The La Plata County residential real estate numbers for the first month of 2021 are here. They are as exciting as we had hoped they would be! We saw some of the highest numbers of sold listings in the month of December 2020 ever. Historically sales slowdown in the winter months; however, new year new exceptions.
January 2021 came out swinging with 76 residential sales in La Plata County, quite the increase from January 2020 when there were 59 sold. This is a great way to start off the year and helps build anticipation for what is to come in the spring. Along with the increase in the numbers of properties sold, we also saw increases in average sales price, jumping from $528,807 in 2020 to $596,729 in 2021. While more building permits are being issued, the inventory cannot keep up with the high demand and prices will most likely continue to rise.
The lack of home inventory is really starting to show right now. We are seeing more and more competing offers, buyers writing offers sight unseen, and the list goes on. Ultimately the numbers don’t lie: In La Plata County there are currently 151 active residential listings, based on 2020 sales numbers that equates to 1 ¼ months inventory. In-town Durango there are currently 35 active residential listings, based on 2020 sales numbers that equates to .97 or less than 1 month of home inventory. To put this in perspective, our industry typically describes a balanced market for buyers and sellers as 6 months of inventory. Anything more than 6 months would be a considered more of a buyer’s market, and anything less than 6 months would be a seller’s market. As we said the numbers don’t lie.
If you have been considering selling, now is the time! As always the Durango Team is here to help with any questions you might have in navigating the current market, please do not hesitate to contact us.