In the middle of Idaho, the cities of Sun Valley and Ketchum have slowed down from a 4-year sales price climb in the top luxury segment. The average sales price in 2024 is down to $12.3M from a $12.8M-high in 2023. 2023 was a spectacular year for the market's top properties, as properties sold within 80 Days On Market (DOM). In 2024, DOM rose to 150, which is still significantly faster than in all years prior, and the national average for top sales.
Highlights
First price drop in 5 years, averaging $12.3M for top 10 luxury properties in 2024
Market velocity remains strong with average of 150 DOM in 2024
Sales-to-list price ratio increased to 94% in 2024, up from 90% the previous two years
Smoothing out
The smoothing out of the Sun Valley sales prices coincides with a similar trend in our Central region, where prices peaked at $12.8M in 2023 and dropped slightly to $12.3M in 2024. Sellers in Sun Valley and Ketchum are very realistic about the value of their properties as indicated by the lower-than-average DOM for top sales. In 2024, properties sold for 94% of their list price, on average. That’s 3% more than in the similar Central markets and 7% more than in the US. The Sun Valley market itself is becoming more stable than before, where we saw some major outliers in 2022, with properties selling after years at only 60%-75% of the list price. In 2024, the difference between slow-selling properties (>180 DOM) and faster selling (<180 DOM) was just 5%.
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