March Trends Support Strong Spring

This week we received the month-end numbers for total March sales in La Plata County. As expected, March shows substantially more activity than the previous months of this year. As is typical in our market, the spring months outshine winter for real estate transactions. Based on these numbers, it is clear spring is here!

A few notable points may be seen from these numbers. First, the total number of sales is 68—this is very close to the 70 sales in 2013. We are glad to see the consistency year over year. Since the year started with lower numbers than 2013, it is a positive sign that March is relatively flat. Furthermore, there are currently a lot of properties under contract.  We are continuing to see market activity for contracts being completed for April closings, and we are seeing good activity for May closings, too.

The median price is also up this year from last year. At $325,000, this is approximately a 5% increase from $310,000 in 2013. This lends support to the commentary we have made in recent months that inventory is low in some areas of the county, thus driving the prices up.  This is especially true in the low and mid price ranges in Durango, and neighborhoods close to Durango.

Additionally, we will see several closings on new home builds that were under construction during the winter months. There are 22 homes listed in our MLS in La Plata County that are new construction, and that are under/contract.  The locations are Crimson Cliffs Townhomes (4), Three Springs (6), Skyridge (2), Edgemont Highlands (3),  Bayfield (3), Crossing Condominiums (3), and Trimble Crossing (1) and these are all due to close in the next few months.

The market activity is strong. We have seen the start of a promising spring. The momentum in the market will likely continue as we approach our strong summer months.

Source:  CREN Real Estate Network