The Blaine County real estate market continued to record strong sales in the first half of 2021, following a record year in 2020.
From Jan. 1 to June 30, agents sold 323 properties in the county, a 70% increase from the same period last year, the Sun Valley Board of Realtors reported. The median selling price of $ 751,000 marked a 53% year-over-year increase.
“Our homes are currently demand driven and we are seeing positive buyer activity,” said Jed Gray, Chairman of the Sun Valley Board of Realtors. “A combination of historically low mortgage rates and low inventory has prompted buyers to continue offering their highest and best deals in the first half of this year. “
But this year’s sales are likely a skewed comparison to last year, notes a Board of Realtors report.
“Winter and spring are generally slow sales months for Blaine County, but considering what was going on around the world, virtually all sales came to a halt in the first half of last year,” says The report. “No one wanted to sell their house while the country was shut down. “
Sales in 2020 started slowly, but purchases driven by the COVID-19 pandemic drastically increased the numbers later in the year, the data showed.
In 2020, total real estate sales in the county stood at just under $ 1.165 billion, a record up almost 100% from just under $ 585 million during the year calendar 2019. Total sales figures include sales of residential, commercial and agricultural / ranch properties, as well as land.
Residential sales data at the end of June 2021 includes:
• At Ketchum, 79 sales were recorded in 2021, a 36% year-over-year increase, and 27 sales were pending. The median selling price for the six-month period was $ 1,170,000, an increase of 59%. There were 34 active registrations at the time.
• At Sun Valley, 79 sales were made, an increase of 88%. The median selling price was $ 875,000, a 31% increase. At the time, 31 sales were pending and there were 20 active registrations.
• Ninety sales were recorded at Hailey, an increase of 130% year-over-year, with a median selling price of $ 462,500, or 28% more than in 2020. Forty sales were pending and there were 20 active listings.
• In Bellevue, 18 residential sales were made, an increase of 20%. The median selling price was $ 488,500, an increase of 44%. Six sales were pending and there were 12 active listings at the time.
The 130% year-over-year increase in residential sales in Hailey was an ‘anomaly,’ the result of a ‘pandemic-induced purchase demand for out-of-state buyers seeking to settle in the region for various reasons, ”the report said. .
Caroline Nutter, CEO of the Sun Valley Board of Realtors, said the increase in sales this year should be viewed from the perspective of the pandemic.
“Residential percentages do not reflect the current market as we compare it to a global pandemic that stalled the first and most second quarter sales of 2020,” she said. “We then saw a massive increase in residential sales from June 2020 to 2021. So it will be interesting to see how the second half of 2021 plays out.”
Lawrence Yun, chief economist of the National Association of Realtors, predicted that mortgage rates would start to rise towards the end of the year. The rise will slow down demand for real estate and slow price appreciation, he said.
“In the past year alone, rising home prices have translated into a substantial gain in wealth of $ 45,000 for a typical homeowner,” he said. “These earnings are expected to moderate to around $ 10,000 to $ 20,000 over the next year.”
The Sun Valley Board of Realtors is a professional organization for the real estate industry and related fields.