The Durango Area Association of Realtors releases monthly statistics for La Plata County so we can track the activity and mark the changes, key metrics, and anomalies. Last month, La Plata County saw a 31% downtick in single family home listings with a slight 2% uptick in sales.
With a decrease in new listings and the same number of homes selling as in November 2020, this reflects the 50% decrease in inventory of homes for sale with just 121. The month’s supply of inventory is just 1.4 months; a balanced market is 5-6 months. The need for housing has increased the median sales price to $725,000, a 25% increase from last year, and the average sales price to $1,028,017, a whopping 52% increase from 2020. There are 8% less single family home sales year-to-date than 2020 (January 1 through November 30) but also less listings to sell. Townhomes have also seen price increases with 70% less inventory on the market in November. Year-to-date, there have been a few more listings and sales with a 23% increase in median and average sales prices. 2021 year-to-date has had 3 more sales with now 100.6% of the listings price received.
In town Durango has taken a greater hit on new listings than rural this November. A 64% decrease in new listings from 2020 (only 5) dropped the inventory and monthly supply 85%. Just .4 months of inventory is available! The median sales price is up to $840,000 with the average soaring just above $1,000,000. Year-to-date, there have been less listings and sales but those that have sold have been at an increased median price of $650,000. Rural Durango had 18 new November listings with 41 homes selling at a median price of $900,000, the average also over $1,000,000. This year, there have been more listings and sales than 2020 but at a about $110,000 more. Townhomes/condos in town Durango sell like hot cakes with 45% less time on the market and a 19% sales price increase.
Bayfield had 6 new listings total with 6 sales in town and 15 in the rural community. The in town median price increased 53% to $455,000, which is $56,000 higher than the year-to-date median of $399,000. Rural median prices have also risen to $565,000 in November and $444,450 year-to-date. Ignacio, as a whole, had 5 new listings and 3 sales last month. While the in town price is very close to last year, the rural median grew 22% to $295,528. In town Ignacio saw about the same amount of activity as 2020 but there was significantly more activity in the rural area at higher prices. There was no townhouse activity last month in either town.
Overall, we continue to see an increase in the real estate world with sales activity and price increases. Please let us know if you have any questions regarding La Plata County real estate.