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Home prices keep climbing

Durango, county show similar increases

Durango homes saw a healthy rise in sales price during 2014, according to year-end statistics released Monday by the Durango Area Association of Realtors.

In-town Durango homes sold for a median price of $400,000 last year, up 8.1 percent from $370,000 in 2013.

That was the highest median price for in-town real estate since 2006, when the median price reached $422,982.

Median price is the middle number between the highest and lowest sale price.

“The market seemed to be back to a good, healthy state,” said Gina Piccoli, broker and owner of Coldwell Banker Heritage House Realtors in Durango.

She added, “Overall, we have a real healthy market that isn’t unfair to any parties: Buyers can look, sellers can be a little bit patient.”

La Plata County homes showed a similar rise, increasing almost 7 percent to $345,000, up from $322,500 in 2013. The 2014 median price was the highest since 2008, when it reached $366,900.

The data show area real estate has nearly recovered the price losses following the post-2006 downturn. Other categories similarly show a strong bounce-back.

More than $207 million of transactions were conducted in the La Plata County combined category, the most since 2006.

Days on market for in-town homes fell to 106, the least on records dating to 1995.

Transactions were steady in 2014. Units sold fell by 0.5 percent in La Plata County to 1,031, while in Durango, transactions rose 3.2 percent to 192.

The data is likely to only add to Durango’s ongoing debate about the paucity of affordable housing.

Bob Allen, a Durango real estate analyst, said a lack of affordable homes limited sales in 2014.

“Limited residential inventory for sale at affordable levels continues to hold total sale transactions in check,” he said in an email message.

It takes less than six months for Durango’s inventory of homes costing less than $400,000 to be absorbed, Allen said.

In the mountain market, 29 homes sold for a median price of $629,000. The median price rose 3.7 percent, while units sold was up 20.8 percent.

Bayfield remained a source of affordable homes. The median price there fell 4.8 percent to $249,500, down from $262,100. Transactions grew 15.4 percent to 60, up from 52.

Bayfield-area rural homes followed similar trends, with the median price slipping and transactions growing. Prices fell 0.6 percent to $263,500, down slightly from $265,000. Transactions grew 9.3 percent, to 117, up from 107.

Piccoli said Durango had so far avoided an overheated market. On the Front Range, each listing is quickly attracting multiple bidders, she said.

“We aren’t as crazy as on the Front Range,” she said.

cslothower@durangoherald.com



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