg 1 Unit 11 | Listed at $305,000
22
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Hailey Condos & Townhomes 20% 15% 10%
Percent Change from 2018 to 2019
5% 0% -5% -10% -15% -20% -25% -30% -35%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
631 E Croy St Bldg 1 Unit 11 | Listed at $305,000 291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
23
Bellevue (Single-Family Homes) Year End Market Report SO LD
Bellevue has seen the largest increase in both Median and Average Sold Prices in Blaine County, up 26% and 27% respectively, which is great news for Sellers! 2019 saw a 53% increase in New Listings, 18% fewer Days on Market Until Sold, and a whopping 4% increase in Percent of List Price Received - all positive signs for the Bellevue Market!
111 Ridgeview Dr | Just Sold
Bellevue - Single-Family Homes Year-Over-Year Market Report
24
Metric
2018
2019
% Change
New Listings
36
55
53%
Pending Sales
42
45
7%
Closed Sales
42
42
0%
Days on Market
168
138
-18%
Median Sale Price
$ 307,750
$ 387,500
26%
Average Sale Price
$ 378,027
$ 481,192
27%
Percent of List Price Received
90.91%
94.50%
4%
Active Listings for Period
49
62
27%
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Bellevue Single-Family Homes 70% 60% 50%
Percent Change from 2018 to 2019
40% 30% 20% 10% 0% -10% -20% -30%
New Listing
Pending Sales
Closed Sales
DOM/ Sold
Median Sale Price
Average Sale Price
Percent of List Price Recieved
Active Listing for Period
SO
LD
-40%
111 Ridgeview Dr | Just Sold 291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
25
Meet Our Team Year End 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 Lisa Squires Real Estate Advisor lisa.squires@evrealestate.com 208.450.9092 Jon Gilmour Real Estate Advisor jonathan.gilmour@evrealestate.com 208.720.5893
26
291 First Avenue North • 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 Adele Conrad Real Estate Advisor adele.conrad@evrealestate.com 208.721.4024
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
27
Upcoming Events Things to Do Around the Valley Suns Hockey Friday, Jan 10 & Friday, Jan 17 Hailey Ice Watch your local Hailey Hockey Team take on their competitors. Go to either the Breckenridge Vipers on the 10th & 11th or the Guttersnipes on the 17th & 18th.
Free Ski Day Sunday, Jan 12 BCRD Trails The BCRD offers Nordic and snowshoe trails free to the community. Free Nordic skiing or snowshoeing on all BCRD winter trails throughout the valley!
Sun Valley Nordic Festival Wednesday, Jan 29 - Sunday Feb 2 Various Locations Groups such as the Blaine County Recreation District, Galena Lodge, Sun Valley Nordic Center, Sun Valley Ski Education Foundation, Vamps, & local businesses have come together to give the best cross country experience on earth. Come to Sun Valley, Idaho and enjoy everything NordicTownUSA has to offer.
Banff Mountain Film Festival Friday, Jan 31 - Tuesday, Feb 4 Limelight Hotel The Banff Mountain Film Festival is an inspiring international film competition featuring the world’s best footage on mountain subjects. The World Tour provides a first-class film experience for those who cannot make the annual trek to the Canadian Rockies. The 20th year of the Banff Mountain Film Festival.
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291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
Sun Valley Gallery Walk Friday, Feb 14 - 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.
Sun Valley Music Festival Winter Series Thursday, Feb 27 - Saturday, Feb 29 Argyros Performing Arts Center The Winter Concert Series will feature familiar and unfamiliar musical pieces, exploiting a wide range of acoustic possibilities and encouraging concertgoers to interact with musicians. The concerts aim to reinvent what it means to enjoy music together.
Sun Valley Film Festival Wednesday, March 18 - Sunday, March 22 Various Locations The Sun Valley Film Festival brings together over 4,500 festivalgoers for five unforgettable days where industry insiders and movie lovers alike gather to celebrate the art of filmmaking in a majestic setting.
Cold Bowl Pond Skim Sunday, March 29 - 12pm Dollar Mountain To celebrate closing weekend on Dollar Mountain, join us for the annual Cold Bowl Pond Skim at Dollar live! We will have an outdoor BBQ, live music, prizes for participants, and special giveaways. Register at Dollar Mountain starting at 9am, the events will kick off at 12pm!
291 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
29
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 First Avenue North • 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 First Avenue North • Ketchum • Idaho • 83340 sunvalley.evrealestate.com 208-928-7223
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