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The 23rd anniversary edition of Windermere Real Estate’s Market Review which has earned it’s reputation as one of the most accurate sources for data in the Blaine County housing market is now available.
In the simplest of terms, the Sun Valley real estate market experienced a 40/30/20 year. The number of closed sales was down 40 percent, the total dollar volume was down 30 percent and the median sales price climbed upward 20 percent.
But since this is real estate, nothing is truly that simple. In the resort area single family market, sales fell 60 percent, while the median price per livable square foot climbed 26 percent. Lack of inventory was the culprit. Of the 39 single family homes currently available, only 3 are listed for sale below $2 million.
In the north valley condo market, 172 sales were recorded in 2022, compared to 288 a year earlier. So, while the number of closings fell 40 percent, the median price paid climbed 26 percent. As 2023 began, there were 24 resort condos available for under $1 million.
While the co-ownership property concept seems to be gaining favor, the number of resort area sales remained stable, the median price climbed 35 percent, and the number of days-on-market decreased by 32 percent during 2022.
In the Hailey market (south valley), 107 homes sold in 2022, about 21 percent fewer than as a year earlier, although the median sales price per foot climbed 22 percent higher. The price increase was driven largely by a decline in available inventory and a spike in the cost of building materials. Bellevue saw a bigger decrease in sales activity at 30 percent and a 28 percent increase in sold price per foot.
We expect 2023 to be a slower year in Sun Valley real estate, with tight inventory levels driving residential real estate prices upward in certain price points, but the likelihood for continued higher interest rates may curtail some buyer’s enthusiasm.
Click HERE to view full the full market report
I hope you find the 23rd Windermere Report” informative and I look forward to working with you in 2023.
