As we enter the last quarter of the year, we reflect on the La Plata County real estate market this year so far. In doing so, we can track key metrics and see patterns month-over-month and year-over-year.
September had 21 less residential sales than August. As of September 30th the total sales for 2023 is 673, which is 213 less than this time in 2022. This year follows a similar trend as last year with a peak in August. Based on 2021 and 2022, we expect to see less activity as the year comes to an end. Of these sales, the largest, single price category was $500,001, - $600,000 making up ⅙ of the residential sales. The $1,000,001 - $1,500,001 and $1,500,001 - $2,000,000 categories create another sixth of the sales.
For active listings, we’ve seen a 15% increase since September 2022 with 290 currently. The single largest category is now $1,000,001 - $1,500,000 with 57. Since the beginning of the year, the inventory has almost doubled and we’ve seen a continuing growth in the $2,000,001+ category from 28 in January to 45 at the end of the 3rd quarter. We see a similar trend for under contract listings with a 100% increase since January 2023. However, pending listings year-over-year have seen neither increase nor decrease.
We continue to see the median and average sale prices increase, despite a growing inventory. The median is now $637,000: an 8% increase since September 2022. The average is $793,602: a 6.2% increase. Average and median days on the market remain nearly flat since 2021 with an average of 84 and median of 57.
Real estate remains a valuable asset and the growing inventory is a positive sign for Buyers, offering a larger selection and less time crunch on submitting an offer. The market is still a Sellers’ market. As the year progresses, please don't hesitate to contact us for deeper market insight, comparative market analysis on your property, or with any questions.