Durango Area Association of Realtors provides us with the month’s and year-to-date key metrics for the real estate market. We can compare this information to 2020 and understand more about the market.
In La Plata County for the month of July, there were 114 new single-family listings which is just slightly under July 2020’s 121. 105 single-family homes sold making a total of 577 for the year which is increased 21% from 2020. The median for the year is elevated at $50,612 as well as the average at $685,122. Townhomes follow similar trends of slightly less new and sold listings in July but a 39% increase of sales for the 2021 year. The median sales price is $417,500 and an average of $435,672 for 2021 so far. With a severely decreased inventory, single-family and townhomes are selling about 40% faster than in 2020.
Breaking down the county, Durango has seen the most activity with 75 new single-family listings and 69 sold, most of which are rural properties. Rural listings sell at a median of $722,000 and an average of $813,564 which is just slightly more than in-town’s median of $700,000 and $754,679 average. Single-family homes flew off the market in about 60 days compared to 2020’s 140-day average. The inventory of homes for sale is 71% down from 2020 contributing to the fast sales. Townhomes in Durango have been selling even more quickly with an average of 55 days and for a median price of around $415,000 making over 100% of the listing price received.
Ignacio has only had 1 new listing in the month of July but 9 single-family homes sold making this year almost double 2020’s year-to-date. Rural Ignacio has a median of $359,000 and an average of $453,043 have increased about 30% from 2020. Ignacio in-town has a median and average about $20,000 less than 2020.
Bayfield has 25 new listings for the month with 21 sold. July 2021 in-town median $399,450 and $399,113 average are elevated from July 2020. More of the list price has been received in 30 less days than 2020. Rural Bayfield follows the same increased percent of list price received in 40 less days on the market.
The County’s real estate market continues to impress as we near the end of summer. We are excited to see what fall holds and look forward to assisting you with any real estate needs.