Durango Area Association of Realtors put together the local market update for us to see the trends and compare key metrics to 2020. We will be looking at single family homes as well as townhouses/condos in La Plata County for listings, sales prices, days on the market until sale, and inventory.
La Plata County had 103 new single family home listings and sold 78 within the month of August. Both of these numbers took a little dip from August of 2020 which had 124 new listings and 104 sold. However, the median and average sales prices have both increased approximately 15%; the median is now $605,000 and the average is $739,739. Despite the slower month, the year-to-date sales increased 13% over January 1st – August 31st, 2020. There’s a 25% drop in days on the market until sale and sellers have been getting over 100% of their listing price. The primary factor is the substantial 54% decrease in inventory for the month. We have seen this trend continue throughout past months within our market as well as across the nation. Townhouses/condos matched almost exactly new and sold listing activity in 2020 but at much higher prices. August’s median price was $445,000 in comparison to 2020’s $362,500. Again, we saw over 100% of the list price received, 50% less days on the market, and 75% less inventory.
Durango (in-town and rural combined) contributed 56 new listings and sold 50 single family homes with about 2/3 of that activity in the rural neighborhoods. There was less activity in the month compared to August of 2020 and rural home sale price still rose to a median of $712,438 and an average of $877,397. In-town median price only increased 2%, now at $623,500 and the average sales price actually decreased 4% to $697,405. In-town townhomes/condos saw an increase in activity with 21 new listings and 29 sold at a median of $412,500. Durango again saw a lack of inventory as compared to activity in 2020 causing an increase in list price received and decrease in days on market.
Rural Bayfield has seen double the activity as in-town Bayfield, with 16 new listings and 10 sold listings in August. The median prices for both in-town and rural are similar sitting just around $445,000. Ignacio had a total of 9 new listings and 3 sold. While there is more activity in the rural community, the median and average sold prices are $57,500 higher in-town, at $247,500. Rural sales prices have dropped 26% from August 2020 and are down 9% in-town. Rural properties are also taking longer to sell than last year despite having half of the inventory.
The market is constantly changing and tracking these metrics gives us insight as to what’s next. Please let us know if we can answer any questions or help as you explore the local real estate market.
Source: Based on information from Colorado Real Estate Network multiple listing service as of September 15th, 2021. The figures presented are based on data compiled from firm ranking of DAAR members in La Plata County for all types of transactions. This information is deemed reliable. The MLS does not verify such information provided and disclaims any responsibility for its accuracy.
- for Deven Meininger