On the heels of a record-breaking 2020, the Blaine County real estate market continues to experience strong sales activity in 2021.
In the third quarter of 2021, from July 1 to September 30, Blaine County agents sold 229 residential properties, the Sun Valley Board of Realtors reported this week. The number represents a 29% drop from the same period last year, but the comparison is not entirely indicative of the strength of the market, said Jed Gray, chairman of the Board of Realtors.
âThe strong increase in home sales from July through September is not a historically accurate benchmark for comparison with this year’s third quarter sales,â Gray said. “However, buyer activity remains strong with a trend towards cash buying as mortgage rates continue to be lower than they were before the pandemic.”
While the number of sales was down, prices were on the rise throughout the Wood River Valley.
Highlights of the third quarter report include:
- In Ketchum, 69 residential properties have been sold. The median selling price was $ 925,000, up 12% from 2020, but the number of sales is down 30%.
- In Sun Valley, 56 residential properties were sold, down 25% from 2020. The median sale price of $ 817,500 was up 24% from a year ago.
- Hailey’s 58 residential sales fell only 6%. The median selling price of $ 499,500 was up 7%.
- The 12-sales figure at Bellevue was down 8%, although the median selling price of $ 495,000 was up 19%.
The profile of home buyers is changing as more people use money to buy a new home, the Board of Realtors said in its report. He quoted Lawrence Yun, chief economist for the National Association of Realtors, who said cash transactions were up about 22% nationwide.
In Blaine County last quarter, cash transactions increased 50% for residential sales, the Board of Realtors reported.
In addition, neighboring large cities like Seattle and San Francisco continue to face astronomical housing prices, making Blaine County an affordable choice for those looking to relocate, âthe association said. “Despite the uncertainty of the pandemic’s effect on the economy, current market conditions remain competitive for buyers while making the sale the best time for homeowners.”
Seasonal changes in the market are expected from October through March, said Caroline Nutter, CEO of the Board of Realtors.
âIn any given year, we see residential sales slow down as September and the fall season approach,â she said. “However, we are still seeing a higher sales volume in real estate sales than in 2019.”
In 2020, total property sales in the county were just under $ 1.165 billion, a record up almost 100% from just under $ 585 million in the calendar year. 2019. Total sales figures include sales of residential, commercial and agricultural / ranch properties, as well as land.
The Sun Valley Board of Realtors is a professional organization for the real estate industry and related fields. It has over 300 Realtor members.