Jefferson County Real Estate Market Report – Mid-Year 2024
The Jefferson County real estate market has shown notable shifts in key metrics during the first half of 2024 compared to the same period in 2023. This report provides a comprehensive analysis of these changes, focusing on inventory, sales, pricing, and market dynamics.
Key Metrics Summary
| Metric | Thru 06-2023 | Thru 06-2024 | Percent Change |
|---|---|---|---|
| Inventory of Active Listings | 814 | 1,093 | +34.3% |
| Under Contract | 561 | 658 | +17.3% |
| New Listings | 740 | 836 | +13.0% |
| Sold Listings | 611 | 537 | -12.1% |
| Days on Market Until Sale | 16 | 19 | +18.8% |
| Median Sales Price | $715,000 | $727,500 | +1.7% |
| Average Sales Price | $808,351 | $837,756 | +3.6% |
| Percent of List Price Received | 101.0% | 100.0% | -1.0% |
Inventory and Listings
Inventory of Active Listings:
- The inventory of active listings has increased by 34.3%, from 814 to 1,093. This rise in inventory indicates a broader selection for buyers, potentially easing competitive pressures in the market.
New Listings:
- New listings have also seen a significant uptick, growing by 13.0% from 740 to 836. This increase in supply can help meet the ongoing demand in Jefferson County.
Sales Activity
Under Contract:
- The number of properties under contract rose by 17.3%, from 561 to 658. This suggests a strong buyer interest and continued market activity.
Sold Listings:
- Conversely, sold listings decreased by 12.1%, from 611 to 537. This reduction in closed sales could be due to various factors, including potential buyer hesitation or longer transaction times.
Market Dynamics
Days on Market Until Sale:
- The average days on market increased by 18.8%, from 16 to 19 days. This indicates that properties are taking slightly longer to sell, which could be attributed to the higher inventory levels giving buyers more options to consider.
Percent of List Price Received:
- Sellers are receiving slightly less compared to the list price, with a decrease from 101.0% to 100.0%. This small change reflects a slight shift towards a more balanced market, where sellers might need to adjust pricing strategies.
Pricing Trends
Median Sales Price:
- The median sales price has seen a modest increase of 1.7%, rising from $715,000 to $727,500. This steady rise suggests sustained value growth in the county.
Average Sales Price:
- Similarly, the average sales price increased by 3.6%, from $808,351 to $837,756. This reflects overall positive market conditions and value appreciation.
Year-to-Date Comparisons
| Metric | Thru 06-2023 | Thru 06-2024 | Percent Change |
|---|---|---|---|
| Under Contract | 3,060 | 3,108 | +1.6% |
| New Listings | 3,471 | 4,027 | +16.0% |
| Sold Listings | 2,853 | 2,754 | -3.5% |
| Days on Market Until Sale | 28 | 27 | -3.6% |
| Median Sales Price | $675,000 | $700,000 | +3.7% |
| Average Sales Price | $776,839 | $812,061 | +4.5% |
| Percent of List Price Received | 100.5% | 100.1% | -0.4% |
Townhouse/Condo Market
The townhouse/condo segment in Jefferson County shows different dynamics compared to single-family homes. Key highlights include:
| Metric | Thru 06-2023 | Thru 06-2024 | Percent Change |
|---|---|---|---|
| Inventory of Active Listings | 263 | 406 | +54.4% |
| Under Contract | 235 | 201 | -14.5% |
| New Listings | 257 | 255 | -0.8% |
| Sold Listings | 222 | 167 | -24.8% |
| Days on Market Until Sale | 27 | 31 | +14.8% |
| Median Sales Price | $430,500 | $420,000 | -2.4% |
| Average Sales Price | $474,198 | $447,908 | -5.5% |
| Percent of List Price Received | 100.2% | 99.4% | -0.8% |
Jefferson County real estate market
The Jefferson County real estate market is experiencing notable changes with increased inventory and new listings, while sales activity shows a mix of growth in under contract properties and a decline in closed sales. Pricing trends remain positive, indicating ongoing demand and value appreciation. The townhouse/condo market reflects different challenges with increased inventory but declining sales and prices. These dynamics suggest a shifting landscape that requires careful monitoring and strategic adjustments by both buyers and sellers.
FAQs
What is the current state of the Jefferson County real estate market?
- The market is experiencing increased inventory and new listings, with a slight decline in closed sales. Pricing trends remain positive.
How has the inventory of active listings changed in 2024?
- The inventory of active listings has increased by 34.3% compared to the previous year, providing more options for buyers.
Are properties selling faster or slower compared to last year?
- Properties are taking slightly longer to sell, with an increase in average days on market from 16 to 19 days.
What are the trends in sales prices?
- Both median and average sales prices have seen modest increases, indicating sustained value growth in the market.
For more detailed insights and assistance with your real estate needs in Jefferson County, please visit Orson Hill Realty.
Dan Skelly is a real estate broker/owner/agent at Orson Hill Realty in Evergreen CO. Dan is also a Realtor in Southwest Florida on Marco Island and Naples Florida
