The year-end statistics for La Plata County were released recently and the lack of affordable homes for sale has pushed the number of sales down and raised prices in most areas and price segments. The median price for La Plata County increased by 5.7% from $369,000 to $390,000, with sales decreasing from 1163 to 1127, a 3.1% drop. Most of the new construction is in the higher price ranges, as builders make bigger and nicer homes to maximize profits. The high cost of land, materials, and labor makes it impossible to build a small free-standing home under $350,000 in the county.
The median Durango in-town price for a free standing home in 2018 was $487,000, with sales decreasing by 6 from 187 to 181; Surrounding Durango area median prices (Durango Country Homes) increased by 11.2% from $445,000 to $495,000, a $50,000 increase. The number of sales decreased by 22, from 378 to 356; this represented a 5.8% reduction in sales.
There were a total of 527 free-standing homes sold in the combined Durango in-town and Durango Country areas in 2018; over half (267) sold for over $500,000. Only 100 sold for under $350,000; this includes manufactured and modular homes.
There were 234 Durango area condominiums and town-homes sold in 2017 compared to 233 sold in 2018, almost the same number of sales. The median price increased modestly from $317,890 to $325,000, a 2.2% increase. Basically, the number sales were flat and prices slightly higher from 2017 to 2018; the number of sales in the lower price ranges offset the sales of higher priced townhomes in communities such as Trimble Crossing. Many buyers have been priced out of the free-standing market in the Durango area; that demand has shifted toward townhomes and condominiums in the lower price ranges.
The median price increases for the Bayfield In-Town and Bayfield Country Homes areas were very similar, 7.3% and 6.2% respectively. The median price of In-Town Bayfield homes increased from $298,200 to $320,000; a $21,800 increase. Sales decreased by 25; from 66 to 41. The significant decrease in sales volume can be attributed to the small amount of new construction within the Bayfield city limits that is not keeping up with the demand. The Bayfield Country Home median price increased from $300,000 to $318,500 and sales were basically flat, decreasing by 1 from133 to 132.
Free-standing home prices in the Durango Mountain (Purgatory) area increased by 3.1% from $780,000 to $804,500. The number of sales doubled from 13 to 26. The number of area condo and townhome sales was exactly the same with 105 sales, with the median price decreasing by 18.1%, from $210,000 to $172,000. The decrease can be attributed to an increase in sales of less-expensive homes in the Tamarron and other similar communities that are part of the Durango Mountain statistical area as opposed to sales of more-expensive condos and townhomes located right at the ski area.
If you would like more detail on how 2017 compared to 2016 and the previous two years and/or see how other areas performed or if you would like to see the number of properties, median price, average price, average days on the market, and the high and low prices for each of the various areas and property types, please visit http://www.durangorealtor.com/market-stats/