Durango-area home sales leveled off in the second quarter of the year even as prices appreciated.
The Durango Area Association of Realtors released its quarterly statistics Monday. The data covering April through June show steady appreciation and reduced sales that agents blamed on inadequate inventory.
La Plata County homes – the broadest category – showed a 4.6 percent increase in median price of homes sold during the period. Homes sold for a median price of $329,500, up from $315,000 during the same period a year ago. Sales slipped 6.2 percent to 442, down from 471.
In-town Durango showed the same trends – the median price jumped 11 percent to $400,000, while transactions fell 3.5 percent to 83.
Real estate agents said low inventory is holding back the market.
“I see it as an inventory problem,” said John Wells, owner and broker at The Wells Group in Durango.
The Durango Area Association of Realtors reported there were 845 homes on the market in La Plata County, not including homes under contract.
“The decline in the total number homes sold in La Plata County is due, in part, to a decline in the number of affordable homes available for sale,” said Bob Allen, a local appraiser and analyst. “New-home construction has not risen to a level high enough to replace declining existing home inventory.”
There doesn’t appear to be a lack of interest. Country homes spent an average of 145 days on the market – about five months. That was the least in second-quarter statistics dating back to 2000.
In-town Durango homes sold even faster – an average of 89 days, or about three months. That was also the quickest turnaround during the second quarter in at least 15 years.
“When something is priced right and it’s in good condition, it sells right away,” said Tierney Skahill, an agent with RE/MAX Pinnacle.
Nearly every market segment is seeing relatively quick sales. Even condos and townhomes, which took nearly a year to sell in 2011, are down to 126 days on market on average.
“Everything is moving quickly but that land – that’s usually the last thing to pick up,” said Kelly Kniffin, president of the Durango Area Association of Realtors.
Some homeowners are waiting to see if prices will continue to appreciate before they sell, said Skahill. “They’re wondering, ‘Will the price go up more if I wait a little longer?’”
Luxury homes are doing particularly well. “We’re seeing more higher-end buyers,” said Wells.
He added that financing has loosened some, helping buyers obtain mortgages. “If they have good credit, it is definitely not unreasonable to get financing right now,” he said.
Bayfield had a booming quarter. The town exceeded $6 million in sales volume during the second quarter for the first time.
Bayfield continues to be a source of relatively affordable homes. The median sales price there during the second quarter was $244,900, down 3 percent from a year earlier.
cslothower@durangoherald.com
