Greetings,
I’ve been studying sales data from the past three years through the county and valley looking for trends in our market. There may not be any surprises, however this may reaffirm any decision making or instincts you have with the Sun Valley market. Allow me to put my findings into plain English.
To start, over the past three years new residential listings have increased by 200% to 300% in the months of May, June, and July compared to December, January, and February. Thus, closings in the months of August, September, and October have been substantially higher.
What this means as a buyer is winter is the time to get to know the areas, neighborhoods, and streets that appeal to you. Spring is the time to get your ducks in a row leading up to summer as your time to act.
However, in spite of understanding this data, new listings still increase at a rate of 100% during July, August, and September compared to the same winter months. The difference is the later in the year a residence gets listed the more days on market it is likely to incur.
As sales do tend to dip down in the winter months due to low inventory and buying interest our market does still move. The ratio between new listings and sales during the winter is about one to one. And, sales during this time tend to close at a significantly lower price than the original list, so the snow need not discourage buyers.
When determining your best value and area to seek for investment here are some facts to keep in mind: In 2016 the average difference in list to sale price in Sun Valley limits for the residential sector was minus 339,500. In North Ketchum the difference was minus 295,000. For condos in Warm Springs was minus 154,125. Finally, for vacant land in mid valley minus 105,500.
Some trends that remain the same at the moment: Sun Valley continues to be desirable, Ketchum is moving, Elkhorn is steady, mid-valley is moving slowly, and south valley is hopping. Ten years ago or so it was very popular to have land just out of town with a view where as now the closer to town you can get yields the best return for both Ketchum and Hailey. Also, the lodgier style is becoming out dated with mountain modern moving in. Plenty of room for remodels exists at the higher end to improve return close to town.
Please get in touch if you have any new interests or specific inquiries. Still, in this day in age and particularly in Sun Valley, 91% of all real estate transactions are done with an agent. Let me help you carve out your dreams for the future.
