As 2024 winds down, La Plata County’s real estate market has shown resilience and balance. Tracking key statistics month-over-month and year-over-year allows us to uncover valuable insights into the trends shaping our local market, and what they mean for buyers and sellers.
November Sales:
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November total: 78
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This is 22% higher than 2023, 15% higher than 2022, but down 38% from the real estate boom in 2021.
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Year to date: 821
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This is consistent with 2023, down 21% from 2022 and 38% from 2021.
This steady annual performance indicates a stabilizing market with fewer dramatic swings.
Inventory:
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Active listings: 289
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Decreased 19.4% from October, but up 16.5% compared to 2023.
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Pending listings (under contract): 73
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Down 32% from October, yet stronger than last year (51).
The decrease in inventory during the winter months is typical; sellers often wait until spring to list their homes if timing permits. This can give sellers who list in the winter months an opportunity to stand out in a less crowded market.
Hottest Price Ranges:
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$400K - $600K saw the most sales with 209, which is 25% of the total number of sales this year.
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$1,000,000 - $1,500,000 had the second most sales with 135 - 16% of the total sales this year.
This steady demand across both mid-range and luxury homes is healthy, we like to see buyer activity across all categories.
Price Trends:
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Average Sales Price: $800,698
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1% increase from October, but down 2% since the beginning of 2024.
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Median Sales Price: $659,000
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Also a 1% increase from October, and a 3% increase since the beginning of 2024.
The small change in these numbers is more consistent with a stable market, and offers buyers confidence that prices aren’t surging, while sellers can feel assured that property values are holding firm.
Time on the Market:
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Average Days on Market: 94 days
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(increase from 85 in 2023)
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Median Days on Market: 65 days
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(compared to 59 in 2023)
For sellers, this tells us that competitive pricing is imperative and selling in this market may require a little extra patience. This is good news for buyers because they may have a bit more time to make a decision.
Whether you’re considering buying or selling, strategy is important in this market and the winter months can be a good time to shop for homes or list your home. Although mortgage rates have remained higher than expected (6.7% for a 30-year & just below 6% for a 15-year), there is still movement in our market including creative financing and first time home buyers assistance. Please do not hesitate to contact Max and Deven for more information and assistance navigating the La Plata County real estate market..
