Every month, we take a close look at real estate market trends in La Plata County. Below is an overview of what's happened as of October 31, 2023.
October in La Plata County typically marks the transition from the busy summer season to the quieter, more cozy fall season. This year, however, the real estate market is slowing down more gradually than in years past. There were 91 closed sales last month, only 2 less than in September and 23 less than August (the busiest month this year). Surprisingly, October 2023 saw more residential closings than October 2022. In total, there have been 764 sales this year. The largest price category by far is $500,001 - $600,000 with 123 sales, followed by $1,000,001 - $1,500,000 with 96 sales.
A persistent challenge in the La Plata County and national real estate markets is limited housing inventory. While still low, our inventory has increased 23% since October 2022 to 291 listings. The largest price category is $1,000,001 - $1,500,000 with 53 listings and another 43 listings over $2,000,001. Despite the growing inventory and 7.5-8% mortgage rates, the average and median prices of homes continue to increase. The average is now $809,099 with a median of $639,450, a 6.58% year-over-year increase. It remains an excellent time for homeowners to see strong returns on their investment(s).
Pending sales have decreased significantly since the previous month from 112 at the end of September to just 79 at the end of October. As we move deeper into the fourth quarter, we predict the La Plata County real estate market will continue to show increasing home values, with 25-30% fewer sales than 2022.
As we near the end of 2023 we don’t expect any major changes, however the market may experience some fluctuations so it's essential for buyers and sellers to remain adaptable and informed. Whether you're considering buying or selling, La Plata County's real estate market promises an exciting journey and we hope to be a part of yours. Please don't hesitate to reach out for a deeper and personalized market analysis.