Listing activity exploded in May with over 100 new listings hitting the market last month. New listings in May of this year exceeded all of the busy summer months of 2018. In fact, the last time we saw over 100 new listings in a single month was back in July 2017. May's new listings totaled nearly $225 million, a monthly dollar volume not seen since August 2018. Of the 101 new listings in May, 35 of them were for vacant land, an activity level not matched since May of 2014. These available building sites covered the entire Valley from Solitude down to the Snake River Sporting Club, Ranging in price from $345,000 - $16,000,000. The average listing price of May's new inventory is $2.2 million, the highest monthly average we've seen so far this year. The median sales price also increased in May, up to just under $1.3 million. The majority (40%) of new listings in May were in the $1-3 million price range. Twenty-two new listings entered the market priced above $3 million, including homes in Granite Ridge and Shooting Star out at Teton Village and two lots in the newly-created Seven Springs subdivision along the Snake River on the Westbank. On the other end of the spectrum, only 10% of the new inventory was under the $500,000 mark and included 1-2 bedroom condos in Ponderosa Village and Virginia Village in the Town of Jackson. Nearly 1/4 of May's new listings are already under contract or closed, signaling a strong start to what should be a very busy summer selling season.