Summer 2021: An Update on Sun Valley, Idaho’s Real Estate Market

Coming off the heels of what can only be described as an “unprecedented year” for Idaho real estate, expectations remained uncertain for much of Q1 and Q2 of 2021. As record-breakingly low inventory levels continued to sweep across much of the state, demand consistently outpaced the available properties in smaller resort towns like Sun Valley. 

But the summer months brought new movement across both properties and vacant land. 

With overall sold listings up over 75% compared to this time last year, plus nearly double the total sales volume, Blaine County is on track for another breakout year. 

Here’s a closer look at how the Sun Valley real estate market will continue to evolve in 2021. 

Sun Valley, Idaho’s Year-to-Date Real Estate Market Statistics

Looking back at 2020, total year-end sales volume across Blaine County hit a massive milestone: $1 billion. 

And by this time last year, overall sold listings fell just shy of 500 properties with a median sale price of $395,000. In the 12 months since, the market has seen a jump from $349,280,792 year-to-date total sales volume to a staggering $693,541,522 in 2021. This 98% increase underscores an important shift happening across much of Blaine County, influenced partially by rising home values across the state. Looking at Blaine County alone, median sale prices rose by over 20% compared to this time last year. On average, properties are selling for $475,000. 

In some residential neighborhoods that would have historically listed somewhere in the high $700,000 - $800,000s, homes are now coming on the market closer to $1,250,000.

The Rise of Call for Offers: What it Means for Both Buyers and Sellers

Across the market, we’ve seen a rise in something known as “call for offers.” This sales strategy is used most often for properties that already have a pool of serious and capable buyers. In Sun Valley and Blaine County’s current market, this trend may come as no surprise. 

Essentially, this closed-bid auction process allows for all property information and marketing materials to be distributed to a group of potential buyers. Agents pick a specific date and time for offers to be submitted, and then a final decision is made by the seller. 

What does this mean for buyers? Be prepared to act. Once the deadline is set to receive the call-in offers, it’s not the time for hesitation—especially in the case where multiple offers are likely being fielded by the seller.  

For the seller, however, in some cases this strategy can backfire. A property may only receive one offer, although in today’s market that is still relatively rare. Sellers can also find themselves overwhelmed with multiple offers. If they choose to price a listing for exactly what they are willing to sell it for and they do receive a full-price offer, sellers may accept before receiving any additional bids. 

This can be the preferred scenario as opposed to a “call for offers” strategy in which case a seller might need to review multiple bids from various interested buyers. 

Fear of Missing Out in a Seller’s Market

For many local residents and property owners who were “holding” at the end of 2020 due to anticipation and uncertainty around the market, 2021 has offered a second chance. 

With lower inventory levels still driving up prices across much of Blaine County, many sellers still remain in a power position. The fear of missing out on today’s market has motivated many to list their properties and capture the value that buyers are willing to pay.  

But sellers need to be careful. Not all buyers are willing to pay a premium—or in some cases, overpay—just because the market is seeing a rise in prices.

How Buyer Demand is Changing

Especially for properties that need renovations or remodels, aggressively pricing these listings can be detrimental. These properties are typically sitting on the market for much longer than their turn-key counterparts, largely due to the fact that local contractors and construction projects are already booked out through much of 2023. 

We’re seeing high demand for properties that are coming online, however many buyers are still waiting to see what inventory becomes available—and at what price. The majority of new residents relocating to the valley are currently families out of California, Washington, and Oregon. 

When offers are coming in, serious buyers are typically not providing many contingencies. In most cases, it’s common for the inspection contingency to be for the buyer’s knowledge only regarding health and safety.

The Popularity of Vacant Land Holds Strong

Across most of Blaine County, we’re still seeing strong interest in vacant land. Even with increasing waitlists and delayed schedules due to rising demand for contractors and new construction, buyers are still searching for the perfect spot to build their dream home. 

Located just 45 minutes south of Sun Valley Resort, Black Butte Ranch has seen a number of new lots come on the market and quickly go under contract. Both 801 N 250 W and 805 N 250 W received substantial interest from potential buyers as more and more people have been looking for somewhere to spend their weekends (without needing to travel far out of town). 

For some buyers, both privacy and convenience are still top of mind. And with over 550+ acres of secluded farmland, Gwin Springs Ranch offers the perfect mountain escape. 

The ranch is tucked in a private rim rock canyon along the banks of Thorn Creek and bordered by BLM lands. The property includes a 3,820 square foot owner’s log cabin, a 1,000 square foot guest cabin, horse barn, storage building, and a newly installed solar system. Numerous spring-fed ponds surround the cabin which creates an outdoorsman’s paradise for deer, elk, chukar, and more. 

Have questions about what to expect for the 2021 real estate market? Send us an email at braigen@stephanie-reed.com or give us a call at (208) 720-8958.