As we close the chapter on 2024, the La Plata County real estate market has demonstrated resilience and slow but steady performance, even amid broader economic fluctuations. Let’s take a closer look at how December compared to previous months, and what the numbers mean for buying and selling in our local market.
December Sales:
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December total: 64 sales
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This represents a 23% increase over December 2022 and 2023. While still behind historical highs, it marked a strong finish to the year.
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Year to date: 885
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This was slightly higher than 2023 but shows a 23% decline from 2022 and a significant 61% drop from 2021.
Despite lower sales volume than in prior years, La Plata County real estate remains a solid investment.
Inventory:
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Active listings: 242
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This was 19% lower than November 2024 but 13% higher year-over-year.
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Pending listings (under contract): 58
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This marks a 26% decrease from November but remains consistent with December 2023 levels.
Winter typically brings lower inventory, and while snow has been elusive so far this season, its expected arrival often keeps homes off the market. However, buying and selling during this quieter time can be beneficial. Fewer active buyers means less competition and gives buyers stronger negotiating power. Additionally, we find that buyers who shop during the winter months tend to be more serious, qualified, and motivated.
Trending Price Ranges:
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$1,000,000 - $1,500,000
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This category led the market with 145 sales, accounting for 20% of all sales in 2024.
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$500,001 - $600,000
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The second most popular range - 124 sales which is 19% of the total transactions.
Luxury home categories have taken center stage in the La Plata County real estate market, driven by demand, new higher-end construction, and price appreciation elevating existing homes into higher brackets. Beyond these top two categories, there were 616 additional sales ranging from a low of $36,000 to a high of $6,999,999.
Price Trends:
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Average Sales Price: $803,667
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Nearly unchanged from November 2024 but 2% lower than December 2023.
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Median Sales Price: $660,000
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The median sales price was 0.15% higher month-over-month and 3.5% higher year over year.
These modest but steady increases highlight the enduring value of real estate as a long-term investment. The 3.5% rise in the median sales price is particularly encouraging and reflects a more balanced pace of growth. In contrast, the average sales price in 2023 was influenced by a higher proportion of sales above $1,500,000.
Time on the Market:
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Average Days on Market: 95 days
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Just one day more than November but ten days longer than December 2023.
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Median Days on Market: 66 days
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Similarly, this was one day longer than November and seven days longer than December 2023.
While homes are spending more time on the market compared to the pandemic-driven real estate boom, these time frames offer advantages for both buyers and sellers. Sellers can price more competitively and stand out among comparable listings, while buyers have more time to ask questions and explore options before making an offer.
Navigating the La Plata County and Durango real estate market requires a strategic approach. A knowledgeable real estate advisor can help you leverage current market conditions, while addressing factors such as mortgage rates and market trends. If you’re ready to explore real estate opportunities in Southwest Colorado, please contact The Durango Team at The Wells Group. We’re here to guide you through the process and help you achieve your goals in the Southwest Colorado real estate market.
