This week we have the final real estate transactions through the month of August. As we begin the unofficial start of fall, it is a great reflection on the state of the market.
The August numbers show 114 total transactions. In July we saw 107 transactions, so August was a slightly stronger month than July. This makes sense, as early summer is the peak selling season in La Plata County, so August is when many transactions close as a result of the busy summer.
As was the case for the last few months, the 2014 numbers are still slightly lower than 2013. We again note that this is expected and healthy for the market. After steady year over year growth, the market reached a peak, and is now showing a slight decline. We think of this market as taking a breather, but still healthy and strong.
Currently, the year to date average sale price and median sale price are both higher than the last several years. This further substantiates the strength of the market. The average days on the market and median days on the market are lower than several previous years, indicating a quicker sales cycle and less inventory available.
Overall, these numbers align with the previous months’ trends, and hold to the expectations had for 2014. We are pleased with the continued activity in the market, as well as the home values noted. As always, please let us know if we are able to answer any questions.