November market statistics are in and with just over 2 weeks left of 2023 (and hopefully no big surprises!) we have some valuable information to share about the La Plata County market so far this year.
The average sales price year to date is $823,763, up almost 10% from last year. The median sale price increased 4.8% to $640,000. Often, these percentages are somewhat aligned; the reason for this spread is 4 sales over $5MM which impacts the average sales price more than the median.
In November 2023, there were 61 sales - this is 30 less than in October 2023, but just 5 less than November 2022 which is typical going into winter. However, this is over 50% less than November 2020 and 2021, when our “slow season” was anything but. There have been 825 total residential sales 825, roughly 20% less than the end of November 2022. The largest price category is $500,000 - $600,000 with 130 closings, followed by the $1,000,001 - $1,500,000 bracket, with 106 closings.
As of November 30, 2023 there were 51 homes under contract, and 248 active listings, down slightly month-over-month but still up year-over-year as we’ve watched the inventory slowly begin to rebound.
Interest rates on a 30-year fixed rate mortgage dropped slightly below 7% a few times over the last couple of weeks, and in speaking with a couple of our local lender partners, they anticipate rates will settle into the 6% range in the first half of 2024. Please don’t hesitate to contact our knowledgeable Brokers for more information about your specific segment of the market.
