2018: July Market Report

What happened in July?

New Listings

There were 82 new listings in July, making a total of nearly 250 new listings since the start of the busy summer season in May. Compare that to a total of 98 new listings in the first 3 months of the year. While the number of new listings was down slightly compared to June, the overall listing volume in July reached over $300 million, by far the highest monthly total of 2018. Sixteen of the new listings were priced over $5 million, with 8 priced over $10 million including a unique ultra-contemporary home down in the Snake River Sporting Club, listed for $12 million. As a result, the average listing price jumped up to $3.7 million in July with a median listing price of $1.65 million. High demand properties continue to sell quickly with 25% of all July listings already under contract or sold.

New Listings

$3,690,494

Average List Price

67

NEW RESIDENTIAL LISTINGS

$302,620,500

New Listing Volume

Thinking of selling your property?

Now is a great time to list your home. Not only is the grass green and the flowers blooming, but buyers have shown they are ready to move quickly on desirable opportunities.

What Sold

The busy summer selling season remains strong with 46 sales in July, down slightly from June but still the second highest number of sales in 2018. Total sales volume increased from June, representing the highest monthly volume seen in 2018, outside of April, where 40% of sales occurred over $3 million. Both the average sales price ($2.1m) and median sales price ($1.1m) were up in July, signaling an overall increase in values as we move through the summer. Sales prices remained strong, with properties selling, on average, at 97% of listing price for the 5th time in the last 6 months – perhaps the new standard in the market. July saw a similar distribution among price points with a slight majority of sales occurring between $500,000 - $1 million, however over 1/3 of all property sales occurred in the $1-3 million range.

Real Estate Transactions

$96,671,926

Total Sales Volume

7%

of property sales were under $500,000

$2,101,564

Average Sales PRICE

Be prepared in this competitive market to move quickly.

If you are interested in particular location or type of property, please make sure I know about it so I can be on the lookout for soon-to-be-listed and/or off market properties as well.
Note: All statistics are pulled from Teton Board of Realtors Multiple Listing Service for residential sales/listings in Teton County, WY for the dates specified above. It is estimated that sales outside of MLS account for an additional 10-20% of transactions/volume. Contact Katie for more details.