This week, we have the latest real estate numbers for La Plata County for the month of October. Even though it was a month ago, the numbers show some fascinating trends. The below charts show a detailed breakdown of several market segments in La Plata County, showing La Plata County as a whole, Durango In Town, Durango Rural, Bayfield In Town, Bayfield Rural, Ignacio In Town, Ignacio Rural, Vallecito, and Durango Mountain Area.
These charts indicate the statistics and key metrics for single family homes and townhouses/condos, including new listings, sold listings, median sales price, and more. They compare October 2020 to October 2019. We also see the rolling 12-month median sales price for single family homes and townhouses/condos in these segments. We always appreciate these charts to be able to spot trends within our local market and compare results to previous years.
La Plata County single family homes had a solid month of new listings, sold listings, and a higher median sales price than October of 2019. Year to date we see fewer new listings, but a higher number of sold listings and a higher median sales price compared to through this time last year. The La Plata County townhouse/condo market had a standout October in terms of sold listings. There was a 364.3% gain compared to last October! Year to date we also see a higher number of sold listings and a higher median sales price compared to through last year at this time in this segment.
As we look closer at the numbers, we see a significant portion of the townhouse/condo sales occurred in the Durango in town and Durango rural markets. It is likely one of the main factors driving the strong sales growth in these areas is the rising prices on single-family homes. As the prices of single-family homes continues to rise, the next best option for many buyers is townhomes and condos. The second factor impacting Durango in town and Durango rural is buyers moving to Durango that can work remotely. As we have mentioned over the last several months, many buyers believe if they’re going to be working from home, they’ll take their home to Durango!
Durango Mountain Area townhouses and condos also had a significant month; sold listings had a 285.7 % increase compared to October 2019. Year to date, there is also an increase in sold listings compared to through last year at this time. This area is likely seeing large increases from buyers who are looking for second/vacation properties. This is across all categories: townhouse/condo and single-family homes. The COVID situation has probably driven the majority of the surge. There are lots of reasons people are wanting to come to the mountains: less populated, great weather, lots of outdoor activities, and many people are trying to secure places for their families to travel to and enjoy that do not have the same restrictions as hotels or large resorts. Additionally, our team has been working with a lot of buyers looking for a property they can vacation rent, then they can enjoy it and generate income from it when they are not using it. We are seeing some of the same trends in the Vallecito area, as it has a very quiet, peaceful feeling to it (as well as a bit more remoteness), and properties are generally less expensive there than they would be near Purgatory.
As always, we encourage you to take a look at these charts and let us know if you have any questions. This has been a dynamic year for real estate, and we look forward to discussing with you further and assisting in any way we are able.