The Durango Area Association of REALTORSⓇ (DAAR) records key data points for the La Plata County real estate market every quarter. Through this information, we are able to determine patterns quarter-over-quarter (QoQ) and year-over-year (YoY) which can help guide us into making predictions and allow us to best serve our clients.
La Plata County Overall
For La Plata County as a whole, Q3 increased the median sold price QoQ and YoY. The median sales price, now $735,000, remained strong QoQ despite a lesser number of sales in the quarter than expected. However, the total number of sales (663) is still a 4.2% increase YoY due to a strong first and second quarter. YoY, the median price has increased 6.5% showing the strength and demand in our county’s homes.
Durango
Durango in-town homes saw a significant 15.7% increase YoY in median sold price to $930,000 despite three less sales. This continues the trend after Q2 saw a near 13% increase YoY with just one more sale. These properties are consistently in high demand and in limited supply albeit the increased overall inventory.
Rural homes saw a slightly different trend. The median sales price rose 5.4% to $947,500 but sales also increased by 16%. With in-town prices increasing much more drastically, more buyers look into the more rural market.
The Durango in-town and rural condo/townhome market also saw a strong 16.6% price increase alongside a 6.7% sales total YoY. This $88,500 price increase brings the median to $621,000 as these types of property are popular amongst first-time homebuyers, second-home buyers, and investors.
Looking further north, the mountain homes and resort area saw a 21.1% price decrease represented by 17 sales, a 41.7% increase YoY. This brought the median sales price back under $2,000,000 to $1,694,000. Condos and townhomes in this area also decreased in sales price 25.8% with just one less sale. We’ve recently seen this specific inventory increase with many Tamarron units, condos at Purgatory Ski Resort, and some higher end lock-and-leave residences.
Bayfield
The Bayfield residential real estate market has continued to grow, especially in-town with a 8.7% growth in sales price and 6.9% growth in total sales YoY. As Durango area prices also rise, it’s unsurprising to see nearby markets attract more buyers. Bayfield country homes did see a 23.2% decrease in sales yet reflects a $52,500 median sales price increase. Even with these near 10% price increases, the median prices are still about $300,000 less than Durango’s homes, making Bayfield a great place to look in La Plata County.
Land
Vacant residential land parcels between 1-10 acres have decreased YoY in sales as well as median sales price. With loans and building costs higher, it’s not surprising that these sales have decreased; although, it’s not uncommon to see more land sales in the last part of the year as owners will plan and be ready to build in the spring.
Already into the last quarter of the year, we have encountered changes in the market including heightened interest rates, less sales, and an overall slower market than what we’ve experienced in the recent past. However, we know that the La Plata County real estate is a worthwhile investment in Southwest Colorado. Please don’t hesitate to contact The Durango Team at The Wells Group, we would be honored to assist you with your buying and selling journey.
