The April residential real estate numbers for La Plata County are out and what a great month it was! With 117 residential sales we are up by 38 from the previous year, not to mention that is the highest number of sales for the month of April since before 2013.
With a total of 374 residential sales already on the books we are gearing up for a successful summer which is very exciting. In 2020 we had not seen numbers like this until the end of May and the beginning of June. The numbers for 2021 are showing a higher average sold price at $578,496 as well as median price sitting at $495,000. This is a reflection of the value of the properties and lack of inventory as there are 143 active residential listings in La Plata County. This is also reflected in the average days on market dropping down to 98, which is the lowest we have seen since prior to 2013.
Typically this is the time of year that the real estate market starts to gain some momentum. With numbers like this it will be exciting to see what we are reporting come mid-summer.
This week many homeowners received their property valuation notices. They might have seen their value went down and question why. People often think it is a value “right now” which is not the case. This is because the valuation method and process is to value the property as of January 1, 2021. The way the Assessor staff does this is by looking at comparable values for the previous 18 months so from January 1, 2019 to June 30, 2020. If they do not have adequate sales data for that period they can go back up to 5 years prior.
We are thrilled to see the market thriving in the Durango area and we would be happy to help answer any questions you may have regarding the La Plata County real estate numbers and your tax evaluations.