7. VOI Inventory

Bluegreen’s VOI inventory consisted of the following (in thousands):



		December 31,
		2019		2018
Completed VOI units	$	269,847	$	237,010
Construction-in-progress		3,946		26,587
Real estate held for future VOI development		73,144		70,552
Total VOI inventory	$	346,937	$	334,149

Bluegreen increased the average selling price of its VOIs by 3% in December 2018 and 4% in June 2017. As a result of these pricing changes, Bluegreen’s management increased its estimate of total gross margin generated on the sale of its VOI inventory. Under the relative sales value method prescribed for timeshare developers to relieve the cost of VOI inventory, changes to the estimate of gross margin expected to be generated on the sale of VOI inventory are recognized on a retrospective basis in earnings. Accordingly, during the years ended December 31, 2018 and 2017, Bluegreen recognized a benefit to cost of VOIs sold of $3.6 million and $5.1 million, respectively, in connection with these pricing changes. No such pricing change occurred in 2019.