The La Plata County April numbers are in; as we analyze this past month, we note strong, solid numbers equivalent to last year. We are not seeing the large swing in increases we saw last year, but that may be a sign of steady home sales in the county.
As of now, the County total home sales for April are 72 this year versus 70 last year. While this is relatively flat to 2013, it remains substantially more than the years directly before that. The median price is $310,000 year to date, which is the same as for all of 2013.
The most interesting statistic was the amount of sales below $500,000. In La Plata County in April, it was 89% of all home sales, and 80% were below $400,000. This suggests a soft market In April for our 50+ generation, and probably fewer buyers from out of the area. This makes sense as most of our “higher end” buyers from outside of the area will typically come to Durango in the summer and fall. It is likely most of the sales in April were local buyers, with ties to employment in La Plata County.
As we analyze the numbers in more specific market segments, we see:
Durango In-Town Single Family Homes: 7 this year versus 15 last year. Median price was down from $377,000 (last year) to $354,900 (this year). The in-town numbers are likely impacted by the low inventory levels, and many of the buyers were looking for affordability, so the numbers for townhomes, condominiums, and Bayfield properties were up.
Durango rural Single Family Homes: 24 this year and 29 last year. Median price was down from $401,016 (last year) to $384,500 (this year).
La Plata County Condos and Townhomes: 18 this year, up from 13 last year. Median price was up from $220,000 (last year) to $298,500 (this year). It is great to see growth in this area! First time home buyers appear able to consider home opportunities in this segment.
Bayfield In-Town & Rural Single Family Homes: 18 this year and 8 last year. Median price was up from $199,500 (last year) to $234,075 (this year). The Bayfield area is experiencing substantial growth.
These numbers remain consistent with expectations. The activity levels have stayed solid with last year, now two months back to back. Although two months are not necessarily indicative of a whole year, we may be catching up with the big increases the market saw in the last few years. It looks as though the more affordable aspects of the market (condos/townhomes and Bayfield area) are growing. We will continue to watch this trend over the next several months.