La Plata County real estate market is in its 4th year of likely having more than 1,000 homes sold in the calendar year!
This compares to the great recession when a low of 561 homes sold in 2009, and there were six years of home sales below 1,000 units from 2007-2012, according to the Colorado Real Estate Network.
Through the 3rd quarter, there have been 841 homes sold in La Plata County with a median price of $350,000. It is my opinion we will see a stronger 4th quarter this year compared to last year, as the real estate closings were severely affected by the Gold King Mine spill on Aug. 5, 2015. Last year in the 4th quarter, the market was down 18 percent, and it was attributed directly to the mine spill.
It is my opinion that the 4th quarter home sales will improve, with a likely increase of 10 percent or more, which would equate to approximately 250 home sales for the 4th quarter, and would finish the year flat with last year. The total La Plata County home sales in the 3rd quarter were down slightly to 338 homes sales this year (all types), compared to 358 home sales last year. The median price for this year is $348,700, up a little from $344,500 last year.
The 3rd quarter real estate market was stable in Durango, with 52 single-family homes sold, the same as last year. The median price is $487,500, compared to $434,525 last year, an increase of 12.2 percent.
The Durango rural market posted similar sales, too. There were 119 homes sold this year, the same as last year. The median price is $429,900, compared to $395,000 last year, an increase of 8.8 percent.
Durango townhome and condominium sales were down in the 3rd quarter, with sales of 48 units, compared to 56 units last year.
Single-family home sales in the town of Bayfield were down from 30 homes sold last year, and only 17 homes sold this year. The Bayfield rural homes made up for the difference, with sales of 52 homes this year, compared to 31 homes last year.
The resort condo market was up slightly, with 27 sales this year in the 3rd quarter, up from 23 last year.
The big news for the third quarter was sales over $1 million in the county, as they increased from five last year to 11 this year. The highest volume sale last year was $1,999,875, but this year, there was the sale of Elk Park property on Florida Road, which closed for $11 million. In addition, a ranch sold on the La Plata River with 1,769 acres for $13.5 million.
There are currently 191 properties under contract in La Plata County, which is further evidence of a solid real estate market. Again, expect to see sales of properties in the 4th quarter to be greater than last year, and finishing this year with a solid performance.
Don Ricedorff is a Realtor at The Wells Group in Durango. He can be reached at don@durangorealproperty.com.
