We hear a lot of comments about the Sun Valley real estate market compared to that of many other Mountain Resorts. The nationwide trend is that today’s demographic of mountain community buyers are locating in or close to town. As the “small city” expands, the perimeter locations again over time become more attractive. That is a reasonable prediction for the Sun Valley area as well.
Here are the current 2017 numbers for Sun Valley Elkhorn home sales and they speak volumes of where the market is trending this year. For some reason people want to be in Ketchum, within walking distance of downtown. We ran the stats for the year over year comparison for houses and condos in Ketchum versus Elkhorn year to date.
So far in 2017, over same time in 2016, the number of sales of single family homes in Ketchum is up 7%. In Elkhorn the number of sales is actually down 53%. In other words, the number of homes sold in Elkhorn is less than half of what was sold out there last year by this time.
For condo sales, the stats are even more radical. In Elkhorn, the number of sold condos is down 14% this year over last. In Ketchum, the number of condos sold so far this year is up 15% and the dollar volume is up a whopping 152%!
This trend has been going for a while and may taper off as it gets more and more expensive to be right downtown. People will start looking for alternatives, or they are being able to buy more house or condo for their money. These trends seem to have their waves and right now Ketchum is leading the way and Elkhorn accumulating a healthy inventory or very good value properties.