The Durango Area Association of REALTORSⓇ (DAAR) compiles La Plata County real estate statistics quarter over quarter and year over year, providing our area’s trends and key metrics. Now that Q1 and Q2 are behind us, tracking this information helps us compare our market to previous seasons and predict how the second half of the year will play out.
Sales activity this year continues to be slower than prior years, with the number of La Plata County homes sold decreasing by 29 units compared to 2023 and by 190 units compared to 2022. The median price increased by just 0.6%. This modest bump reflects the varied performance across subcategories: Durango in town homes saw a 13.8% rise in median price, Durango Mountain area condo & townhomes had a 74.1% increase, while Durango Mountain homes experienced a 28.4% decrease.
Each market segment, including La Plata County as a whole, saw a decrease in unit sales with the exception of Bayfield in town and rural homes, and Durango condos & townhomes. The Durango Mountain area saw the largest dip in sales. As the cost of HOA master insurance policies rises, resulting in increased HOA dues. Coupled with significant appreciation in the last 4 years and rising individual homeowner’s insurance costs, many investors/second home owners are listing their units. Bayfield has been experiencing slower movement of inventory and appreciation over the last few years, so we are happy to see a 4.5% increase in sales on in town homes, and a 10.3% increase in rural/country homes. Bayfield is booming, with many housing developments in the pipeline and two new stop lights in the works for this one-stoplight town.
Although interest rates stayed above 7% earlier this year, they are now settling back down into the high 6% range according to the 4-week average. Additionally, our inventory is slowly beginning to grow, which should boost activity in our market. We anticipate a strong fall season for real estate sales. As your experts in Durango and Southwest Colorado real estate, we look forward to assisting you with buying or selling in our area. Please contact The Durango Team at The Wells Group to explore your specific market category in more detail.
