The newly released MLS third quarter and year-to-date La Plata County real estate sales statistics shows our inventory crunch continues. The decrease in sales directly correlates to fewer listings available in the marketplace. In other words, less choice for buyers equals a decline in sales. Overall, residential sales are down 2.2% compared to 2017, and new listings are down by 2.8%. With prices continuing to climb (overall +6.2% in median price over 2017) buyers are delaying purchasing because they cannot find a suitable fit, they are pushed out of the market, or they think prices are too high.
In-town Durango single-family sales are down 7.5% compared with 2017 and the median price has climbed 11% to $484,500.
In the City of Bayfield, 2017 numbers included many spec homes at an affordable price-point purchased before completion, encouraging sales. With the cheapest of the lots now gone, new sales have fallen from 10 YTD 2017 (many under 300k) to 1 in 2018. Because of this, in-town Bayfield sales are -39% in number but Bayfield rural climbing 8.6%.
Up in the North County, number of sales increased from 6 through three quarters in 2017 to 22 this year, indicating possible overflow from Buyers not finding suitable inventory in rural Durango.
Our luxury market is holding steady from 2017, with an almost equal amount of sales and recent quality showings on high-end listings.
Nationally, homebuyer sentiment is increasing, along with the mortgage rates which stand around 5%. We read about a change coming in the market but have not experienced it yet locally.
Do you have a question about your neighborhood? Call us for details. As you know, all real estate is local!
Find your copy of the stats release HERE.