From entry level homes to estates, prices trending upward

Sun Valley’s high-end real estate market is enjoying a strong 2012. There have been 24 sales as of 11/12/2012 on homes with list prices in excess of $2 million. This compares with 21 homes sold in 2011. While the average selling price in 2012 is $3,267,174 compared with $2,427,619, the more interesting statistic is the selling price per square foot. This year the average price on a luxury home this year is $567 per square foot, compared with $490 per square foot in 2011. While variances need to be made for neighborhoods, location and parcel size, this 16 percent increase is worth noting for both sellers and buyers. The average size of a luxury home sold in 2012 was 6,206 square feet and the average days on market (DOM) was 405, an increase of 14 percent over 2011.

The entry level market has also seen some dramatic price escalation in 2012. In developing these numbers we examined Hailey single family sales for the first 10 months of 2012. We divided the year into two 5 month periods (Jan 1-May 30 and June 1-Oct 30). In the first half of the year, 74 Hailey homes were sold with an average sold price of $191,258. The average selling price per square foot was $102. The average size was 1,820 square feet with 163 days on the market. When we look at the second half of the year, we saw a number of encouraging signs for the south valley market. The average selling price of the 63 homes sold was $235,428, a 23 percent increase from earlier this year. The average size remained about the same, 1849 square feet, but the selling price per square foot has jumped to $122, a 20 percent increase. The inventory of homes for sale in Hailey is dwindling fast, which should fuel further price increases as we move into 2013. As I stated above, this changing trend needs to documented by both Buyers and Sellers as the Sun Valley market, and real estate everywhere,  never remains stagnate.

Dan Gorham

Managing Broker

Windermere Real Estate

208/622-2700 Ketchum

208/788-1700 Hailey

208/720-4077 Cell

To view all Blaine County listings, click here: http://www.dangorham.mywindermere.com