Evaluating the La Plata County residential real estate market enables us to deliver the best buying and selling services in the area. By monitoring the market month over month and year over year, we can identify seasonal patterns and shifts.
In August 2024, there were 96 sales in La Plata County, bringing the year’s total to 539, a 7% decrease in sales year to date compared to August 2023. Among the 539 year to date sales, the $500,001 - $600,000 and $1,000,001 - $1,500,000 price ranges saw the most activity. Only 8 properties sold for less than $100,000 while 15 sold over $2,000,001.
The average and median sold price increased by 2% since the end of January; the average is now $771,012 and the median is $640,000. The average days on market remain steady this summer at three months, while the median is two months. These numbers are slightly higher than August 2023. This indicates that the market remains strong with properties continuing to sell steadily, though not as fast as we’ve seen in the recent past. This is good news for both buyers and sellers because buyers have more time to make an informed decision, resulting in less terminated contracts for sellers.
Our market remains active with 134 pending home sales. This is consistent with June and July, reflecting more stability in the market and aligning with typical summer trends. We usually see this number begin to decline after September as we move into fall and winter. The $1,000,001 - $1,500,000 price range is the most popular market segment, with nearly 20% of these listings under contract. Active listings show a similar trend, with 17% in the $1M - $1.5 million range. There are 147 listings over $1 million, representing 39.2% of all available homes. However, with a total of 375 listings, there are options across all price categories.
We expect to see most of these trends remain steady through the fall. With the recent drops in interest rates, there will likely be a small pick up in buyer activity. Please do not hesitate to reach out to The Durango Team at The Wells Group for more information about the La Plata County real estate market.
