Team TruNorth Summer Newsletter 2017
July has just started and there is already so much happening! Summer is in full swing and we want to tell you all about it. Sun Valley truly has become a 4-season resort - who needs down time anyway? Of course, you can count on us to keep you up to date on the local real estate market so….
First Things First. How’s the Market?
The first half of 2017 has been awesome for real estate. After years of slow (but steady) growth, 2017 feels like the tough years are behind us. We are tacking quite a bit ahead of 2016 in terms of Total Sales (+15%), Sold Volume (+23%), and Median Sales Price (+6%), and 2016 was a solid year. We sensed a slight hesitation, though, this past June, as it was the first month 2017 that fell behind 2018’s pace. We certainly could attribute this slowdown (-13% in Sold Volume in June) to low inventory. With such robust activity through the first five months of the year, the inventory decreased to the point where the pace was unsustainable. And, it might just be that June of 2016 was a MONSTER month (it was!), and June of 2017 was very good, but just not quite good enough to match the pace of last June. Listings have increased and the pace is picking back up now that July is upon us.
Ok, Team TruNorth Says….
Shrinking inventory means that anything that comes onto the market is going to turn more heads, more quickly, than usual. So you could say that it is moving towards a sellers market - we’ve seen several examples of multiple offers, same-day sales, and the other signs that sellers are in the driver’s seat, as long as the property is well-priced.
Don’t despair! The fact that the market is strong (and leaning a bit towards the seller) doesn’t mean you can’t find deals. Sun Valley remains undervalued in comparison to other resort markets in the West - try to find an upscale 3BD condo 1/4 mile from the base for $659,000 in Park City. Unlikely! As sellers try to capitalize on the market, buyers can be confident that they will find what they are looking for at a price that works for them. Our advice: pick your location and then work the options.
One other thing to keep in mind regarding the Sun Valley market: Vacant Land sales are off the charts thus far, at least in number (+57% over 2016). But overall Sold Volume is actually down 6%. This means that there are lots and lots (sorry about that!) of single-family home size parcels being sold. Buyers may be thinking that it makes more sense right now to buy a lot and build, rather than to wait for the perfect home to come onto the market.
A Look at Team TruNorth’s Inventory and Sales
102 Spring Lane: If you're looking for unparalleled Sun Valley luxury, here it is. A single-level, 11,000 SF home on the river with views of Baldy. Sun Valley living, perfected.
320 Valley Club Dr: Remember what we said about Vacant Land? This is one of the best lots in the entire valley, right in the heart of The Valley Club.
170 Exhibition: This custom built (Ruscitto) home is right in Ketchum but offers great privacy and views. Elegant outdoor living spaces and a modern feel.
Our Recent Sales:
We have made some buyers and sellers very happy in recent months. Here are a few properties that we have had the privilege of closing:
Gimlet Home, listed at $2,750,000
Spur Lane Condo, listed at $750,000
Hailey New Construction Home, listed at $595,000
Board Ranch Cabin, listed at $449,000
Warm Springs Condo, listed at $270,000
As you can see, Team TruNorth works up and down the valley, in all price points. Let us help you with your next Sun Valley real estate transaction!
What Has Already Happened…..
Not trying to rub it in. Just making sure you know that Sun Valley is happening!!
Ballet Spring Showcase
Run Sun Valley
SV Writers Conference
Sun Valley Wellness Festival
Sun Valley Brewfest
Ride Sun Valley Bike Festival
Old Hailey Days, Antique Fairs
Jazz in the Park
And What is to Come….
Seriously, there is so much. And KEEP IN MIND that Central Idaho (as in, Sun Valley!) is in the DIRECT PATH of the TOAL SOLAR ECLIPSE on August 21st. Campgrounds and hotels are already booked, but even if you have to ask friends to sleep on their couch, the 9-minute blackout of the sun will be worth it!
July 10-19 Sun Valley Jewish Film Festival
July 11 Sherman Alexie; world-renowned writer
July 13 Cowboy Ball at Swiftsure Ranch
July 20-22 Sun Valley Wine Auction
July 201-23 Sun Valley Figure Skating Championships
July 21-23 Sun Valley Road Rally (new location)
July 24-Aug17 Sun Valley Summer Symphony
Aug 21 TOTAL SOLAR ECLIPSE!!!
By now, you know that after real estate, our second passion is all about our four-legged friends. Our dogs Boomer and Shep have had a fine spring and early summer. Ketchum is undoubtedly a pet-friendly town, and we encourage pet owners to pick up after their favorite pup and keep them out of the heat, hit the trails early, and choose the trails with water. We have been roaming the following trails:
Adams Gulch - Ok, so it’s no longer a secret. But leave the parking area and you truly feel like you’re on your own. Plenty of water, tons of options, and lots of trees. Perfect. ~ Malea
Chocolate Gulch - Just 3 miles north of town, lots of water, and totally different perspective on the north end of the Wood River Valley. ~Stacey