Every month the Colorado Association of REALTORS® (CAR) releases statewide real estate statistics and key metrics so we can review past trends and try to see where the market is headed.
In March 2022, there were 9,390 new single-family listings. The year has now totaled 21,545 new listings, of which just 195 were in La Plata County. In 2021, there were 22,355 new listings by this time. This speaks to the inventory drought, resulting in about 8% less homes under contract and sold. The median sales price has risen 18% year-to-date from 2021 and is now $550,000 while the average rose 16% to $691,057. Looking at La Plata County’s median and average prices for March, we see $672,754 for the median and $881,884 as the average, both numbers over $100,000 more than the statewide statistics. Over 100% of the list price in 2022 while days on the market continues to decrease in both the state and La Plata County.
We see that active listings is about 20% lower than this time last year but starting to rise as the market livens up for the summer. Consistently, we see June as a peak activity month in the real estate market statewide. This is shown in the historical months supply of inventory which took a steep hit in 2012 and another at the end of 2020, when we were about 3 months into the Covid-19 shut down. Taking into account seasonal fluctuations, this first quarter has seen record lows at just .6 and .7 months inventory. La Plata County months supply of inventory in the first quarter is 1.1, still very low but slightly more than Colorado as a whole. A balanced buyer/seller market ranges from 4 to 7 months.
The real estate market has experienced unforeseen changes in the past few years in La Plata County, Colorado, and nationwide. No matter where you reside, please don’t hesitate to reach out with any questions.
View CAR’s full report here: https://car-co.stats.showingtime.com/docs/mmi/x/Statewide?src=page