Is the buying frenzy over?

It's a question we field on a daily basis: "Is the market slowing down?" The short answer; yes, slightly. However, the "why" takes a little more explanation.

While COVID turned the entire real estate market on its head with low mortgage rates and the spike in remote work, we are now just beginning to feel a correction here. I mentioned a slight uptick in inventory last month, and we anticipate the number of available properties to continue to rise, albeit slowly, as we enter the summer season. However, pent-up buyer demand remains high, especially in the Ketchum core. Well-priced properties are still garnering offers, but instead of 8-10 buyers bidding it's more like 2-4. If we are going to see a softening, we expect that to start in the southern end of the valley.

It's important to note that our resort market typically lags about 6 months behind the real estate trends in primary markets like Seattle and San Francisco. So as we see the "frenzy" cooling across the U.S. due to rising mortgage rates and the end to remote work, Sun Valley's market remains quite strong.

As always, please reach out to us if you'd like to learn more about the market or if we can help with any of your real estate needs.

Below is a snapshot of the current market:

Sold Market Analysis - Trailing 12 months

Overall Market 
• Sold Volume – Down 16%
• Average Sale Price - Up 26%
• Total Active Listings – Down 36%
Single Family 
• Sold Volume – Down 23%
• Average Sale Price –Up 11.5%
• Total Active Listings – Down 30%
Condo/Townhome 
• Sold Volume –Up 8.%
• Average Sale Price is $1,240,615.
• Total Active Listings – Down 4.5%
Vacant Land Residential 
• Sold Volume – Down 48%
• Average Sale Price –Up 31%
• Total Active Listings – Down 54%
Median Residential Sale Price 
• Up 33%