By Dan Gorham
With the year now in the history books, it’s time to look back on the Sun Valley real estate market and search for the biggest story of the year. There are a number of contenders. First, the number of closed transactions of housing units in Blaine County leaped back to levels not recorded since 2006. Yet the total dollar volume still lingers at about 50 percent below the peak, as more units sell at greatly reduced prices. In the resort area of the north valley, the absorption of new condo units is noteworthy. In Ketchum, buyers lined up last spring to purchase luxury units at Chilali Lodge, with 19 sales generating about $20 million in an eight week period. Likewise, buyers absorbed the new bank-owned units at The Timbers and Ski View Townhomes. Just two units remain at the Hourglass Townhomes and sales were brisk all summer for the smaller condo units at Elkhorn Springs.
All of which leaves us with an interesting question for 2012. Now that the newer condo projects have all but been sold out, and there are no new projects on the drawing board, what will buyers be attracted to this spring? Many of the condo complexes in the north valley were constructed in the 1980’s. Is a remodel and restoration boom about to begin? Or will buyers bypass the condo options for a single –family alternatives. According to the Western Mountain Resort Alliance, the inventory levels for homes and condos for sale in Sun Valley has fallen 12 percent in the past year. If that trend continues, the answer might be a combination of both scenarios mentioned above.
In the meanwhile, look for our Windermere 2011 Market Review later next month. The annual four-page publication is filled with statistics and data on the Sun Valley real estate market and has proven to be a handy resource for sellers, buyers and investors. If you would like a complimentary copy sent to you, please send a current e-mail address to www.sunvalley@windermere.com and we will handle the rest. We look forward to working with you.
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