As a whole the end of 2021 felt nearly as if the market fell off the cliff and as it was pointed out in our office meeting this past week we merely have only gone back to the norm prior to the pandemic. Remember yesteryears that included a massive halt around Thanksgiving with a steady climb back to form the closer we get to spring. In other words, the market is still movin’ and shakin’ however it reflects movement patterns of two years ago versus the previous when we thought the world might be ending so to speak.
Market trends at the moment point to better value outside of the typical epicenters which to me points to more folks looking for lifestyle versus living in the moment downtown. Additionally, the statistics from both quarter over quarter and annual comparison point to folks finding better value in Elkhorn than Ketchum.
Outside the valley, Stanley Basin has taken a dive due to exorbitant price points and lack of inventory, thus, the Lost River Valley is seeing more activity as folks find better value in that area.
Condos
As a Whole:
Condos in 2021 saw a 40% increase in total sales volume over 2020 with an increase of 41% in the average sale price. Surprisingly enough, as we talk about inventory being such an issue, the condo market did a pretty good job of replenishing its well with new listings amounting to the same amount in 2021 as in 2020. Total amount active was just slightly less and the number of units sold was about even.
Individually:
Warm Springs was the only part of the condo market that went down and contributes to my consistent argument of value. Granted they didn’t quite get the same amount of new inventory this year and the average sale prices stayed flat in 2021. The average sale price was however 101% of the list price up 4% from 2020. For the remainder of the market the sold volume in Elkhorn was up 37%, Ketchum up 44%, Sun Valley up 80%, and Hailey up 241%!
Single Family
As a whole:
Total sales figures were just 55 million away from 2020 and fairly surprising given that we had 211 less units active this past year. Once the dust settled for the year the average sales price for the valley was only up about 120k. A stat that stands out to me that certainly carries an emotion of buyer burn out is that in ’21 homes sold on average for 101% of asking, up 5% from the year before. When you think about how this market can be emotionally draining, that’s the specific stat to blame. And this is a common trend in condos as well.
Individually:
Sun Valley and Ketchum took the biggest hits this past year and that may be due to about 45% less inventory, but when you you look at Elkhorn statistics I would argue a different story. I would say that as whole folks were finding better value in their investment in that area and south for that matter. The average sale price Sun Valley fell 33% and 32% in Ketchum when the year closed. Otherwise, Warm Springs sold volume dropped 7% where nearly all other areas reported higher sales figures.
Vacant Land
As a whole:
Vacant land reports 8% more total unit sales this year however the remainder of its sales statistics are below 2020. Sold volume is down 21% and the average price as a whole is down 28%. Feels fitting as building cost fluctuate and builders become more backed up with projects. Its been said you’ll be lucky to hear from one of our local builders in two years. I would argue that we may actually be on par or higher than 2020 given that Warm Springs Ranch is not in the MLS and White Clouds Expansion is still only pending. However, those would only effect final sales volume, not so much as big of hit to the inventory numbers as we’re only talking about 40 total lots.
Individually:
South Valley has been a hot bed of land sales and 2021’s numbers affirm that. Bellevue’s average sales price stayed flat enabling a 739% increase in total sales volume. That’s 68 lot sales this year alone. And Hailey saw a 21% increase in its average sales point with 89 total sales this past year. One area that is standing out to me is the Lost River Valley aka Mackay and Copper Basin area on the other side of Trail Creek. For years I’ve been arguing its a better out of town value to Stanley and at this point in time that theory is affirmed. Then again nearly all real estate theories are affirmed at the moment. Still, only seven lot sales over there this year and is flat from the year over, yet reporting a 422% growth in both total volume and average sales price. Inventory is tight in that neck of the woods according to our MLS yet that area does have cross over into the Snake River MLS, down south, too so there is more to this story being untold.
