This chart reflects the La Plata County Residential Sales
for the past several years. 2013 saw a higher average sales price than 2012
(approximately 6.5% growth year over year), as well as a higher median price
(approximately a 3.5% growth year over year). Average days on the market and
median days on the market both decreased from 2012 to 2013. This indicates
faster inventory turnover, as well as the trajectory towards a seller’s market.
The highest number of residential sales since 2008
demonstrates the strength of the market as well as the increased consumer
confidence. In fact, throughout 2013, every month except November had the
highest number of sales since 2008 (this low month may reflect the government
shutdown in October).
Overall, we notice the market dynamic shifting towards a
seller’s market. The inventory is less, strengthening the seller’s position to
maintain price values. Buyers may want to consider real estate decisions in the
near future, as interest rates are expected to rise 1% over the next year. As a
general rule, this mere percentage increase impacts home affordability by 10%.
For every percent interest increase, an individual’s buying power decreases
10%. Sellers may anticipate the demand for homes and properties, and buyers will want to consider their decision-making timeline.
While this chart is helpful, it gives a general
overview of La Plata County. Our local marketplace contains such a mixture of
properties—rural, residential, Durango, Bayfield, etc. These trends reflect the
residential numbers of the county; however, specific market segments may fall
outside of these generalities. We would love to assist should you like aid in
determining whether your property is positioned for a buyer’s or seller’s
market.
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