What happened in July?
Real Estate Sales jumped in July with nearly 50 transactions occurring, the highest monthly total since October 2018. While more properties sold in July, they were also selling for higher prices, as total dollar volume jumped up to $84 million - the highest monthly dollar volume seen in all of 2019. As a result, the average sales price increased to over $1.7 million in July, after two months hovering right around $1.4 million. After spending the last three months below the $900,000 mark, the median sales price crept up to just over $1 million in July, indicating that prices were up across the board not just in the high-end. The average days on market drop significantly to 129 (after 2 months right below 180 days). Not only were homes selling more quickly in July, they were also selling closer to listing price. The sale to list price ratio reached 97% (the first time this year) as a whopping 18 properties sold at or above their list price! Townhome and condo sales were hot in the hottest month of the year, representing nearly 50% of all sales and including 3 Ponderosa Village condos and several townhomes in West Jackson. As a result the $500,000 to $1 million price point saw a bump, accounting for 37% of all sales. However, the luxury market was still well represented with 8 sales over $3 million including 2 newly built Caddis homes in the Snake River Sporting Club.