The La Plata County residential real estate market crested in the first half of 2014 compared with last year, but it maintained a high level of home sales compared with previous years.
There were 442 home sales in the first half, as compared wth 471 last year and 356 in 2012. These numbers point to a relatively flat market, but there has been rapid growth year over year since 2009, and it would be unrealistic to expect exponential growth indefinitely.
The median price improved significantly from $315,000 to $329,500 this year, and almost every area in the county posted a higher median price.
The median price for Durango single-family homes improved from $360,500 to $400,000, and Durango rural single-family homes increased to $435,000, from $390,000.
Durango townhome and condominium prices increased to $277,000 from $255,000. Bayfield single-family home market prices were up in the rural area, but down in town.
There is solid activity in the overall real estate market, with 170 homes under contract in the county.
The number of homes active on the market (not including homes under contract) is 845 in the county, which offers a wide spectrum of choices for buyers. The summer tends to be the peak period of homes available on the market, and we will expect that number to begin to dwindle in the next few months.
These higher inventory levels suggest a balanced market in most segments. A balanced market is defined as being a fair market for both buyers and sellers.
The sweet spot in the La Plata County market is $250,000 to $500,000, with 224 home sales in the first half. There were 138 home sales below $250,000, and 80 home sales above $500,000.
Land sales (for residential use) were nearly flat, with 77 sales this year and 81 last year. There are 582 parcels on the market, and 39 under contract.
Don Ricedorff is a Realtor at The Wells Group in Durango, and a past president of the Durango Area Association of Realtors. He can be reached at don@durangorealproperty.com.
La Plata County real estate snapshot
The number of homes sold in La Plata County in the first six months of 2014 and 2013 according to price range (2014 number listed first):
0-$250,000: 138-141
$250,001-$500,000: 224-264
$500,001-$750,000: 51-50
$750,001-$1 million: 17-7
$1 million-plus: 12-9
