The numbers are out! We are seven months into the year, and all things considered, the local real estate market is strong and steady.
With 125 total residential sales for the month of July, we see an exact even number compared to last July of 2015. Typically, July is one of our top months in terms of closings, so this is an excellent pace marker.
Year to date, we are at 628 total sales, compared to 640 last year at this time. This continues the trend we have discussed recently: strong months in terms of total transactions, but a slightly lower transaction total than 2015.
We see great news with sales prices. For median sales price, we are still slightly above 2015. A steady median price, a market that has rebounded from the recession, and low interest rates makes this an opportune time to participate in this market. Some markets have seen double digit growth in median price for several years, which has affected affordability. The La Plata County real estate market has rebounded, but it still offers virtually the same median price as 2006!
The average days on the market and median days on the market are both lower this year than the last several years, indicating a faster sales cycle.
Historically, our largest volume months in La Plata County are summertime months. We typically see strong activity through September, then the market slows down through the end of the year. The next 2-3 months will hopefully continue to see strong activity. All things considered, we are pleased with the state of the current market. As always, please let us know if we may provide any additional information.