TTN Winter Newsletter 2018
A LOOK BEHIND AND A LOOK AHEAD
Hello and Happy Sunny Winter from Sun Valley. We’ve got a lot to share with you- starting with a review of the Sun Valley real estate market in 2017. It was quite the year!
As the chart to the right shows, the Sun Valley market turned the corner last year, posting increases in nearly every sector of the market. Overall, Sales were up 22% over 2016, and Sold Volume was up 55%--the sold volume was above $600 for the first time since before the recession. The biggest increase was seen in the Condo & Townhome market with Sales Volume up 68% over 2016, valley-wide.
As you may know, we have several different micro-markets that comprise the “Sun Valley” market. From North Ketchum to Bellevue, here are a couple of interesting tidbits from some of these micro-markets:
Home Sales in Ketchum went from 20 to 33, and Sales Volume jumped from $30M to $80M, a 164% increase! With the average sales price nearly doubling, it is clear that the In-Town luxury home market was a big part of our overall market’s growth.
Warm Springs Condo & Townhome Sales Volume increased 83%, from $11.6M to $21.2M.
South of Ketchum also enjoyed a strong year. Home Sales Volume was up 64%, and Vacant Land Sales South of Ketchum rose 92%, from 12 in 2016 to 23 in 2017!
Our office had a great first year! Engel & Völkers Sun Valley was involved in 42 sales in 2017, accounting for $25.5M in Sales Volume—not a bad entry into a very crowded market!
Our goal for 2018 is to help more buyers and sellers realize their Sun Valley dreams—there is still time to find good values, or to bring your property to the market. Let us help you earn a top price for your listing. Call us to discuss your current real estate situation and options, and we will guide you correctly!
A PARTNERSHIP THAT WORKS!
We are now one year into our team TruNorth relationship, and we love working together! We feel the team approach is best for our clients—buyers and sellers- and as we continue to leverage each other’s strengths. A quick look at several real estate markets indicates that teams are often the top producers in their markets, and this is where we are headed. Working together, we are more responsive to our clients and to our fellow agents. We are more nimble as a team and believe in the ‘divide and conquer’ principle- we can be in two places at once; at an Open House and at a listing appointment. Our skill sets are complimentary and our buyers and sellers receive the benefit of two minds and hearts, working for them. Real Estate is often tricky- it’s numbers, it’s negotiating, it’s finesse, it’s communication AND it can be emotional. It’s good to be a team all the way around! We look forward to great success as partners in the months and years to come!
This year’s weather compared to 2016-17 is a bit shy of the feet and feet of snow that fell on our mountains last winter! We had some of the best skiing and riding in decades. Yet this year, the snow gods seem to be saying we got more than our fair share last year, and so far this year, the snow is cautiously falling little by little. Of course, Sun Valley’s world renowned snow-making and grooming has allowed the mountain to be near perfection with precious little snow thus far. A snowstorm on January 10th offered some good coverage, finally. But for the most part, anyone who is chasing the snow would do better to head up to Galena or to the Stanley Basin and rent snowmobiles and backcountry gear. It HAS TO SNOW MORE, right? Let’s hope so!
Assuming we do get a few more storms in the coming weeks, our picks for the best runs on Baldy are; Malea’s pick is “Exhibition”- just at the bottom of Roundhouse Slope, and so-named because you are in plain view of gondola riders for much of the run. Soft bumps, steep and pitch perfect! Stacey favors “Inhibtion”, which is, unsurprisingly, completely hidden from view. It is one of the steeper runs on Baldy, but on a good snow day, it is pure heaven! Here’s a link to a beautiful map of all the runs on Baldy, and an update on the Cold Springs Lift Project.
WELCOME TO SUN VALLEY, CHICAGO!
The FlySunValley Alliance has worked tirelessly in the last few years to increase and improve accessibility to Sun Valley through the air. After adding Portland as a non-stop destination in 2016, Chicago O’Hare is now offering weekly non-stop flights to Friedman Airport in Hailey! For the first time, the busiest hub in the Midwest is now one landing away! In related airport news, we had a 16-year high in enplanements: 88,636 people boarded a commercial flight at Friedman in 2017. Read the full article here.
WHAT’S NEW AND UPCOMING?
Last year the Limelight made a huge splash on the Ketchum skyline. This year, we welcome the Hotel Ketchum, which is not a new building, but feels brand new, right at the north end of Ketchum on Main Street. It’s motto; “settle in, settle out,” and it wants to be the launching pad for Sun Valley adventure. The Silver Creek Hotel in Bellevue is now offering the first upscale lodging in the South Valley. And word has it that there will be a Marriott in Hailey within the next 18 months.
Every March, the Sun Valley Film Festival brings some of the industry’s biggest stars (if they don’t already live here!) to town for five days of screenings, forums, and parties. Gwyneth Paltrow is this year’s “Vision Award” recipient. Go to www.sunvalleyfilmfestival.org for schedules and tickets. For more upcoming events and the day to day ski report, www.visitsunvalley.com has it all.
Finally, congratulations to Ketchum’s new mayor, Neil Bradshaw, and council members, Courtney Hamilton, and Amanda Breen. As always, our elected officials are committed to making Ketchum and Sun Valley an even better place to live and visit!
LET US BE YOUR REAL ESTATE GUIDES
As we move into 2018, please let us be of service. Our market knowledge, connections, and dedication to our clients make us the perfect team to handle all of your real estate needs in 2018!
~Stacey and Malea