August 3rd , 2015
In this Blog post, I’d like to touch on rising property values in Blaine County.
As reported last month, Blaine County property values rose by 3.6 percent last year to nearly $8.9 billion, according to figures recently released by the county Assessor’s Office.
The rise followed a 6.1 percent increase between 2012 and 2013, but total value remains well below the 2008 figure of $12.5 billion.
Between 2013 and 2014, property values rose by 6.3 percent in Ketchum to $2.7 billion, 3.5 percent in Sun Valley to $2.2 billion, 7.9 percent in Hailey to $829 million, and 4.3 percent in Bellevue to $169 million.
The 2014 figures are used to compute 2015 property taxes. Assessment notices to property owners were mailed out in late May.
As a point of interest, the number of units sold dropped by 5 percent between 2013 and 2014, though total sales volume by price was up 40 percent. This can be attributed to fewer distressed property sales and a rise in overall prices.
For all sales reported in the Sun Valley Board of Realtors MLS, the average sales price went from $424,927 in 2013 to $626,566 in 2014, a 47 percent increase.
This information along with all the new development happening in the community right now both on the commercial and residential sides indicate a very strong, recovered, and robust economy.
In addition, we are seeing inventory thinning out in certain areas and price ranges, so the takeaway from this is: