Dear friends and neighbors,
The 2016 annual real estate stats are in! Hot off the presses!
Here is the 17th anniversary edition of Windermere Real Estate’s Market Review, which has earned its reputation as one of the most accurate sources for data on the Blaine County housing market. Overall, 2016 was a statistically deceptive year in Blaine County real estate, with a modest gain in the number of closed transactions but a decline in the total dollar volume according to the Sun Valley Board of Realtors MLS data.
I say deceptive because the total dollar volume doesn’t take into account the 12 Limelight Residences that are currently reserved and will close next month after construction is completed. In addition, the Sun Valley Company has sold all but one of their 24 Diamond Back Townhomes. Combined these two project represent over $55 million in sales which will be added to the 2017 totals.
In the resort condo market, 197 sales were recorded in 2016, compared to 198 a year earlier. That same stable trend also played out in the resort single family market where 77 residences changed hands in 2016, compared to 84 a year earlier.
In the Hailey market, 136 homes sold in 2016, up from 129 homes a year earlier. Despite the lack of inventory at certain price points, the median price per square foot in Hailey held steady at $181 per foot, which is still far below the peak of 2008 when it was $210 per square foot. The biggest gains in the south valley came in Bellevue, where the median selling price per square foot jumped 24 percent and is now just 7 percent lower than Hailey’s median price per square foot.
We expect 2017 to be a dynamic year in Sun Valley real estate, with interest rates low, inventory falling and median selling prices increasing proportionately. Additionally, the new four-star Limelight Hotel opened last month on Ketchum’s Main Street. Coupled with better direct airline service, these additions should further polish the Sun Valley brand as a world-class resort.
If you or someone you know have questions or need professional real estate advice, please don’t hesitate to call me. In the meantime, I hope you find the “Windermere Report” informative and I look forward to working with you in 2017.
Other great news for my Windermere clients:
My long-time managing broker Dan Gorham has purchased the local Windermere offices. Mr. Gorham said this about his plans: “Local ownership means we will be able to continue serving the residents and visitors of the Wood River Valley with the historic knowledge that is critical to making good real estate investments. I am also looking forward to growing the offices as we see economic expansion being experienced in the Wood River Valley, and the media attention Sun Valley has been receiving as a world-class resort.”
Anna Mathieu, Realtor®, Associate Broker
Windermere Real Estate, Sun Valley LLC
Mobile Office: (208) 309-1329
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