In Central Idaho, we take our dark nighttime skies very seriously. In fact, there is what we call the "Hillside Ordinance" in the Sun Valley area, which prohibits the building of homes on our mountains and hillsides. So instead of seeing home lights scattered across all of our mountains in the evening and night, we get the pleasure of seeing mountains and stars in all their natural glory. Our near-nightly view of the Milky Way is one of the most sneakily wonderful rewards of living here! (As is that beautiful blue that we get on clear nights at dusk.)
-The overall market is still tracking well ahead of 2020’s pace; expect this to continue until June or July, when last year’s record activity began -Home and Condo/TH sales were both flat this month versus March of 2020, due to an historically low amount of residential properties for sale -Vacant Land sales continue to be astonishing; sales are up 337% over last year, and sold dollar volume is up 262% -Hailey and Bellevue are the most active micro-markets in the valley, especially Bellevue, which has seen an increase of over 300% for both sales and sold dollar volume versus 2020 -There are only 81 residential properties available (not under contract) as of April 1, 2021 -Highest Residential Sale (List Price): $6,900,000 -Highest Vacant Land Sale (List Price): $3,500,000
BHHS CONVENTION HIGHLIGHTS
Berkshire Hathaway HomeServices just wrapped up its annual Sales Convention. This year's convention--with the theme #unstoppable2021--was conducted virtually and yet still was able to deliver excellent content, feature inspiring speakers, and bring John Legend in as the final performer! What a great couple of days!
Some highlights from the convention include: -CEO Chris Stuart introduced the IQ Influencer Network, a system exclusive to Berkshire Hathaway HomeServices agents designed to elevate agents' skills and influences in real estate locally and globally. -Vernice "Flygirl" Armour, the first female African American combat pilot, delivered a stirring keynote address on Day 2, articulating how the last year has felt almost like being in a combat mission, as the playing field and strategies shift daily and what you knew yesterday might not be relevant today. Armour's messages have relevance and resonance no matter what field someone works in or where they live. I encourage you to learn more about her here. (And here is her instagram account.) -Our office was recognized a couple of times in the awards section of the convention. Along with our Boise-area partner BHHS Silverhawk Realty, BHHS Sun Valley Properties was named as the #37 most productive company in the entire BHHS network (some 1500 companies), making us part of the Elite Circle. We also had one of our agents in the Top 10 for agent production (out of 60,000 agents)! -Finally, one of our owners and an agent led a breakout session called "Resort Market Boom," with more than 250 guests attending to learn how and why Mountain Resort markets like Sun Valley, Park City, Jackson, and so on have seen such massive upticks in activity in the last 10 months.
Lots of other moments of note, including having John Legend play for us from his living room in support of Sunshine Kids, BHHS's preferred charitable organization. In 2020 BHHS raised $1.645M for Sunshine Kids, and since 1991 has raised a total of $35.5M!
L to R: Vernice Armour, John Legend, BHHS SVP and Silverhawk being recognized as Company #37
NORDIC SKIING IN SUN VALLEY
If you are a fan of Nordic skiing, Sun Valley and the surrounding areas is going to be your paradise! With several hundred miles of groomed skate and classic trails, appropriate for all skill levels and interests, there are no bad choices for skinny stick enthusiasts.
There are many stores in the valley who carry gear for purchase or rent, including a couple of second-hand stores. Rather than list them all here, call, email, or text for a recommendation.
SKIING & SNOWBOARDING SUN VALLEY
Baldy will stay open until April 11, meaning there is still a good month of skiing and riding left (and much more than that for back-country skiers). 2020-21 has been another great season, bolstered by the unprecedented 55-inch storm we had in late January.
For those who haven't ever been here, take a look at this brief slideshow video demonstrating what skiing and snowboarding on Baldy and Dollar looks like. Visit Sun Valley's website for info about accommodations, tickets, and the like.
PROPOSED CAMPGROUND WEST OF HAILEY SPARKS CONTROVERSY
The city of Hailey is nearing agreement on the development of a 33-site campground on a city-owned parcel of land on the south side of Croy Canyon Road, between Lions Park and Mountain Humane. Currently, there are no official or federal campgrounds near Hailey, the closest being sout of Bellevue or north and east of Ketchum. The city has requested just over $730,000 in funds for this campground.
There are varied opinions about the site that has been chosen for the campground. While most people seem to agree that a campground near the Hailey city limits is a good idea, the location of it is causing the controversy. The parcel of land where the campground is proposed has a lot of animal traffic, and the potential for evironmental damage or human-started fires is too high to risk, according to those who oppose the project.
The proposed campground is in the brushy part of the photo, just below the base of Della Mountain (bottom right of photo) FEBRUARY REAL ESTATE MARKET REPORT
February is typically a quieter month for real estate activity in Sun Valley. But as the last few months have demonstrated, there really are no quiet months in real estate anymore. Click here for the full February real estate market report, and see the image below for some of the big picture numbers.
