This week we have the La Plata count residential real estate transactions for the month of February. With 60 total sales, it was a stronger month than February of 2019, which had 56 total sales. Additionally, this month had one transaction more than January of this year.
The median sales price currently sits at $435,000, which is significantly higher than the 2019 year-end sales price of $385,000. The average days on the market is 142, which falls higher than the number we’ve seen for the last handful of years. It’s still early in the year to anticipate trends based on these numbers. It’s possible the median sales price will decrease and the average days on the market will decrease as we settle into the year more.
This week, the Fed cut the interest rates by 50 basis points; the first time the Fed has cut rates a half percentage point since late 2008. Mortgage rates are lower than the end of last year, so if you’re considering buying a home, now would be a great time to capitalize on the lower interest rates. As always, we love discussing the La Plata County real estate market. Please let us know if you have any questions.