The 3rd quarter was a busy one in La Plata County Real Estate; between 40 – 50% of sales occurred in Q3 across nearly every market segment. While we continue to have low inventory and fewer sales so far in 2023, much of our market is back to single digit appreciation rates which are more sustainable over time.
The median price for both Durango in town and Durango rural single detached homes increased by 9% over this time last year, while sales remain down 11% and 19% respectively. All rural area sales outside of city limits (Durango, Bayfield, Ignacio) saw a 7.7% increase in median price to $657,000, with 25% less sales.
Bayfield in town homes are up 6% to a median of $477,500. Bayfield rural homes have been trending upwards as well. This market started the year down 28% in median price, Q2 was down 7.7%, and this quarter Bayfield rural homes are down 3.8%. We’ve seen about a 35% decrease in all Bayfield sales, due in large part to lack of inventory. The Town of Bayfield has some exciting projects in the works and we expect to see a boost in Bayfield activity over the next few years.
State data shows the median price for all La Plata County single detached homes is $750,000, up 4.9%. However, the townhome/condo market saw the median price rise to $529,500 which is up 16% - this is due in large part to the resort market where 83% of sales occurred. The resort area market overall had a big 3rd quarter, with prices increasing 23% for single detached homes, and 16.5% for townhomes/condos.
Mortgage interest rates remain a large factor in our market, staying mainly above 7.5% over the last quarter. At the beginning of this year, some economists predicted that rates would begin decreasing in Q4 and in to Q1 of 2024. We have not seen rates trending in that direction yet, but remain hopeful that buyers will see some relief soon.
Please contact us with any questions you have about the La Plata County real estate market.
