If you're looking to buy a home in the Wood River Valley, there are almost 1,100 of them to choose from. That's about 400 more than were on the market at this time last year.
"It's a good time to look around and make an offer, because there are deals to be had," said Jim Figge, president of the Sawtooth Board of Realtors.
Meanwhile, prices have started to drop, in some cases by as much as 10 percent.
Figge acknowledged that the residential housing market has been unusually flat this summer, but he expects it to pick up later this fall.
"Our phones are more quiet than usual for the end of July," Figge said.
"I think there's a lot of people who have a sit-back-and-wait attitude," he said. "Buyers are witnessing that our market is in a period of adjustment, and they're electing not to buy. They're waiting to see what the market will do."
The Sawtooth Board of Realtors multiple listing service showed 1,090 residential properties for sale on Monday, July 31. That compares to 791 residential units on the market at the same time last year.
Anne Tokareff, the board's executive officer, explained that some of the listings are for homes outside of Blaine County, but the majority of the listings are in the Wood River Valley.
Residential properties refer to single-unit dwellings, apartments, condominiums, cabins, and so forth.
Figge is hesitant to call the housing surplus a glut, because it doesn't apply to all segments of the market. Expensive homes fronting golf courses are still in high demand, but single-family homes, particularly in Hailey, are plentiful.
So, what's going on with the valley's housing market?
Three things basically, said Figge. The market has leveled off and is readjusting following the recent real estate boom, interest rates are higher, and people are reacting to worldwide events.
He said some sellers have overpriced their properties because of the real estate boom of the past few years. Now that the market has flattened out, they may have to lower prices if they're anxious to sell.
"I don't think anyone is chipping into their equity yet," he said. "I think what sellers need to do is make it look like a deal, so it looks like if you don't buy it, the next guy will."
If sellers can wait, though, prices likely will eventually go up, Figge said.
"I do believe this is an adjustment period," he said. "Historically, our prices have not gone down, but just flattened. And how long we're in this flattened mood, I just can't guess."
Figge said many potential buyers are waiting to see if prices are going to come down further, but are also hesitating because of world affairs.
"I think a lot of people are a little worried about what's happening nationally, with gas prices and in the Middle East," Figge said.
He said new residential construction, especially in Ketchum, will add to the surplus and help keep prices lower, for at least a while.
Jon Anderson, mayor of Bellevue and vice president of the Building Contractors Association of the Wood River Valley, said that much of the residential construction currently under way is for custom-built homes and will not directly affect the housing market.
"The custom market for second homes is going strong, as always," Anderson said.
He said construction contractors aren't unduly worried about the current housing surplus, because it's part of the normal market cycle in the Wood River Valley.
"It always runs in cycles, " Anderson said, "I've seen it up here before."
Real estate sales signs have become a common sight in the Wood River Valley, especially in Hailey, as the valley experiences a housing glut, caused in part by the real estate boom of the past few years.
