This week, we have our June month-end numbers for La Plata County residential real estate. With 111 total sales, this number is lower than last June at this time. In fact, it is a lower total of sales than the last three years. While we don’t know exact reasons for number variances, it’s possible the 416 Fire slightly impacted June’s sales numbers this year. This could have occurred if any homes fell out of contract or houses that would have closed in 30 days or less did not move forward; also, potentially some closings were delayed due to insurance. We anticipate a stronger July and August than 2017. Buyers will be re-entering the market since the fire is much less of an issue currently.
Year to date, we are at 526 total sales, compared to 547 last year at this time. This is not a huge variance, and it follows the trend we have seen for the last few months: a slightly lower number of sales, but still solid numbers.
The median sales price is $375,000, which is higher than 2017, and higher than any year since prior to 2010. The average days on the market is 125, which is lower than any year since prior to 2010. The overall picture of the real estate market tells a solid story: while transaction numbers are lower, the higher median sales price and faster sales cycle still indicate home values are high and the sales process moves quickly. Home buyers may also be encouraged by the relief in interest rates, as they had steady increases earlier this year and last week were the lowest since April.
As always, we would love to discuss the market with you. We will be hosting an open house event on Saturday from 12-3 at one38 Townhomes—Sierra Vista street. Register to win a big screen TV! We’d love to see you!
Post courtesy of The Durango Team. Read more or search Durango real estate.
