What happened in July?
The busy summer selling season continues in Jackson Hole with 91 new listings hitting the market in July, bringing the new summer inventory total to nearly 300 over the last 3 months. While paling in comparison to a record-setting June, where 104 new listings hit the market totaling a staggering $439 million, July new listing volume was still strong at $320 million, more volume then we saw in May despite fewer listings. Another way to see this trend is to look at the average and median list prices throughout the past few months. May kicked off the summer selling season with a bang, June was record-setting, and July has leveled off a bit but remained very strong, ahead of May numbers (volume wise). New listings in the luxury segment continue to flood the market with 28 new July listings priced over $3 million, adding to the 52 luxury properties added to the market in May and June. Compare that to the under $500,000 market, where only 17 new listings came on the market during the past 3 months. The $1-3 million segment has seen the most new listings this summer, with 52 new properties hitting the market in July alone, and reaching a total of 140 throughout the past 3 months. This represents roughly half of all new inventory this summer. Twenty of July’s new listings are already under contract as of August 12th, representing 22% of new monthly listings.