Q1 Market Overview: Condos vs. Single-Family Homes
Condo Market: A Strong Start to the Year
The condo market had a notably successful first quarter. Active inventory rose by 32% to 144 units, driven primarily by increases in Ketchum and Elkhorn. Interestingly, the number of new listings remained relatively flat, suggesting that much of this inventory carried over from the fourth quarter of 2024.
Sales activity was robust, with a 61% increase in the number of sold units, resulting in an 84% jump in total dollar volume compared to the first quarter of last year. Ketchum and Elkhorn were the main contributors to this growth.
The average sale price rose by 13% overall, with standout gains in Elkhorn (up 54%) and Ketchum (up 20%). Meanwhile, Sun Valley and Warm Springs saw price declines of 29% and 19%, respectively. Despite these mixed results, the percentage of sold-to-list price remains high across all areas, reflecting strong pricing accuracy and healthy buyer demand.
Single-Family Homes: A Slower Quarter, But Potential Ahead
In contrast, the single-family home market told a different story—one that mirrors familiar trends seen in previous years. Although active inventory rose by 13%, the number of homes sold dropped by 42%, leading to a 45% decline in total dollar volume. The average sale price also fell by 31%.
As noted in recent monthly updates, lower-priced homes performed best this quarter. Notable inventory increases were observed in Ketchum (up 55%) and the “Other” category (up 47%), which includes areas outside the county. Yet, despite this influx, only one single-family home sold in Ketchum during the quarter.
There is, however, reason for optimism. With 57 single-family units currently pending—just two fewer than this time last year—the market appears poised for a stronger second quarter.
