We are pleased to announce the 15th anniversary edition of Windermere Real Estate’s Market Review, which has earned its reputation as one of the most accurate sources for data on the Blaine County housing market, is now available for distribution. Please let us know if you would like the four-color glossy publication or the electronic version. Send your requests and addresses to firstname.lastname@example.org.
Overall, 2014 was an encouraging year in Blaine County real estate, with gains in the median selling price for most areas and price points.
In the resort market of Ketchum and Sun Valley, the median sales price of single family homes was up 28 percent from 2013 and the number of closed sales climbed by 9 percent. I look for the median prices of resort area properties to continue to rise in 2015 with the re-opening of the new Sun Valley Lodge; the ground-breaking on a new four-star hotel on Ketchum’s Main Street and greatly improved non-stop jet service into the Hailey airport.
In the resort condo market, 158 sales were recorded in 2014, compared to 183 a year earlier. While the volume of sales in the condo market up just 1.6 percent, the average sold price was $322 per square foot. That’s a 31 percent increase from when the condo market hit bottom is 2012 at $245 a square foot, but still well off the peak set in 2007 when the average selling price of resort area units was $523 a square foot. For newer and larger condos listed above $500,000, the annual gain in price per square foot was 11.3 percent, according to the Sun Valley MLS.
In the Hailey market, 91 homes sold in 2014, down from 131 homes a year earlier. However, the average sold price increased by more than 20 percent. Bellevue saw a similar pattern as fewer distressed properties where available in the marketplace. The average price per square foot in Hailey is now $172, which is still far below the peak of 2007 when it was $256 per square foot.
We expect 2015 to be a dynamic year in Sun Valley real estate, with interest rates low, inventory falling and median selling prices increasing proportionately. With those factors in mind, families and retiring baby boomers will continue to seek out healthy communities that offer amenities that we enjoy such as recreational opportunities, excellent schools and quality health care.
If you or someone you know have questions or need professional real estate advice, please don’t hesitate to call us. In the meantime, I hope you find the “Windermere Report” informative and we look forward to working with you in 2015.