2014 Market Summary
2014 Real Estate Market Statistics Summary
2014 was a big year for recovery of the real estate market as shown in the year end statistics of the Sun Valley Board of Realtors. With distressed properties becoming less of a factor driving transactions the values of real estate have increased substantially.
Total Volume of Sales increased by over $100,000,000 to $425,916,608 in 2014 up from $$303,414,575 in 2013, yet the total number of transactions decreased slightly to 715 in 2014 from 732 in 2013. This resulted in a whopping 40% increase in the average sale price to $582,446 in 2014 as compared to $416,608 per transaction in 2013.
Within our geographic markets the South Valley areas of Hailey and Bellevue saw declines in the number of transactions and total volume, but in Hailey there was a 21% increase in the Average Sale Price to $330,514. This is clearly attributable to the absorption of short sale and bank owned properties during the prior years.
The North Valley areas of Ketchum, Sun Valley, Elkhorn, and Warm Springs showed the greatest gains in Average Sale Price followed closely by the Mid Valley market that definitely came out of the doldrums in 2014.
Residential land sales had virtually the same number of transactions but with an increase of 20% in total sales and a 21% increase in Average Sale Price, $341,000 in 2014.
Due to the diversity of values in our different market areas it is important for a consumer to rely on the expertise of their real estate professional as the average sale prices can be deceiving. Even with the increase in average sale prices, there is still abundant opportunity to purchase existing built inventory well below the cost of replacement.