The Durango Area Association of Realtors posted the 2nd
Quarter numbers for area real estate this week. While some segments
of the market are not performign as well as others, we believe that overall our
real estate market is strong and on the rebound. Below are the numbers
from DAAR and an accompanying article that ran in Wednesday's Durango Herald.
La Plata County real estate numbers a mixed bag
By Jordyn
Dahl Herald staff writer
La Plata County saw more homes
sold in the first half of the year compared with the same period last year, but
the median price declined, according to the latest real estate report.
The statistics from the Durango Area Association of
Realtors show an 11 percent increase in the number of homes sold in the county
compared with the first half of 2011. In the first half of 2012, 353 homes sold
compared with 318 in the same period in 2011.
In the same period, the median price declined from
$307,000 in 2011 to $290,000 for this year.
Jarrod Nixon, president of the Durango Area Association of
Realtors, said overall numbers look good, but Durango in-town homes took a hit
with a 7 percent decrease in sales. The median price of an in-town home also
decreased about 7 percent, from $365,364 to $339,500.
There are still some distressed properties, such as
foreclosures and short sales, affecting the median home prices, Nixon said.
Buyers also are seeking newly constructed homes, and
Durango hasn’t seen much building since 2005, he said.
“People are looking for less projects. They want something
that’s not going to require as much work,” Nixon said.
Durango country homes, nearby properties outside city
limits, and Bayfield in-town homes saw a substantial increase in the number
sold. Durango country home sales increased almost 60 percent, from 77 in the
first six months of 2011 to 123 in the same period this year. And Bayfield home
sales doubled, from 8 sold January through June in 2011 to 16 in the same
months of 2012.
“I think we’re seeing in-town buyers migrating out to
rural properties,” Nixon said. “They’re beginning to look at what they can
purchase in town versus out of town for the same price.”
Homes are spending fewer days on the market before
selling. Through June this year, Durango in-town homes spent an average of 149
days on the market, a 22 percent decrease compared with the same period in
2011.
Durango country homes saw a decrease of 24 percent, with
the average days going from 228 last year to 173 this year.
Condo prices and sales remain low, and Nixon attributed
this to potential condo owners facing lending challenges from the banks.
Nixon predicts the county will continue to see a lower
number of condo sales until lending improves.
Purgatory at Durango Mountain Resort-area home sales are
down 60 percent in the report, but Nixon says the area saw a late start in its
sale season, and there are a significant number of properties currently under
contract that probably will close soon.
Nixon said the report is a small representation of the
overall market, and the county will have to wait until the end of the year to
see what the market is really doing.
“We’re cautiously optimistic, but things are improving
overall, and we are very happy with our numbers right now year-to-date,” he
said.
