The end of June signifies the midway point of the year. With six months of 2024 market data, we gain insight into key metrics, trends, and anomalies. This information also helps us anticipate and prepare for the next 6 months, enabling us to offer the best possible buying and selling services.
As of June 30, 2024 there have been 342 residential sales in La Plata County. This is just 31 fewer sales than the first half of 2023. The month of June saw 74 sales, which is a slower start to the summer season than in years past. Despite fewer sales, the number of pending listings continues to increase month over month, signifying more sales to come. Among the sold listings, the largest category was $500,001 - $600,000, with 58 sales, followed by the $1,000,001 - $1,500,000 range with 48 sales. This is reflected in the average sales price of $754,025 and the median sales price of $633,750. Compared to June last year, the average is about $30,000 lower while the median is within about $8,000.
The primary lynch pin in our market has been inventory, which is finally seeing significant growth. While the annual inventory remains among some of the lowest numbers we’ve seen since 1980, it has been steadily increasing after the 60% decline that occurred in 2020. Currently, there are 375 active residential listings, representing a 10% increase month over month and 37.4% year over year. This expansion provides more options for buyers and helps balance the market. Notably, over 40% of the listings are priced above $1,000,001. Additionally, the $200,001 - $800,000 price range continues to hold around 40% of the listings.
While 2024 has seen less sales activity, the growth in inventory is very encouraging and we expect that the second half of the year will see the benefits of this growth. Please feel free to reach out to the The Durango Team at The Wells Group with any questions about the La Plata County real estate market or for a personalized comparative market analysis.
