La Plata County & Durango Colorado
Residential Market Conditions
November 5, 2010
The autumn market in La Plata County was significantly softer than the same period of 2009, following the slower showing activity in the summer. In my opinion, this is a direct reflection of consumer confidence, and the less than anticipated economic growth coupled with little or no job growth.
Residential Transactions For La Plata County: September & October
2010 2009 2008
98 121 140
The median price has shown a significant increase for the same period, but candidly, we do not see it in the direct comparisons for similar homes from one year to the next. The answer appears to be in the improvement of sales over $500,000, as savvy higher end buyers have returned to find “deals” to purchase.
Median Price For La Plata County: September & October
2010 2009 2008
$341,750 $285,000 $336,000
Average Price For La Plata County: September & October
2010 2009 2008
$401,516 $379,537 $384,194
Days on Market For La Plata County: September & October
2010 2009 2008
250 239 169
The Durango Market:
(Durango In-Town & Durango Rural)
Durango Market Sept-Oct: 2010 2009 2008
Transactions: 80 73 92
Median Price: $367,450 $369,000 $379,282
Average Price: $420,318 $452,923 $409,634
This market has fared better than the overall County with a small increase in transactions over last year. Currently, there are 836 homes on the market in Durango, which is approximately a 1.8 year supply.
YTD: Jan-Oct-La Plata County: 2010 2009 2008
Transactions: 525 453 623
Median Price: $315,000 $292,000 $325,500
Average Price: $380,591 $365,165 $389,942
The transactions are up 15.9% this year over last year, but we have been giving up the gains we made early in the year during the stimulus plan. For the first half of 2010, transactions were up 41.5%.
The inventory of homes, available for sale, in the County is currently 1,279. Based on a sales rate of 634 homes sold in the last 12 months, this equates to a two-year inventory of homes on the market.
YTD: Jan-Oct / La Plata County
Sales over $500,000: 2010 2009 2008
Transactions: 97 71 133
Median Price: $650,000 $675,000 $610,000
Average Price: $814,416 $827,118 $744,119
In this price segment, transactions are up 36.6% this year over last, but well short of the totals for 2008. The challenge in this market segment is the amount of inventory. As of today, there are 374 homes available for sale, a 3 year inventory.
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