Looking Back on a Great Summer
September is here and town is slowing down from a very busy summer. As we head into shoulder season, it’s time to take a look at the real estate marketing during some of the busiest months of the year.
Peak season lived up to its name this year and provided some amazing growth throughout the valley. Comparing June-August to the same months in 2017, we saw the sold volume grow by 30% across all segments of the real estate market, with the average sales price up 9%. The number of properties sold during the summer months grew by 19% leading to an inventory drop by 6%
The strongest segment of the market, and quite possibly close to a seller’s market, is condominiums in the north part of the valley. Condos overall throughout the Sun Valley and surrounding areas experienced major growth:
- 50% growth in volume
- 7% growth in average sale price
- 41% growth in number of properties sold
If we break that down further by neighborhood, we will see which areas are getting the most action. If you have a condo in the following areas and have been considering selling, now may be the time!
- Sun Valley – sold volume is up 126%
- Ketchum – sold volume is up 61%
- Elkhorn – sold volume is up 80%
Not to be outdone, single family residences grew as well throughout the Wood River Valley compared to last year:
- Overall volume up 47%
- Number of properties sold up 36%
- Average sales price up 8%
If we break that number down by area, the sold volume growth is showing which neighborhoods are seeing the most action in single family residences:
- Warm Springs up 345%
- Sun Valley up 181%
- Elkhorn up 33%
- South of Ketchum up 60%
As a seller, if you have a condo or single family residence in the north valley, your property may be in high demand. If you have been considering selling, now may be the time to take advantage of all the buyers out there that still haven’t been able to find the right property.
On the other end of the spectrum, if you have been considering buying land, there are deals to be had. Vacant land continues to be one of the slowest segments of the market and therefore it could be the right time to scoop up that perfect property to build your dream home.
Throughout the valley, we saw a drop of 23% in sales volume of vacant land with an average sales price down 33%. Pair that with the number of properties sold actually increasing by 15%, it is fairly clear that vacant residential land is a buyer’s market!
Whether you are looking to buy or sell, we can help you with all your real estate needs. With in-office full service marketing and over 30 years of experience in the Wood River Valley, there is no one else that can provide you with answers to all your real estate questions.