The Wells Group compiles real estate statistics monthly to compare recent market activity with months and years past, which shows us trends and key metrics.
In September 2022, there were 109 sales in La Plata County. With 116 in July and 122 in August, this number is slightly lower. With the exception of the booming 2020 market, we are only slightly below past September averages. In 2022, there have been a total of 886 sales.
As of September 30th, 2022 there are 252 active listings which has significantly increased from only 98 at the beginning of 2022. Our over $1,000,001 market makes up 41% of active listings, and the $500,001 – $1,000,000 fills 43%. With 114 listings under contract, just under half fall between $300,001-$700,000. Another 29 listings under contract are in the $1,000,001+ category.
We continue to see a steady increase in average and median prices. The average in 2022 is now $747,309, almost $100,000 than 2021, and up 29% from 2020 when our market took off. The median is $589,450 which is about $54,000 more than last year in La Plata County. Average and median days on market have continued to decrease as well.
Heading into Q4, we expect that our market will follow the historic pattern of a slow down in new inventory coming on the market as winter approaches. With the continued increase of interest rates, buyers are more cautious and average days on market will likely start to see an increase. Accurate pricing for new listings is essential to a successful sale. We are always happy to provide a market analysis for your property and discuss the many dynamics of La Plata County Real Estate.
- for Deven Meininger