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Spring Greetings from Sun Valley!
We hope this message finds you and your family healthy and safe during the turmoil of the last few months. The impact of COVID-19 on the world, the nation, and our small community is like nothing we have ever seen. As you may know, Blaine County had one of the highest infection rates in the nation during the peak of the event, and it was a scary time for everyone here. As always, this community has bonded together, followed the rules, and supported one another, and it appears we may emerge stronger than ever.
As the threat of the virus slowly dissipates, we look forward to the future and returning to what we hope will be mostly normal lives. Though the Sun Valley summer season will certainly be affected as several large events have been canceled, there is the comfort of knowing there will still be wildflowers on the hillsides, hikes in the Sawtooths, long bike rides, and trout lunging for the fly on the Big Wood. In terms of real estate we actually anticipate a good summer selling season. The economic impact of this event is not yet known, but we are optimistic that our market will remain stable as Q3 and Q4 play out.
Please share this newsletter with friends and family who may be interested in buying or selling Sun Valley real estate. As always, your referrals are the most important part of our business!
We hope you will be able to spend some time here this summer as we slowly begin to get back to life as we know it.
Grady and Heather -
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As we headed into 2020, two key trends persisted from the end of 2019: historically low inventory levels and strong buyer demand for real estate in this community. The combination of these factors created a strong seller's market. For us personally, January and February were busy sales months during what is traditionally a quiet time of year. Then came the mid-March pandemic, the early closure of Sun Valley resort, and finally the lockdown.
The market reacted: Activity and showings slowed, and we went into what was a six-week holding pattern with reduced daily MLS activity. The good news (for sellers at least) is that we did not see significant price reductions on listed properties. The majority of sellers have remained calm, knowing this will eventually pass.
As May begins and the economy starts to churn back to life, so too does the local real estate market. We are seeing new listings, pending and closed sales. There is speculation that this event may in fact have a somewhat positive effect on our local market, with the pandemic serving as the final impetus for people who have been dreaming of a home in Sun Valley to take action.
Q1 2020 is in the books, and the statistics show some interesting trends. Most compelling is the number of NEW PENDING sales, which over the past year has increased nearly every single month compared to the prior year. Most notable: a 229% increase in NEW PENDING sales for the month of March 2020 compared to March 2019! Additionally, CLOSED SALES are up for the last year, and therefore ACTIVE LISTINGS are down. Inventory continues to decline, leaving buyers fewer choices.
The Q2 stats will reveal how much the pandemic impacted
our market. Stay tuned for future reports.
Current New Pending Sales* for the month of March were UP compared to March 2019.
+229% with 23 PENDING sales in March 2020 versus 7 in March 2019.
*The number of single-family, condominium and townhome properties with accepted offers at the end each month.
Closed Sales** for the month of March was UP compared to March 2019.
+100% with 14 sales in March 2020 versus 7 in March 2019.
**The total number of single-family, condominium and townhome properties sold each month.
Active Listings*** for the month of March were DOWN compared to March 2019.
-19% with 84 ACTIVE listings in March 2020 versus 104 in March 2019.
***The number of active single-family, condominium and townhome listings at the end of each month.
Click here for March statistics from the Sun Valley Board of Realtors.
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Burnett Properties and Harmon Investment Group Community Outreach Event
It is a great joy to be able to lend a hand in these challenging times. In late April, our dear friends Todd and Erin Harmon with RBC Wealth Management invited us to partner with them in hosting an inspiring community outreach event. In collaboration with the Harmon Investment Group, Wiseguy Pizza Pie, and the Church of the Big Wood, we distributed 300 take-and-bake pizzas to families in need within our community. With so many businesses closed and people out of work, many local families are experiencing serious financial hardship. Providing a meal for a family in need was very rewarding. The highlight was one local health care worker, still in her scrubs after finishing a 12-hour shift at the hospital, who was nearly in tears when we handed her two pizzas after a long day. We are grateful to all the health care workers, first responders, grocery store employees, truckers, and delivery people who have kept this nation and community alive and together as one!
Click here to watch a short video of this heartwarming event.
Video created by Tom Watters at TomWatters.com
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124 Highlands Drive
Highlands Subdivision
Sun Valley, Idaho
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13382 State Highway 75
Blaine County, Idaho
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151 Main Street
LIMELIGHT Residences
Ketchum, Idaho
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Residence 411 in the LIMELIGHT Hotel in downtown Ketchum
3 Bedrooms/ 3.5 Baths / 1871 Square Feet
We are honored to have represented the seller on the first resale in the Limelight Residences.
List Price: $2,295,000
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103 Hillside Drive
Ketchum, Idaho
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New Mountain Contemporary Home just minutes to the base of Warm Springs
2 Bedrooms / 2.5 Baths / 1,936 Square Feet / .21 Acre Parcel
We are honored to have represented the buyer of this beautiful property and welcome them to our community.
List Price $1,049,000
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With our 35+ years of combined experience, we are your full-time real estate professionals in Sun Valley. Whether you are listing or buying, our goal is to provide a first class, seamless experience from start to finish.
Click here to view all of our Listings.
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Grady Burnett / Heather Burnett
Associate Broker, Principal / Sales Associate
Cell: 208-720-0906 / Cell: 208-721-0484
grady@sunvalleyidahoproperties.com / heather@sunvalleyidahoproperties.com
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