As we welcome in the new year, it is safe to say 2021 was a wild ride in Real Estate. It seemed hard to believe we could see another year that would compete with 2020, but we did. With the December numbers in, we see the same trends continue: increasing prices, steady sales, and very low inventory.
2021 ended with 98 sales in December compared to 143 in December of 2020. Even with the drop in December this year, the total sales for 2021 are nearly identical to 2020. There was a sales total of 1420 in 2021 compared to 1449 in 2020. If you look at the entire year, there appears to be a trend. In the 1st and 2nd quarter of 2021 we had very strong sales numbers, and as the year went on the numbers started to decline in the 3rd and 4th quarters. I believe this is a result of lack of inventory, our supply depleted and there were not enough new listings to keep up with the demand. Heading into 2022, my sense is that Buyers are still looking in our market; we just don’t have the inventory for the high demand.
As we said, prices have continued to increase: the average sold price for 2021 was $652,663, about $120,000 higher than 2020. The median sales price increased by $90,000 to $535,000. The average and median days on the market dropped about 34% to the lowest our market has seen – we are now at an average of 87 days.
1,243 out of the total 1,420 sales are in the $200,001-$1,000,000 price range and another 177 in the $1,000,001+ range. The amazing part is if you look at the $1 million+ sales before 2021, they looked like this: 2020 = 98 sales, 2019 = 49 sales, 2018 = 39 sales, and 2017 = 35. We are now selling 4 to 5 times more $1 million+ homes than we did 4 years ago.
As of December 31, 2021 there were 129 listings under contract and only 120 total active listings in La Plata County. There are more listings under contract than active listings, a trend we had not seen before 2021. The last note on the current numbers is that of the 120 active listings, 45% of them are over $ 1million.
With a new year upon us, I am sure 2022 will be filled with surprises and challenges in the real estate market. Please don’t hesitate to reach out to us with any questions about real estate or Durango that you may have.