Real estate statistics for La Plata County were just released by the Durango Area Association of Realtors and they signal a cooling market. While residential sales numbers in La Plata County were up significantly in September of 2019 when compared to 2018, they remain flat when comparing year-to-date numbers. Last year at this time, Durango and the surrounding area were recovering from the 416 Fire, and the copious negative media attention it caused. Therefore, comparing September 2019 to September 2018 doesn’t fairly represent market conditions. As such, we have chosen to compare the third quarter in 2019 with the third quarter in 2017. Single family sales in the county in 2019 are down -6% when compared to the same period in 2017. Condo/Townhome sales, boosted by recent construction and North County/resort sales stemming from an incredible snow year, are up 11.2% over 2018 and 9.5% over 2017. The median shows a 3-5% increase depending on location and type, yet not all homes are experiencing price improvement. Showing activity has decreased because of traditional seasonal fluctuation but is enhanced by a slowing market, Buyers are starting to see home pricing softening in some segments.
It’s important to remember when looking at median price that all categories of homes are grouped together, whether a new home in a new subdivision, or older homes in aging neighborhoods. Although the market’s median price might rise, it could be due to a number of higher-priced sales while other homes could have price reductions at the same time.
While many homes currently have contracts pending, it appears the year will finish well, although down from our previous, robust years. Fall is traditionally the time high-end luxury homes have the greatest activity, and currently nine 1M + homes have sales pending.
Do you have a question about your neighborhood? Would you like to check out the rest of the numbers? Call us for details. As you know, all real estate is local!