The third quarter goes like this, Ketchum and Hailey homes are the weight of sales followed by Elkhorn condos. This is due to the amount of new inventory that came to market. It’s also important to note that a lot of expensive property in the North Valley has been selling and does impact pricing. Pricing aside, trends are looking very typical to the pre-pandemic market in that folks wanna be in the center of things.
Condos’ average closing price went up 2% in the third quarter and helped increase its total sold volume by 4% above the third quarter of ’22. The biggest contributors to this are two things, Sun Valley’s average price going up 36% and new inventory in Elkhorn. Elkhorn notably had the most amount of new inventory in the condo market and thus has propped it up.
Low and behold the single-family home market echo’s similar reflections of the condo market in that new inventory stimulated sales. Namely in Hailey and Ketchum. Both towns had more new listings in the third quarter of ’23 over the previous year. And to speak to the amount of volume sold as a whole, more expensive listings have been moving up north this year and is why we are up 59%. You can see this in Ketchum’s average sales price. Actually, Hailey’s went down one percent which I believe is healthy and good for the market.
Land is a fairly interesting story as you might expect. To start, there’s 34% more inventory available this year and 39% more new inventory. Despite this, sales are flat year over and selling for 39% less. Hailey’s sales are doing alright and lack of inventory in Bellevue is hurting this sector. There are otherwise some scattered sales throughout and Ketchum, Sun Valley, and Elkhorn aren’t really worth mentioning.
We are reporting one farm sale and six ranch sales this past quarter. It’s worth noting that a ranch in the Sawtooth Valley and Lost River Valley contributed to this make up. Ranches are selling at 91% of listing price which means there appears to be room to negotiate.
