Our Sun Valley shop was recently recognized for ranking third in year over year revenue increases out of all the Engel & Völkers Americas shops. For anyone asking, “how’s the market?” this is a pretty good indicator! “In speaking with our leaders in every market we serve, the term ‘unimaginable’ seemed to be most prevalent in describing the market and the year in general,” said Anthony Hitt, president and CEO, Engel & Völkers Americas. “These results are reflective of more than the market itself, but of the caliber of individuals within our network, and I couldn’t be more proud.” We are honored that our clients have seen the value our Engel & Völkers advisors can bring and have trusted us to represent them. Our ranking also represents the growth of the Sun Valley real estate market as a whole.
The Sun Valley Board of Realtors had a record year in sold volume with over $1.2 billion in sales in 2020. Advisor Svea Grover reflects, “With the accessibility to nature & open space being elevated as the new “Luxury” in today’s market, it’s no surprise the Sun Valley area has seen such incredible growth over the past year. We’ve been a bit under the radar in the past compared to other ski towns in the west, but as more people are able to work from anywhere, they’re realizing this place they’ve come to for vacation for years holds the beauty, open space, and quality of life they’re wanting year round. This coupled with our significant value makes it a winning combination!”
Advisor Reid Sanborn, SVBR Past President, weighed in with similar market insights as well as a look forward. “After the lockdown ended, we saw an influx of Covid “escapees” moving away from cities in favor of towns where they could enjoy socially distanced activities. Many of these buyers have had an attachment or affiliation with Sun Valley and COVID simply accelerated their timeline and inclination to eventually buy here.”
He weighed in on the current local market stating, “Our current inventory pressure is from more out of town buyers, as well as local sellers choosing to hold their properties until things somewhat normalize. Going forward, we will see some of these buyers move back to their primary locations, especially those with kids that need to go back to school in person, but younger families will try and stay if work allows the remote option many companies are pivoting towards. Others will hold their places as second homes for the foreseeable future to use in summer and during holiday breaks, or in case of another COVID shutdown, and finally some will sell, seeing a sizable gain in property value.”
Reid’s insights for 2021, “We will see some new inventory come to market, new builds and new listings, but demand will remain high and will have a positive effect on real estate prices for the next few years. My advice to buyers, if you want to buy in our market you must understand that we are in a strong seller’s market. Get on your agent’s radar, be ready to move quickly and pay close to if not above asking price. If you are financing, get fully approved so you can close quickly and compete with cash offers.”
Sun Valley proper isn’t the only area seeing growth! Hailey, Bellevue, and Fairfield markets have all been heating up as buyers seek more affordable options. There has been an increase in lot and land sales as well. If you’re thinking of buying or selling, our advisors are here for you to help navigate this complex market and provide up to the minute market insights as new trends develop.