The year-end statistics for La Plata County were released recently; prices increased sharply in all La Plata County geographical areas and property categories. Continued high demand coupled with low inventories has driven up median property values well over double digits in every category of homes. The overall median price for La Plata County increased by 21.4% from $449,000 to $545,000, with the number of sales decreasing from 1434 to 1390, a 3% decrease. A major contributor to the soaring median prices was the strong sales of homes over a million dollars. There were 49 La Plata County homes that sold for over one million dollars in 2019, 98 in 2020, and 182 in 2021, these sales have doubled year over year during the past three years. All new construction is in the higher price ranges, as builders make bigger and nicer homes to maximize profits and deal with increasing labor and material costs. The other big challenge in increasing affordable, higher density home construction in our area is water; the lack of expansion of central water systems has and will contribute to the insufficient number of new homes constructed in the lower price ranges.
The median price for a Durango in-town free standing home in 2021 was $650,000, up 13% from the $575,000 median price in 2020. with sales decreasing by 35 from 216 to 181, a 16% reduction. Surrounding Durango area median prices (Durango Country Homes) increased by 20% from $569,750 to $685,000, a $115,250 increase. The number of sales increased by 25, from 456 to 481; this represented a 5.5% increase in sales. The high price increases with little or no growth in sales illustrates the lack of supply compared to demand.
There were a total 940 homes sold in the combined Durango in-town and Durango Country areas in 2021; 24.5% (229) sold for over $800,000; 52% sold between $401,000 and $800,000. Only 218 (23.5%) sold under $400,000. These numbers represent all homes sold including condos, townhomes, manufactured, and modular.
There were 251 Durango area condominiums and townhomes sold in 2021 compared to 258 sold in 2020, a 2.7% decrease. The median price increased from $354,900 to $415,000, a 16.9% increase. the number of sales in the lower price ranges were offset by the sales of higher priced townhomes in communities such as Trimble Crossing. Many buyers have been priced out of the free-standing home market in the Durango area; some of that demand has shifted toward townhomes and condominiums.
The median price for Bayfield In-Town homes increased from $331,500 to $399,000; a 20.4% increase; sales dipped 18.8% from 80 to 65. Bayfield Country Home values increased by 18.9%%, from $373,450 to $444,000, a 18.9% increase; sales decreased by 21, from 162 to 141. The Bayfield, Hesperus, and Ignacio areas are the recipients of the “spillover demand” from the Durango areas. Buyers who have been priced out of the Durango market have expanded their search area.
Free-standing median home prices in the Durango Mountain (Purgatory) area increased by 17.7% from $947,500 to $1,115,000. The number of sales was up slightly from 44 to 48. As stated earlier, sales of higher priced homes have increased significantly, pushing up median prices. The number of area condo and townhome sales decreased from 149 to 138, with the median price increasing by 49.2 from $325,000 to $485,000. The increase can be partially attributed to more sales in the pricier communities that are part of the Durango Mountain Master Association surrounding the ski area; however, prices in the “affordable” homes have skyrocketed. Prior to 2020, homes in the Durango Mountain Area were underpriced; they are now over-priced compared to other areas in the county.
If you would like more detail on how 2021 compared to 2020 and 2019 and/or see how other categories performed click here