Home sales climb while prices fall

Realtors Association: Inventory reduction eventually may help boost price tags

La Plata County real estate executives say the market is moving toward equilibrium with an increase in the number of homes sold and a decrease in the number of homes on the market.

While the number of homes sold is on the rise, the median price has continued to drop thus far in 2012, according to the latest real estate report.

The statistics from the Durango Area Association of Realtors show the county saw a 15 percent increase in the number of homes sold in January through September of this year compared with the same period last year. In the first nine months of 2012, 608 homes were sold, compared with 528 in the same period in 2011.

The summer months saw an 18 percent decrease in the number of homes on the market in the county, the report says.

Durango country homes and Bayfield in-town homes saw the largest increases in the number of homes sold. Durango country home sales increased 48 percent, going from 143 in the first nine months of 2011 to 212 in the same period this year.

While Bayfield in-town home sales increased 55 percent, Durango mountain-area home sales decreased 55 percent.

Cost-wise, the median price of Durango in-town homes fell about 7 percent in the first nine months of the year, from $365,100 to $339,900.

Homes in the Durango mountain area saw a $91,250 decrease in the median price.

Bayfield in-town homes saw a decrease of $26,000, with the median price falling from $234,000 in the first nine months of 2011 to $208,000 in the same period this year.

“The median price has continued to decline in most areas of the county, offering buyers more opportunities,” the report said. “As the supply of homes falls, the median price should firm, and then move toward appreciation.”

Durango country homes also saw a decrease in the number of days on the market. The average number of days on the market for the first nine months of 2012 was 148, compared with 168 days during the same period in 2011.

Bayfield in-town homes saw a 37 percent increase in the number of days homes spent on the market.

The number of days condominiums and townhomes in the Durango mountain area spent on the market increased by about 21 percent, going from 330 days in the first nine months of 2011 to 399 days during the same period in 2012.

jdahl@durangoherald.com

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