Sun Valley Real Estate Market Review - 2019

Page 1

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.

28

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.

30

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

31


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