What happened in July?
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.
Average List Price
NEW RESIDENTIAL LISTINGS
New Listing Volume
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.