The Durango Area Association of REALTORS® puts together reports reviewing the past month’s real estate statistics so that we can reflect on and compare this year with years past. Through this, we can gain understanding in how certain factors effect our local real estate market.
La Plata County’s overall market saw 88 new single-family listings which is 20% less than August 2021, however 78 sales were just 1 less than last year though. This tells us that despite elevated mortgage rates, there are still many active buyers. The median price is 8% higher this August at $657,500 while the average has risen almost 24% to $917,581. The percent of the listing price received has dipped just under 100% to 98.1% but homes are still selling quickly at 72 days on the market. The months’ supply of inventory is on the rise; August ended with 3.1 months. This is compared to August 2021’s 2 months inventory – 4 months is considered an even buyers/sellers market.
Townhomes have followed similar trends with slightly decreased new and sold listings, elevated median and average sales prices, less percent of the list price received, and an increase in months’ supply of inventory. Year to date, there have been 779 single family home and 245 townhome listings, and 531 single family home sales and 222 townhome sales.
Out of La Plata County’s 88 new listings in August, 59 were intown or rural Durango. The intown median sales price rose 21% over the past year to $757,500 while the rural median price has decreased $4,000 to $715,000. August’s inventory picked up by 60% over August 2021 on intown Durango single family homes.
Bayfield and Ignacio both saw activity with 16 new listings in Bayfield and 1 in Ignacio.
Please don’t hesitate to reach out with any questions you have about Southwest Colorado’s real estate statistics.