Earlier this month, Westword reported that the median price for a Colorado single family home topped $500k for the first time. We have been experiencing an influx of migration to the state for several years at this point but now maybe more so than ever. The demand for housing in the west, especially in resort areas, is at its highest due to those looking to escape the big cities.
Here in the southwest region we are experiencing increases in median price as well. Montezuma county is up to $297k which is a $42k increase from last year. In La Plata county the new median price has increased to $577.5k, up $76.5k from 2020.
For the last few months the real estate market has been experiencing a shortage of supply. According to the stats, the amount of listings hitting the market last month in comparison to the previous year are up. Sold listings are simultaneously higher. Still, total inventory of homes for sale within the market are nearly ⅓ of typical numbers from last year.
With inventory still impressively low, average sold prices high and total average days on the market under 100 for both La Plata and Montezuma counties, it is surely a great time to sell.