FEBRUARY MARKET REPORT
February is typically a quieter month for real estate activity in Sun Valley. But as the last few months have demonstrated, there really are no quiet months in real estate anymore.
Click here for the full February real estate market report, and see the image below for some of the big picture numbers.
Here are some takeaways from the February report:
-new listings for Residential Homes are keeping steady with 2020 so far (about the only place where this is the case)
-February was a huge month for condo/townhome sales ($26M in Sold Dollar Volume)
-Vacant Land continues to be incredibly active (41 sales in Feb alone)
-There were no sales North of Ketchum in February, but 3 new listings
-Sun Valley had a huge month for closings
-South of Ketchum had 15 sales, but only 10 new listings
-Hailey recorded 24 sales
-Bellevue is up 572% in Sold $ Volume this year over 2020, making it the most active micro-market in the Sun Valley area
Here is a quick look at the overall real estate numbers for February:
A BUSY FEBRUARY WEEKEND!
We all know that February is the shortest month of the year, but it is also one of the busiest for the Sun Valley area. This holiday weekend's calendar (Feb 12-15, 2021) in particular is packed! Here's what we are looking at:
Chinese (Lunar) New Year, Valentine's Day, Presidents' Day
With all of this in mind, here are some thoughts about how to make the most of this 4-day period if you are in Sun Valley, paying close attention to our need to wear masks and remain physically distanced.
Asian restaurants to help celebrate the Lunar New Year:
China Panda | Rickshaw | Sushi on Second | Dang's | Taste of Thai | Silver Dragon
Restuarants for a romantic dinner (please call ahead to find out if they are seating people in the restaurant and/or whether they provide carry-out):
Vinatge | Cookbook | Covey | Il Naso | Enoteca | Roundhouse | Knob Hill | Rominna's | Ketchum Grill | Fuego | CK's
Activities for the long weekend (besides, of course, skiing the #1-ranked mountain in the West!):
Snowshoe with a Ranger at Galena Lodge
Winter Sleigh Rides at Sun Valley
Apres Dining at Galena Lodge
Craters of the Moon Nat'l Monument
Soldier Mountain Ski Area
Nordic Skiing at Quigley
Rotarun Family Ski Area
Hailey Ice Skating
Area Fly Fishing
Smiley Creek Snowmobiling
Sun Valley Heliski
Sun Valley Paraglide
If you still find that you have some time on your hands, how about picking up this just-released and very readable book on the history of Skiing Sun Valley? It is very informative about how everything that we love about this valley came to be. You can pick it up at Chapter One Bookstore and Iconoclast Books.
Have a great and safe weekend whether you are here in Sun Valley or elsewhere.
JANUARY 2021 MARKET UPDATE
January is usually one of the quietest months of the year for closings--the last three years averaged about 65 closings and $32M in Sold Dollar Volume. Not so in 2021, where the market had 76 deals close for $87M. This massive increase is largely because deals that were agreed upon in late 2020 (2020 being the all-time record year for real estate in Sun Valley) are still getting to the finish line during the first couple months of 2021. And the buyers are still here, looking to find a way to make a home in Sun Valley. February, another relatively slow month, will very likely also see a marked increase in Sales and Sold Dollar Volume. Below is a one-page snapshot of January's activity.
The issue now is inventory, as there is very little on the market that isn't already under contract. As of early February, only about 85 residential listings are active and not pending, an alarmingly low number. We'll see if the market's production can maintain its healthy level, even with virtually nothing to sell.
Click here to view the full January report. You can also view the full 2020 report by clicking here.
55 INCHES OF SNOW IN THREE DAYS!
From Wednesday morning, Jan 27, through Friday afternoon, Baldy received about 51" of snow, according to the mountain's snowstake. While it doesn't appear that this is a 48-hour record, many locals confirm that they can't remember a storm that brought this much snow to the mountain in such a short period.
Conditions on the mountain Thursday were "all-time" bordering on dangerous, as accumulations made it difficult for lighter or less-skilled skiers to navigate. On Friday afternoon, Sun Valley officials closed Baldy early, citing unstable snowpacks. An avalanche in the Warm Springs area has closed the road where the pavement ends.
As we all bask in the deep snow, it is more important than ever for skiers and snowboarders and snowmobilers and Nordic skiers to be extra careful. Enjoy our gift from Mother Nature wisely and safely!
A REVIEW OF REAL ESTATE IN SUN VALLEY FOR 2020
Any review of 2020 has to acknowledge that the year was an anomaly in almost every sense. Records were set in almost every category and local micro-market, and the dearth of inventory (both existing and new builds) makes it fairly certain that the market will struggle to keep pace with 2020's activity this year.
That being said, here is a link to the complete report, which attempts to paint an overall picture as well as show the activity for all property types in the area's nine micro-markets (Custer County, North of Ketchum, Ketchum, Warm Springs, Sun Valley Village, Elkhorn, South of Ketchum, Hailey, and Bellevue & Beyond).
Here are just a few of the record-breaking numbers for the entire market:
• Sold Dollar Volume.....................$1,244,014,821
• Sales Price for a Home................$18,000,000
• Sales Price for Vacant Land..........$23,000,000
• Average Sales Price....................$967,352
To get the most out of this report, please don't hesitate to reach out--let's have a conversation about 2020, and what to expect for local real estate in 2021.
Here is a look at the cover of the report as well as the first page of figures:
DONATIONS TO LOCAL NON-PROFITS
This holiday season, our brokerage made significant donations to 6 local Non-Profit-Organizations (NPOs). The organizations we have chosen to support are:
Holiday Baskets (the SV Board of Realtors annual gift-giving cause)
The Senior Connection
The Hunger Coalition
Men's Sober Living
National Alliance on Mental Illness (NAMI)
We chose these organziations because of the roles they have played and are playing in caring for the valley's most vulnerable citizens in direct and crucial ways, especially this year. All of these local organizations work directly with the community, and have immediate expenditures which are being stretched this year more than ever.
Berkshire Hathaway HomeServices Sun Valley Properties and all its agents are proud to support these organizations and encourages all of our clients, if able, to consider giving to local charitable organizations this season. More help is needed right now than ever before. Here is a link to all the local NPOs.
WELCOME TO THE "FAMILY" SUNRISE LIFT!
Now in its 85th year, Baldy just keeps on getting better. Our #1-ranked ski resort just opened a brand new lift, Sunrise, which will give skiers significantly more access to the Sunrise area (known to locals as Turkey Bowl for the following reason: before the Seattle Ridge lift was installed, ski patrolers used to love to hike into this area and ski the south-facing slopes and bowl. Once the lift was installed, it gave aceess to everyone, and the somewhat-chagrined ski patrolers began referring to the new population of skiers as "turkeys" since they had it so easy).
Here's the article in the Mountain Express. And click here to read the official announcement on Sun Valley's website.
We are lucky to have all this new space to ski and ride in. Thank you, Sun Valley!
SUN VALLEY RANKED #1 BY SKI MAGAZINE READERS!
Finally, after finishing in the Top 5 for many of the last few years, Sun Valley Resort has been ranked #1 in Ski Magazine's 2021 Readers' Poll!
No surprise to locals, this ranking is the result of the tremendous work that the ownership and staff at Sun Valley puts into the "Guest Experience."
Congratulations, Sun Valley. A well-deserved honor!
Read the article here.
WHY WE LOVE FALL IN SUN VALLEY!