With only a week left of skiing, we are looking forward to what lies ahead for Spring. The snow is melting and little flecks of green are starting to peek out of the ground. With new growth all around us, we are taking a bit of time to look back on the first quarter of 2019 real estate statistics to predict where the Sun Valley Real Estate market might go this spring and summer!
We definitely saw increased sales throughout the valley near the end of winter. Active listings were down 12 percent year over year, leaving less inventory for some pretty voracious buyers. With limited inventory, sold volume ended up down 16%. It is clear that more people were competing for fewer properties as the average sales price went up almost 20% from 2018.
Hailey Slows With Low Inventory
Residential listings in Hailey were down 36 percent in Quarter 1 of 2019. Unfortunately, that led to 40% fewer houses sold during this time. From what we can tell, that doesn’t mean there aren’t buyers out there. With minimal inventory, buyers are working their way north to the South of Ketchum or Mid-Valley neighborhood. This area saw a 201% increase in volume sold in the first quarter alone.
For those looking to sell this spring or summer, now is the time to get everything started. Sell your Hailey home while inventory is low to maximize value. By starting the process early, we can help identify ways to properly advertise your home and ensure it receives the most exposure. With a competitive pricing strategy and detailed marketing plan, selling this spring could bring a lot of potential buyers.
Hailey isn’t the only area seeing limited inventory. Single family homes in Mid-Valley as well as within Ketchum (up to about $2M) are seeing quick sales and higher sales prices. Some of these micro markets are turning into seller’s markets for sure! Even homes that have sat stagnant for quite a while are being snagged due to few options.
How to Buy in a Seller’s Market
If you are in the market for a new home this spring and summer, don’t worry, there are still great homes to be found. However, with decreased inventory and more buyers milling about, it is imperative to get all your ducks in a row prior to putting in an offer. Be prepared with financing so you can go in strong and know if there is room for negotiation.
Furthermore, it is important to work with a real estate agent that knows the Sun Valley area like the back of their hand. At Young Group, we have over 30 years of institutional knowledge to help our buyers make an informed decision. This decision not only helps them find their dream home, but also make an investment that will pay off for years to come.
Whether you are interested in buyer or selling this spring, let us help you every step of the way. Give us a call today and we can talk through the process and discuss next steps. Don’t wait until spring is fully underway!