While it may not feel like it, the inventory has grown substantially over the past year, from 182 active listings at the end of March 2023 to 240 listings at the end of last month. We expect to see this number continue to rise in the coming months; even though recent interest rates have been a moving target, some sellers are starting to feel more comfortable moving forward with a sale knowing that rates were holding steady in the mid to upper 6% for many weeks and will likely get back there again.
Average days on market increased by 28% since this same time last year. One of the factors we attribute this to are the property insurance challenges homes in La Plata County are facing. It is becoming more difficult for homeowners and buyers to find insurance for a reasonable price or with the protections they want. We expect this will also impact the condo market due to the cost of HOA Master Insurance policies going up, therefore raising dues.
In the first quarter of 2024 there were a total of 130 sales - 52 in March alone. This is just slightly under Q1 of 2023, however significantly lower than sales in 2021 and 2022. Of those 130 there were 25 just in the $500,001 - $600,000 price range, making it the category with the most sales. $1,000,001 - $1,500,000 is the second largest single category with 17 sales which tracks with trend we saw last year.
The median sales price is now $600,000 which is about $100,000 below the average which is now at $704,833. Although currently lower than the 2023 median and average, we expect to see this to climb throughout the remainder of 2024.
Please let us know how we can help navigate our real estate market, we would love to hear from you!
