At The Wells Group Real Estate Brokerage, we closely monitor the La Plata County residential market to gain cumulative insights month over month. Over the years, this analysis allows us to identify trends, enabling us to make informed predictions and provide our clients with the best possible guidance.
Starting Q3 of 2024, July saw a 36.49% increase in sales compared to the previous months, bringing the year-to-date total to 443 sales - just 5.19% less than this time last year. July 2024 experienced a slight increase in sales compared to July 2023. Of these 443 sales, a significant portion, 252 homes, fell within the $300,001 - $800,000 range. This is offset by an additional 65 sales between $1,000,001 - $1,500,000 resulting in a median price of $638,000 and an average of $761,765. Although this average is about $56,000 lower than 2023, the median is exactly where 2023 ended. The 93 average and 61 median days on market are slightly longer than last year, however these numbers remain lower than pre-Covid years.
Inventory continues to grow, with a 4.53% increase month over month and 31.54% year over year. This growth is a positive sign for our market as sellers are able to move to accommodate their needs, providing more options for other buyers in the area. We continue to see a large portion - over 40% - of active listings priced at $1,000,001 or more. There are more listings available between $200,001 - $900,000, and a surprising 140% month-over-month increase in the $100,001 - $200,000 range.
As the school year begins for 2024-25 and summer winds down, we anticipate a steady fall market. With 133 homes under contract - seven more than in June - this will contribute to sales growth in the coming months. In addition, mortgage rates have decreased to 6.78% for a 30-year fixed mortgage, down 1% from their peak in October 2023. With indicators like employment rates and cooling inflation, we expect/hope to see further rate drops. This is great news for many homebuyers and is encouraging as the inventory remains steady as well. Please contact The Durango Team for more information about the local real estate market.
