The Durango Area Association of Realtors® compiles monthly statistics of La Plata County which gives us insight into Durango, Bayfield, and Ignacio real estate activity. With this information, we can compare the current market to the past year and find trends and key metrics. January 2023 was a good start to the new year.
In La Plata County there were 31 new single-family home listings in January 2023 which is a 45.6% decrease from January 2022. There was also a decrease in sales from January 2022 to 18 in 2023. Over the past few months, we have seen the real estate market slow down from the pandemic boom, due in part to increased mortgage rates. Of the 18 sales, the median sales price was 4.4% more at $693,500 even though 4.6% less than the list price received. Inventory has grown 40% year over year. Townhomes and condos had a similar trend of less listing and sales activity but an increase in sales price.
Rural Durango had just 9 new single-family home listings and 6 sales which were about 65% less activity than in January 2022. The median sales price grew 39% and are $993,500 with the average at $1,115,167. In town, there was the same number of new listings with just 2 fewer sales. The median sales price is $760,000, 12% higher than one year ago.
In rural Bayfield, there were just 4 new listings and 4 sales with a median price of $407,500. The intown Bayfield market has grown in inventory by 450% over the past year, with a median and average price of $350,000. Ignacio has 1 new listing and 1 sale in the rural area at an elevated median price of $550,000. In town, there were 2 new listings but no sales.
The real estate market has seemed to simmer down since the 2020-2022 boom, with inventory beginning to increase. It is still a great time to sell; there are many buyers still actively searching for their next property. For our buyers, as interest rates are leveling out and homes are staying on the market for a bit longer, it is a good time to be home shopping. Please don’t hesitate to let us know how we can assist with buying or selling real estate.