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  • Writer's pictureAshley Blackmore

Market Trend of June 2023 in La Plata County

Are you curious about what’s happening in our local real estate market in Durango Colorado and Plata County? Tune in to this video to see all about the June updates and see what’s happening in our areas. #durangocolorado#laplatacounty#colorado#realestate#durangocolorado#colorado#history

Hello, Buyers and Sellers! Today, we're going to take a close look at some key real estate metrics that will help you make informed decisions in your real estate journey. First, let's talk about the Months Supply of Inventory. This metric measures how long it would take for all homes currently on the market to sell, given the current rate of sales. A Months Supply of Inventory of 2.91 means that, if no new homes were listed, it would take just under three months for all available homes to sell. This is a seller's market, as there is relatively low inventory for the number of buyers interested in purchasing a home. Next, let's look at the 12-Month Change in Months of Inventory, which has seen a significant increase of 59.02%. This means that the housing inventory has gone up, indicating that more homes are being put on the market. This increase may be due to a variety of factors, such as a rise in interest rates, a shift in employment trends, or even a change in the local housing market. Moving on to the Median Days Homes are On the Market, this metric tells us how long a typical home is listed before it sells. At just seven days, this indicates a highly competitive market, with homes selling quickly. This is great news for sellers, but it does mean that buyers need to be prepared to act fast when they find a home they like. The List to Sold Price Percentage is another metric to keep in mind, as it tells us how close to the asking price homes are selling for. At 98.6%, homes are selling for almost the full asking price, which is a strong indicator of a seller's market. Finally, let's talk about the Median Sold Price, which is currently at $675,000. This tells us the midpoint of all home sales in the area, and while it may vary depending on location, it's a good indicator of the current state of the housing market. So, how do all of these metrics correlate? Well, a low Months Supply of Inventory, combined with a high Median Days Homes are On the Market and a high List to Sold Price Percentage, suggests that buyers are willing to pay top dollar for available homes. Meanwhile, the increase in inventory over the past year indicates that more homes are coming onto the market, which could lead to a more balanced market in the future. Overall, these metrics provide a snapshot of the current real estate market, and can help both buyers and sellers make informed decisions. Thank you for listening, and we wish you all the best in your real estate endeavors!\\√

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