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Real estate sales slow, prices rise

Low inventory results in sluggish transactions

La Plata County real estate transactions slowed this summer as few homes came on the market.

However, prices continued to rise, according to Durango Area Association of Realtors third-quarter statistics released Wednesday.

“There are buyers that want to buy, but there isn’t product for them,” said Gina Piccoli of Coldwell Banker Heritage House Realtors.

The median price of La Plata County homes – the largest category – increased 9.2 percent to $336,200 for the year through September. Sales fell 6 percent to 756.

For Durango’s in-town homes, the median price increased 5.7 percent to $390,000. The number sold slipped 1 percent to 141.

The data released Wednesday gives the fullest picture to date of the area’s real estate market this year.

Nationally, real estate has been buffeted by tougher lending standards and prices in some markets that have put homes out of reach for potential buyers. Home prices in most major markets have seen a recent slowdown in appreciation, although prices continue to rise faster than inflation.

In La Plata County, the bursting of the real estate bubble in 2008, and a surge in foreclosures, flooded the market with inventory. That excess inventory is now gone, leaving a more normal market.

Piccoli said the market has improved since the bust, but is not so hypercharged as during the mid-decade boom.

“Inventory level is good right now because the market’s not saturated, but it’s not so bad like in 2005 with prices going up overnight,” Piccoli said. “It’s actually a really healthy market for consumers.”

The third quarter – July, August and September – showed positive trends. The number of Durango homes sold grew to 58, up from 54 the same period a year ago. Days on market fell to 111, from 116. The median price slipped from $382,500 to $378,000.

For country homes in La Plata county, the number sold was almost unchanged at 148, up from 147. Days on market fell 10 percent to 137. The median price jumped 12 percent to $353,750.

In-town Durango home prices have grown from a recessionary low point of $342,000 in 2010, but remain below their all-time high of $422,982 in 2006.

cslothower@durangoherald.com

Oct 15, 2014
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