While Covid-19 essentially put a pause on the real estate market for the second half of March and all of April, May has proven to be a big rebound month. Actual properties that sold in May are down considerably if compared to May of 2019, but that is not shocking given the fact that there weren’t many contracts written in the preceding 2 months. However, the more telling fact is that we are seeing many properties go under contract this May and therefore there will be many more sales recording in June/July. I suspect this trend will continue through the summer and fall for two reasons: 1) The greater Sun Valley area is seeing limited inventory levels in all facets of the market which helps create buyer demand. The residential market, which includes single family/condo/townhome has a decreased inventory level of -17.9% compared to this time last year. 2) We are also seeing a trend for seasonal renters coming here and staying longer this summer, or even staying the entire summer. Many people in the real estate world believe that they are “testing the waters” this summer to see if they can live and work in the Sun Valley area and then ultimately move here and buy. This will continue to put pressure on the low inventory and should help to keep prices strong for Sellers.
REAL ESTATE IN NUMBERS:
MAY 2020 SALES:
– RESIDENTIAL PROPERTY: 14 SALES / VOLUME $14,622,336
– VACANT LAND: 6 SALES / VOLUME $802,000
MAY 2019 SALES:
– RESIDENTIAL PROPERTY: 31 SALES / VOLUME $16,823,538
– VACANT LAND: 13 SALES / VOLUME $4,005,000
*sales numbers based on activity through May 27, 2020*
In a nutshell, the Sun Valley area real estate market should continue to remain strong. Remember, this is not 2008 where the real estate related market brought the economy to a crash. This time, the real estate market just might help to bring us out!
This real estate update is provided as a service to our guests and other interested parties. Alpine Lodging is not affiliated with Coldwell Banker Distinctive Properties or any other real estate firm, and is not responsible for the accuracy of this content.