Every month the Wells Group compiles residential statistics from the prior month’s real estate activity so that we can look at key metrics and trends. In La Plata County, March had 81 sales which is increased from January and February. So far 2022 has a total of 213 sales, 44 less than the first quarter of 2021.
Looking year over year for the past three years, sales start to increase in April and May heading into the summer. The question for this year is will there be enough residential inventory to elevate those sales numbers? As of March 31st, there were just 109 active homes in comparison to 169 six months ago. There are 175 listings under contract as of March 31st as well, contributing to market activity.
Of the 109 active listings, 46 fall in between $200,001 and $600,000 and 39 are $1,000,001+. Looking at the pie chart, we see an increase in the $1,000,001+ and even more so in the $2,000,001+ price ranges from previous years. As we see listing prices move into these higher price points, we also see increases to the average and median sales prices for La Plata County. As of March 31st, 2022 the average sold price was $746,704 which is almost $100,000 more than 2021 and over $200,000 from 2020. The median sold price is currently $575,000 which has also increased $40,000 from 2021.
The average and median days on market have decreased significantly from years past. Year to date, the average days on market is 85 in comparison to 2020 which was 135 days. The median is 52 compared to 84 days in 2020.
2022 is off to a solid start despite the low inventory and increasing prices. We look forward to following these statistics through the year and see if 2022 will follow past trends. Please reach out with any questions you have about La Plata County’s real estate market.
- for Max Hutcheson