Finally catching our breath after a historic 2020 where the total sale volume for the valley increased by 100% over 2019. That's 500m in total sales to just over a BILLION in 2020. I think it's a pretty easy assumption to say that everything is selling and folks are buying anything and while there is truth in this the market numbers can tell us a story that otherwise would be left undercover.
As you glance through the tables below you'll notice everything sky rocketed this year. Some areas stayed flat yet had higher sale prices which drove up their volume such as condos in Warm Springs, but look closely at Bellevue in single family and vacant land. This is where the untold story exists. Why are those numbers down? It's nearly sixes to Woodside in Hailey and just the contingency of young locals trying to enter the market for the first time should impact its movement positively. Lack of inventory isn't an excuse because if anything it should drive their price up. In fact, they have a competitive amount of inventory in both sectors.
My guess is, Bellevue isn't a transient community. It's made up of people who not only work here but have been here and are committed to staying here. And this demographic of the valley tends to be more conservative, thus being deterred to buy with the amount of activity occurring elsewhere. Still, this is just a hypothesis and we clearly can see a hole in the market from 2020 that is Bellevue.
Note: Don't be fooled by Stanley's single family numbers. There's quite a bit of inventory in the Bosie and Snake River MLS that doesn't get recorded in ours. Their numbers in our MLS seem low and that is not the case. I suspect in 2021 we are going to see a jump in average prices up there.
In vacant land below, pay attention to Hailey. Sales volume is strong yet average price points are down. Still value to be had in Hailey.
In condos, check out Warm Springs. The amount of sales were even over a year ago yet average price points have leaped. Hailey has a slim condo market and are owned by many entry level owners. With the market moving in the direction it has makes it hard for those folks to move up into the Hailey single family market. Time to look in Bellevue?