The year-end statistics for La Plata County were released recently and indicates that the market has completely shifted to a strong seller’s market. A sharp increase in demand at all price levels coupled with shrinking inventories has driven up median property values well over double digits in almost every category. The overall median price for La Plata County increased by 15.8% from $387,750 to $449,000, with the number of sales increasing from 1136 to 1434, a 26.2% increase. A major contributor to the soaring median prices is the big increase of homes over a million dollars that were sold last year. There were 49 homes that sold for over one million dollars in 2019 and 98 in 2020, almost double. All the area 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 median price for a Durango in-town free standing home in 2020 was $575,000, up 13.55% from the $506,525 median price in 2019. with sales increasing by 50 from 166 to 216, a 30.1% increase. Surrounding Durango area median prices (Durango Country Homes) increased by 18.2% from $482,000 to $569,750, a $87,750 increase. The number of sales increased by 101, from 355 to 456; this represented a 28.5% increase in sales.
There was a total of 672 free-standing homes sold in the combined Durango in-town and Durango Country areas in 2020; 64% (427) sold for over $500,000. Only 73 sold for under $350,000; this includes manufactured and modular homes with real estate.
There were 258 Durango area condominiums and townhomes sold in 2020 compared to 218 sold in 2019, an 18.3% increase. The median price increased from $324,500 to $354,900, a 9.4% 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; that demand has shifted toward townhomes and condominiums.
The median price for Bayfield In-Town homes was basically flat; a slight decrease from $334,000 to $331,500. On the other hand, Bayfield Country Home values increased by 7.6%, from $347,000 to $373,450. Sales increased in the Bayfield In-town area by 19; from 61 to 80 and by 23 in the Bayfield Country Homes area, a 16.5% increase from 139 to 162.
Free-standing median home prices in the Durango Mountain (Purgatory) area increased by 26.8% from $747,437 to $947,500. The number of sales more than doubled from 20 to 44. As stated earlier, sales of higher priced homes have increased significantly, pushing up median prices. The number of area condo and townhome sales increased from 122 to 149, with the median price increasing by 51.2%, from $215,000 to $325,000. The increase can be attributed to more sales in the pricier communities that are part of the Durango Mountain Master Association surrounding the ski area as opposed to sales of less-expensive homes farther out.
If you would like more detail on how 2020 compared to 2019 and 2018 and/or see how other categories performed click here