Here are some takeaways from the February report: -new listings for Residential Homes are keeping steady with 2020 so far (about the only place where this is the case) -February was a huge month for condo/townhome sales ($26M in Sold Dollar Volume) -Vacant Land continues to be incredibly active (41 sales in Feb alone) -There were no sales North of Ketchum in February, but 3 new listings -Sun Valley had a huge month for closings -South of Ketchum had 15 sales, but only 10 new listings -Hailey recorded 24 sales -Bellevue is up 572% in Sold $ Volume this year over 2020, making it the most active micro-market in the Sun Valley area
Here is a quick look at the overall real estate numbers for February:
A BUSY FEBRUARY WEEKEND!
We all know that February is the shortest month of the year, but it is also one of the busiest for the Sun Valley area. This holiday weekend's calendar (Feb 12-15, 2021) in particular is packed! Here's what we are looking at: Chinese (Lunar) New Year, Valentine's Day, Presidents' Day
With all of this in mind, here are some thoughts about how to make the most of this 4-day period if you are in Sun Valley, paying close attention to our need to wear masks and remain physically distanced.
If you still find that you have some time on your hands, how about picking up this just-released and very readable book on the history of Skiing Sun Valley? It is very informative about how everything that we love about this valley came to be. You can pick it up at Chapter One Bookstore and Iconoclast Books.
Have a great and safe weekend whether you are here in Sun Valley or elsewhere. JANUARY 2021 MARKET UPDATE
January is usually one of the quietest months of the year for closings--the last three years averaged about 65 closings and $32M in Sold Dollar Volume. Not so in 2021, where the market had 76 deals close for $87M. This massive increase is largely because deals that were agreed upon in late 2020 (2020 being the all-time record year for real estate in Sun Valley) are still getting to the finish line during the first couple months of 2021. And the buyers are still here, looking to find a way to make a home in Sun Valley. February, another relatively slow month, will very likely also see a marked increase in Sales and Sold Dollar Volume. Below is a one-page snapshot of January's activity.
The issue now is inventory, as there is very little on the market that isn't already under contract. As of early February, only about 85 residential listings are active and not pending, an alarmingly low number. We'll see if the market's production can maintain its healthy level, even with virtually nothing to sell. Click here to view the full January report. You can also view the full 2020 report by clicking here.
55 INCHES OF SNOW IN THREE DAYS!
From Wednesday morning, Jan 27, through Friday afternoon, Baldy received about 51" of snow, according to the mountain's snowstake. While it doesn't appear that this is a 48-hour record, many locals confirm that they can't remember a storm that brought this much snow to the mountain in such a short period.
Conditions on the mountain Thursday were "all-time" bordering on dangerous, as accumulations made it difficult for lighter or less-skilled skiers to navigate. On Friday afternoon, Sun Valley officials closed Baldy early, citing unstable snowpacks. An avalanche in the Warm Springs area has closed the road where the pavement ends.
As we all bask in the deep snow, it is more important than ever for skiers and snowboarders and snowmobilers and Nordic skiers to be extra careful. Enjoy our gift from Mother Nature wisely and safely!
A REVIEW OF REAL ESTATE IN SUN VALLEY FOR 2020
Any review of 2020 has to acknowledge that the year was an anomaly in almost every sense. Records were set in almost every category and local micro-market, and the dearth of inventory (both existing and new builds) makes it fairly certain that the market will struggle to keep pace with 2020's activity this year.
That being said, here is a link to the complete report, which attempts to paint an overall picture as well as show the activity for all property types in the area's nine micro-markets (Custer County, North of Ketchum, Ketchum, Warm Springs, Sun Valley Village, Elkhorn, South of Ketchum, Hailey, and Bellevue & Beyond).
Here are just a few of the record-breaking numbers for the entire market: • Sales........................................1286 • Sold Dollar Volume.....................$1,244,014,821 • Sales Price for a Home................$18,000,000 • Sales Price for Vacant Land..........$23,000,000 • Average Sales Price....................$967,352
To get the most out of this report, please don't hesitate to reach out--let's have a conversation about 2020, and what to expect for local real estate in 2021.
Here is a look at the cover of the report as well as the first page of figures:
DONATIONS TO LOCAL NON-PROFITS
This holiday season, our brokerage made significant donations to 6 local Non-Profit-Organizations (NPOs). The organizations we have chosen to support are:
We chose these organziations because of the roles they have played and are playing in caring for the valley's most vulnerable citizens in direct and crucial ways, especially this year. All of these local organizations work directly with the community, and have immediate expenditures which are being stretched this year more than ever.
Berkshire Hathaway HomeServices Sun Valley Properties and all its agents are proud to support these organizations and encourages all of our clients, if able, to consider giving to local charitable organizations this season. More help is needed right now than ever before. Here is a link to all the local NPOs.
WELCOME TO THE "FAMILY" BROADWAY LIFT!
Now in its 85th year, Baldy just keeps on getting better. Our #1-ranked ski resort just opened a brand new lift, Broadway, which will give skiers significantly more access to the Sunrise area (known to locals as Turkey Bowl for the following reason: before the Seattle Ridge lift was installed, ski patrolers used to love to hike into this area and ski the south-facing slopes and bowl. Once the lift was installed, it gave aceess to everyone, and the somewhat-chagrined ski patrolers began referring to the new population of skiers as "turkeys" since they had it so easy).