The La Plata County statistics comparing the first nine months of 2020 to the same period over the past three years was recently released. Median prices in the county increased by 12%, Bayfield in-town and rural values were up slightly, while median prices for homes in the Durango Mountain area increased sharply.
Real estate median sales prices for the entire county in the first nine months of 2020 were up $46,250, from $385,000 to $431,250; the number of sales increased by 94, from 868 to 962. As has been the case for many years, sales would be higher if there was sufficient inventory in and around the Durango city limits to fully satisfy the demand in the middle and lower price ranges.
The number of sales of single-family homes in the city limits of Durango increased by 30, from 120 to 150. Median prices increased by 9.1%, from $504,250 to $550,000. Median prices for homes in the area outside the Durango city limits went up $39,750 to $534,000, which was a 8% increase over 2019.The number of sales in the period increased by 20, from 280 to 300, a 7.1% increase. The lack of affordable homes in the Durango area is keeping the sales volume lower than the demand would allow and pushing the median prices upward. The number of sales in area surrounding the Durango city limits has been gradually increasing over the past three years.
There were 172 Durango area condominiums and townhomes sold in the first 9 months of this year; a 7.5% decrease compared to the 186 sold in the same period in 2019. The median price increased to $340,000, a 4.6% increase from the $325,000 median price in 2019.
The category with a significant increase in sales was single family homes in the Durango Mountain (Purgatory) area, a whopping 138.5% increase from 13 to 31; detached home median prices increased by 42.3%, from $685,000 to $975,000. The increase in median price can be attributed to more expensive homes selling compared to lower priced options. The increase in sales was due to the large amount of inventory and prices lagging median prices in the areas closer to the Durango City limits for many years. Buyers started to take advantage of the comparative value associated with these homes. The number of mountain area condo sales decreased slightly by 3, from 96 to 93. The median price increased by 56.6% or $117,500 from $207,500 to $325,000. A large portion of the large increase in median prices can be attributed to the increase in sales of more-expensive condos located right at the ski area, as opposed to lower sales prices found at Tamarron and other similar communities that are part of the Durango Mountain statistical area.
Bayfield in-town and country area median prices increased slightly in 2020 compared to 2019, continuing the trend from the 2018 to 2019 periods. The main reason for area appreciation rates lagging far behind the increases in Durango is the higher number of homes available for sale, as evidenced by the strong increase in sales volume (supply and demand). The median price of an in-town Bayfield home increased from $334,500 to $335,000, a .1% increase. The number of in-town homes sold increased by 13, from 48 to 61, a whopping 27.1% increase; in-town inventory has been increasing with steady new construction. Home sales in the rural Bayfield area increased by 21, from 91 to 112; the median price increased by $10,000 to $355,000, a 2.9% increase.
If you would like more detail on how the first nine months of 2019 compared to the same period over the previous three years and/or see other areas performed click here