Monday, July 14, 2014

2014 La Plata County Real Estate Market



The La Plata County residential real estate market has crested in the first half of 2014 compared to last year, but it is maintaining a high level of home sales compared to previous years.  There have been 442 home sales in the first half, as compared to 471 last year, and 356 in 2012.  These numbers point to a relatively flat market, but there has been rapid growth, year over year since 2009, and it would be unrealistic to expect exponential growth indefinitely. 
 

The median price has improved significantly from $315,000 to $329,500 this year, and almost every area in the County has posted a higher median price.  The median price for Durango Single Family homes has improved from $360,500 to $400,000, and Durango rural single family homes have increased to $435,000, from $390,000.  The Durango Townhome and Condominium prices have increased to $277,000 from $255,000.  The Bayfield single family home market prices were up in rural area, but down in town. 

There is solid activity in the overall real estate market with 170 homes Under/Contract in the County. 
The number of homes active on the market (not including Under/Contracts) is 845 homes in the County, which offers a wide spectrum of choices for buyers.  The summer tends to be the peak period of homes available on the market, and we will expect that number to begin to dwindle over the next few months.  These higher inventory levels suggest a balanced market in most segments.  A balanced market is defined as being a fair market for both buyers and sellers.

The sweet spot in the La Plata County Market is $250,000 to $500,000, with 224 home sales in the first half.  There were 138 home sales below $250,000, and 80 home sales above $500,000.

Land sales (for residential use) were nearly flat, with 77 sales this year and 81 last year.  There are 582 parcels on the market, and 39 under contract.

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