Durango-area real estate saw a strong first quarter, with sales up 12 percent in the largest category tracked by the Durango Area Association of Realtors.
From January through March, 186 county homes sold, up from 166 for the same period a year earlier.
Sales of Durango in-town homes fell slightly, from 39 to 37, while sales of Durango country homes rose 36 percent to 61, up from 45.
The first quarter is generally the quietest time of year for real estate sales, but the robust results could indicate a bustling summer ahead.
“The La Plata County real estate market is continuing to accelerate, with the most residential real estate transactions in the first quarter over the last four years,” the Realtors association said in a news release last week.
Prices rose across the board.
The median price of a county home rose 13 percent to $342,500, in-town homes rose 16 percent to $425,000, and country homes rose 8.6 percent to $380,000.
The data from the Durango Area Association of Realtors covers sales from Jan. 1 to March 31, compared to the same period a year ago. It does not include for-sale-by-owner transactions.
Values essentially have returned to where they were at the height of the boom in 2006, said Don Ricedorff, a broker at The Wells Group in Durango.
“To me, the interesting thing is we’re finally back at those values that we were nine years ago,” he said.
The comeback was historically lengthy, Ricedorff said. Typically after a recession, it takes fewer years to get back.
The market should be healthier at those prices this time around, Ricedorff said. Home values are back in line with historical appreciation trends of about 5 percent annually, and interest rates are lower than during the boom.
Ricedorff said a rolling 12-month analysis of Multiple Listing Service data shows the market has stepped up from a year or two ago.
Although the number of in-town transactions dipped, the Realtors association said it was “indicative of extremely tight inventory levels.”
In-town homes that are priced appropriately are selling quickly, said Tina Miely, broker associate at Coldwell Banker Heritage House Realtors.
“When they’re priced well, they usually go within a couple of days,” she said.
The in-town market tends to be locals, often buyers looking to step up from a smaller home, she said. Out-of-town buyers looking for a second home or vacation home typically look north of Durango.
With a strong first quarter in the books, real-estate professionals are hoping it portends a robust market this summer.
“It’s been a strong past two years,” Miely said. “I’m hoping it just continues on that trend.”
cslothower@durangoherald.com
First-quarter home sales
186 Number of homes sold
$425,000 in-town median home price
$342,500 county median home price
$380,000 country median home prices
Data is from the Durango Area Association of Realtors
