2022 Sun Valley Economic Report
The Sun Valley Report
Friday, March 31, 2023
Sun Valley Economic Development (SVED) recently published a report which analyzed statistics provided by the Idaho Department of Motor Vehicles for 2022. Their takeaways were as follows:
- The gross pace of in-migration to the Wood River Valley has slowed from the previous two years.
- Net changes in registrations (e.g. incoming less outgoing) has also dropped significantly.
- The top five states of incoming drivers were California, Washington, Utah, Oregon and Colorado.
- The top five states for outgoing drivers were Utah, Oregon, Washington, Montana and Arizona.
- Hailey was the most popular registration location for both incoming and outgoing drivers
The question is whether these changes signify the end of the COVID migration to smaller towns, or whether they a result of our very low inventory (and much fewer actual sales) over the past few years. Regardless, the growth of the valley has slowed a bit which will hopefully allow us time to catch up with needed services, infrastructure and affordable housing.
The real estate market remains sluggish, though prices remain high. Below are the numbers for March 2023:
March 2023 Statistics
- 82 New Listings
- 50 Properties went under contract
- 22 Price Reductions
- 43 Sales
Of the Sales
- Low: $58,000 (Lot in Shoshone)
- High: $4,715,000 (Home in Sun Valley)
- Average Sales Price: $1,299,922
- Average Price Per Square Foot: $682
- Median Sales Price: $895,000
- Average Sales Price to List Price: $96.4%
- Average Days on Market: 191
Compared to March 2022
- New Listings: Down 27%
- Number of Properties in Contract: Down 39%
- Number of Properties Sold: Down 42%
- Volume Sold: Down 47%
- Average Sales Price: Down 8%
First Quarter 2023 vs First Quarter 2022
- New Listings: Down 26%
- Number of Properties in Contract: Down 43%
- Number of Properties Sold: Down 49%
- Volume Sold: Down 42%
- Average Sales Price: Up 14%
Springtime in the Wood River Valley
As we approach the end of March, we are normally seeing signs of spring. By this time last year, it had already reached 60 degrees and grass was beginning poke through the snow. This year, however, snow is still falling, and the mountain is as covered as it was in mid-January. In fact, Baldy received over a foot of new snow this week.
It looks like spring is on hold for at least a few more weeks.
A note to those of you who own riverfront properties: pay attention to the spring weather conditions as with this much precipitation we may be heading into another flood year. Be sure you have taken the necessary precautions and purchased flood insurance.
We are always available if you would like to discuss the market of the moment.
Wishing you all a fantastic weekend!