The first quarter is typically the slowest quarter of the year for La Plata County real estate and 2024 was no different. We continue to see increased average and median sales prices and fewer homes sold in most market segments.
One noteworthy change is the condo market, including condos at Purgatory Ski Resort, which are beginning to decline in price, while active inventory and number of sold units increases. We attribute this to the insurance quagmire our area is experiencing. There are two factors at play: the first is that homeowners have had their insurance dropped and are challenged to find a new insurer due to so many national companies exiting the Colorado market; the second is the significant jump in the cost of homeowners’ association master policies. The change in master policy pricing is passed through to owners via the HOA dues and some owners are opting to offload their unit(s) as these costs go up. We will continue to closely monitor this and, as the dust settles, there may be a good opportunity for investment purchases.
The Bayfield market is trending in the right direction with both average/median prices up and number of sales up as well. This market was a little sluggish over the last couple of years so it is great to see these numbers on the rise.
The market has recently shown a notable uptick, evident in the increasing volume of "auto-notification" emails we receive daily. These emails, generated by inputting clients' search criteria into the MLS (multiple listing service), deliver new listings or price changes directly to them. Our inbox is inundated with these notifications daily! We’ve also found these to be a great tool for homeowners to stay informed about their specific market activity. If this is something you’d like us to set up for you, please don’t hesitate to get in touch!
