This week we have the La Plata County residential real estate transaction numbers through the month of March. Residential sales continue to set record highs and the question remains, how long will this trend continue with the lack of inventory we continue to encounter? Bob Allen stated in this year’s Wells Group Forecast, this year is all about supply and demand. As long as we have the supply the number of residential sales will continue to rise.
The month of March had 103 total sales, compared to 78 sales in February. This is a historically high number; in fact, it’s a higher number of sales for any March since prior to 2013. Year to date, we are at 257 total sales, compared to 212 this time last year.
The median sold price through March sits at $493,000, which is also higher than any year-end median sales price since prior to 2013. Of course, it’s early in the year, but it’s a good start for the median sales price. Average days on the market for the month of March were 102, which is the lowest it has been since previous to 2013.
As always, we are here for our clients and are available to discuss any questions or concerns you have on the state of the real estate market. We continue to stay thankful for the ability to live and work in Durango.