I think we are highly aware of how slow the market has become yet there is a buzz in the air that started just before Christmas that shined a desperate light as if it proved life in our market versus a smell of death. Inventory picked from sellers up to replenish itself to affirm this belief and units did go pending. In 2022’s fourth quarter the numbers reveal these truths and other realities.
In the Condo market the fourth quarter actually concluded with four more units than 2021 with 72, yet new listings we down 42% at 22. These numbers captured our whole market and what effected new inventory was 50% less units in Elkhorn and 61% less in Ketchum. As a result, the quarter concluded with half the number of units sold than 2021 with 15 and is responsible for half the amount of dollar volume too. Again, the lack of new inventory in Elkhorn and Ketchum played a role in this outcome. Interestingly enough in average sale prices for Elkhorn came down 9%, Ketchum also down 9%, and Warm Springs came down 12%. Hailey on the other hand jumped to 15% with their two sales. It’s important to note that the average percent of list price sold came down 3% as a whole to 95% from 98%. That’s an important stat for buyers.
Surprisingly enough the Single-Family portion of the market finished the quarter with 9% more total inventory. Warm Springs had 300% more listings at 16 versus 4 a year ago. Additionally, Ketchum had 5 more listings to also be up 50% over ’21. Hailey sold five more listings in the fourth over ’21 with 15 putting it up 50% and Mid Valley (South of Ketchum) had seven sales versus six in the year before. Hailey’s total dollar volume sold was up 46% yet the market as a whole was down 44%. Good news for buyers, the average sale price came down 25% to 1.36m from 1.8. It’s also important to note that the average percent of list price to sale price was 94% down from 100. Take a look at the table below to see where each sector landed in this realm.
As you can imagine Vacant Land, which has already been suffering continues to do so with the early onset of winter. With 4% less inventory to work with we still have 136 total active units available. New listings are up yet the number of units sold was down 56% at ten which bled over to 55% less in total dollar volume sold. Notably, as a whole, on average 88% of the list price accounted for the sale price with more discounts throughout the various sectors.
All in all, I argue that the fourth quarter continues to prove to be the best time of year for buyers to get value and is affirmed over and over in the table of numbers.
