As we wrap up the third quarter of 2024, the residential real estate market in La Plata County continues to shift. Monitoring it on a monthly basis allows us to identify trends and deliver the current and accurate knowledge for both buyers and sellers.
In September 2024, there were 105 residential sales, and 644 sales total in 2024. This marks our busiest month of the year. Of the 644 sales, there are two dominant price categories: $500,001 - $600,000 with 103 sales and $1,000,001 - $1,500,000 with 102. The median price has increased by 2%, while the average, now at $784,147 is about 4% lower than the 2023 average. We watch the median number more closely because it does not subject large fluctuations like the average. Days on market remain close to their summer numbers.
Inventory remains strong as we head into the fourth quarter with 373 available listings, marking a 28% increase from 2023. This rise reflects more movement and options in La Plata County. Notably, 39% of listings are priced over $1,000,001, while another 39% fall within $200,001 - $700,000. The balanced distribution across price categories is a positive sign and an indicator of a healthy market.
As we approach the holiday season our market typically slows down. Despite the recent mortgage rate increase, we expect to see those come back down and once they level out and remain in the 5-6% range, more buyers will re-engage in their home searches. The Durango Team at The Wells Group would love to be of assistance with your real estate goals, please let us know how we can help.
