The La
Plata County April numbers are in; as we analyze this past month, we note
strong, solid numbers equivalent to last year. We are not seeing the large
swing in increases we saw last year, but that may be a sign of steady home
sales in the county.
As of now, the County
total home sales for April are 72 this year versus 70 last year. While
this is relatively flat to 2013, it remains substantially more than the years
directly before that. The median price is $310,000 year to date, which is the
same as for all of 2013.
The most interesting
statistic was the amount of sales below $500,000. In La Plata County in
April, it was 89% of all home sales, and 80% were below $400,000. This
suggests a soft market In April for our 50+ generation, and probably fewer buyers
from out of the area. This makes sense as most of our “higher end” buyers
from outside of the area will typically come to Durango in the summer and
fall. It is likely most of the sales in April were local buyers, with
ties to employment in La Plata County.
As we
analyze the numbers in more specific market segments, we see:
Durango In-Town
Single Family Homes: 7 this year versus 15 last year. Median price was down
from $377,000 (last year) to $354,900 (this year). The in-town numbers are
likely impacted by the low inventory levels, and many of the buyers were
looking for affordability, so the numbers for townhomes, condominiums, and
Bayfield properties were up.
Durango rural Single
Family Homes: 24 this year and 29 last year. Median price was down from
$401,016 (last year) to $384,500 (this year).
La Plata County
Condos and Townhomes: 18 this year, up from 13 last year. Median price
was up from $220,000 (last year) to $298,500 (this year). It is great to see
growth in this area! First time home buyers appear able to consider home
opportunities in this segment.
Bayfield In-Town
& Rural Single Family Homes: 18 this year and 8 last year. Median
price was up from $199,500 (last year) to $234,075 (this year). The Bayfield
area is experiencing substantial growth.
These numbers remain
consistent with expectations. The activity levels have stayed solid with last
year, now two months back to back. Although two months are not necessarily
indicative of a whole year, we may be catching up with the big increases the
market saw in the last few years. It looks as though the more affordable
aspects of the market (condos/townhomes and Bayfield area)
are growing. We will continue to watch this trend over the next several
months.
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