August real estate sales show a rise in median home price—perhaps due to sales of several high-priced properties—and a drop in the number of properties sold.
There were 67 home closings reported for the month of August, according to the Sun Valley Board of Realtors Association. A monthly data report is provided by the association’s multiple listing service. The information provided covers only Blaine County single-family homes, condominiums, townhomes and duplexes.
For August, Blaine County data showed the following:
- The overall median sales price for the month was $565,000, up 31 percent, year over year.
- The number of homes sold ended at 67, down 28 percent, year over year.
- The average number of days on the market was 127, down 5 percent, year over year.
- The number of for-sale properties was 506, down 19 percent, year over year.
Blaine County showed higher-than-normal median sales prices across all markets for the month, with the biggest increases in Elkhorn, Sun Valley and southern Blaine County. This is partly due to the sale of eight homes with a $1.8 million median sales price in Sun Valley and 10 homes with a $727,000 median sales price in Elkhorn. Despite a high median sales price in August, data show that for the months January through August, the median price is $452,000, up 7 percent compared to January through August 2018.
Inventory this summer continued to be down compared to 2018, with fewer existing homes being brought to the market. Additionally, the National Association of Realtors’ chief economist, Lawrence Yun, stated that home construction fell nationwide in the first half of the year, leading to tight inventories, particularly at more affordable prices for those living in high-cost markets.
“Even with lower interest rates, Blaine County’s housing market continues to see slowed growth, with less listings coming to market and less closings than the past few summers,” said Ned Burns, Sun Valley Board of Realtors president.
While August showed a drop in Blaine County properties for sale compared to August 2018, it is less on a year-over-year January-through-August scale. During that time last year, Blaine County saw 811 new listings added to the market, compared to January through August of 2019, with 752 new listings, for an overall decrease of only 7 percent.
“The shortage in homes for sale, affecting housing markets across the country, can also be seen in Blaine County,” Sun Valley Realtors CEO Grace Summers said. “Potential homeowners competing for homeownership in an area with tight supply continues to drive housing prices upward.”