Tracking La Plata County real estate monthly offers valuable insight into current market conditions while allowing for comparisons with past months and years. The data provided by The Wells Group enables us to identify key trends and anticipate what may be coming so we can best guide our clients.
One of the most important changes in the May statistics is the 43% increase in active listings year over year. This substantial boost helps meet the ever growing demand for property in La Plata County. As of May 31, 2024, there were 341 active listings. While 140 were listed over $1,000,001, there were another 162 in between $200,001 - $800,000, which helps anchor average and median prices. With summer and fall typically the busiest buying and selling season, we anticipate these inventory and sales numbers continuing to rise in the third quarter.
La Plata County’s median and average sold prices are currently lower than where we finished in 2023; that is not unusual for this time of year because we are less than 2 months into our prime season. In May 2024, there were 81 residential sales in La Plata County which was identical to May 2023. Year to date, we are just three sales shy of where we were this time last year. The largest sold price range was $500,001 - $600,000 with 47 sales and the second largest was $1,000,001 - $1,500,000 with 39 sales. We are pleased to see a boost in the middle market range because these buyers are often locals purchasing their primary residence, and this category has been significantly pinched in the last couple of years.
Mortgage rates continue to be a hot topic with the 30 year interest rate reaching almost 7.25% in May. Earlier this week, the Federal Reserve announced they are holding steady on rates and hinted that there may be one cut before the end of the year. Understanding the mortgage landscape is critical for both buyers and sellers and connecting with local loan officers to explore creative financing and assistance programs early in the process will set you up for success.
As your local real estate experts, please do not hesitate to contact us if you have general questions about the local market, and if you are interested in your specific market segment we’d love to take a deeper dive with you!
