The chart below is a preliminary compilation of residential real estate activity in La Plata County, including Durango & Bayfield Colorado. This is an interesting chart as it offers information for long term trends, and it is divided into $500,000 ranges, with totals at the bottom of the page. The final statistics will be released next Wednesday, January 15, 2014, and we will then get a deeper look at market segments.
The number of sales year over year in all market values increased—this indicates the real estate market grew last year in all price ranges, and the market saw more movement in inventory. The median home values across the market indicate growth, as well. As an aside, the median is the middle number in a sample of numbers over a given period of time. In this context, it is the middle house price of the set number of sold properties for the year considered. We use this to gain an accurate representation of the snapshot of the market. The total volume of real estate dollars in each price level reflects an increase from 2012 to 2013. Notably, in comparison to the recession years of 2009 and 2010, the total number of sales has nearly doubled in most price ranges. Overall, La Plata County real estate grew last year in median values, volume, and number of sales.
So what do these numbers mean for real estate in the Durango area? First and foremost, real estate activity is increasing in La Plata County. The steady upward trends in number of sales and overall market values set the stage for a strong market in 2014. Both buyers and sellers may anticipate high levels of activity and strong values for their homes and properties. From a real estate perspective, this is the level of supply and demand that fosters a healthy market. With the start of 2014 underway, we are optimistic for the year ahead. Let us know if we are able to assist you with a new purchase in 2014 or to sell your home. As always, please call our office if we may assist in any way.
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