This week
we received the final May transaction numbers for La Plata County. May
was a great month for La Plata County Real Estate.
Most
notably, the number of transactions has increased, both in comparison to this
April and compared to May of 2013. In April this year, La Plata County had a
total of 72 sales; May this year closed with 113 transactions. Last May we saw
102 total sales.
In terms of
the year to date total transactions, we are closely tracking with 2013 numbers.
At this point last year, we had 361 total closed transactions; currently we sit
at 351. A 10 transaction gap is minimal in the bigger real estate picture. With
the slower start in January and February this year, we are encouraged by the
last couple of months and the close year over year numbers.
The average
sales price ($384,815) and median sales price ($329,000) are both higher than
2013 numbers at this point, which is a hopeful direction for the remainder of
the year.
The Durango
In-Town market for all types of residential properties was up one home sale
over last year (total 35), but the median price was up to $368,233 from
$343,000 last year. Likewise, the Durango Rural Market (all properties
outside of the City limits & up to 35 acres) had an increase of 5 home
sales and a median price increase from $379,000 to $465,000. With only
one month totals we need to be very careful about speculating on the
numbers. For example, when we look at a median price for all of La Plata
County for the last 12 months, the median price is only up about 1% as compared
to the end of the calendar year of 2013.
While the
median prices in La Plata County still lag behind some of our feeder markets
(Arizona, Colorado Front Range, California as well as the strong economy in
Texas), we are encouraged by the growth in our area.
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