Happy Friday!
In true summer form, the beautiful days of July are FLYING by! The summer always bring out the best Sun Valley has to offer and just this week I have been privileged enough to see a private performance by the Company of Fools that rivals a Broadway play, heard Dave Mason, formerly of Traffic, play at River Run (with an opening band made up of local tweens) and tonight get to drink some of the countries’ finest wines at the Sun Valley Center for the Arts’ Wine Auction. Where else in the world does a small town offer so much big city culture? And the best part is that these events are accessible to practically every age and social status. I truly believe we live in one of the finest places in the country!
Of course real estate is at its busiest in July. Showings are up and sales, while nowhere near their past levels are slowly trickling in. We seem to be on par with most Western resort economies. In a report from the Western Mountain Resort Alliance summer meeting in Lake Tahoe, CA last month, representatives from our local Board of Realtors said the following:
“In general, most resort markets are moving forward. Some are still seeing a small decline in pricing. It is perceived that most resorts are at the bottom and slowly making their way back up. Interest rates are still low. When the market really makes a significant rise, interest rates will also rise. Now is when Realtors should be encouraging buyers to purchase, before interest rates go up. California resort sales are at pre-peak levels. With the median income up 9%, affordability is at near-record high. Resort foreclosures are at 30-40% of the market and short-sales are another 30-40%. Generally the resort market is tracking with the rest of the market, though inventories are higher and prices softer than non-resort markets.”
So the deals are out there and while buyers are hesitant and cautious, transactions are beginning to take place.
On the national front, we are seeing the housing economy going through a bumpy ride. The interactive chart, Where Housing is Headed published in the Wall Street Journal shows that even the healthiest cities are not over the hurdle quite yet.
One this is for sure, good housing economy or bad, the Wood River Valley is still an incredible place to live and play.
Wishing all of you a wonderful weekend of summer fun!
Katherine Rixon, Rob Cronin and Rob Hogan
If you know of anyone looking to buy or sell real estate please let us know. We are never to busy for your referrals!
Sun Valley Brokers, LLC
office: 208-622-7722
cell: 208-720-4958
fax: 208-622-7127
www.svbrokers.com
www.pilotinvestmentsllc.com
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