Does it feel like déjà vu with the real estate market? Do you have the feeling that you have experienced this before? If so, you are right. The overall real estate market is hardly different through the first half of the year compared to last year.
In the first half of 2015, there were 515 homes sold in La Plata County, and in 2016, the number stands at 503 homes sold, according to numbers from the Colorado Real Estate Network. In addition, the median price for the first half of the year exactly matches last year’s – $350,000.
In addition, total home sales for the in-town Durango market is 179 homes this year, versus 180 sold last year. For the Durango rural market, home sales were six fewer than last year, with this year’s numbers at 146 homes sold.
Historically, this continues to be the second best year for the number of home sales in the multiple list service since the record in 2005. This year also ties last year for the highest median price of all time. Since the bottom of the market in 2009, the number of home sales has increased. In the entire year of 2009, only 561 homes were sold, and the market is nearly double since then.
Within the market, we continue to see some striking differences. The number of single-family homes sold in Durango dropped from 98 sold last year to 81 homes this year, but the sale of in-town Durango townhomes increased to 56 home sales compared to 44 last year. In addition, condominium sales were up four units to 42 sales this year. The Durango rural market posted a much higher median price this year at $438,500, compared to $415,000 for the first half last year.
The sales of Bayfield in-town homes increased 47 percent versus last year, while the Bayfield rural market (primarily Forest Lakes) was down 16.2 percent. This trend may point to the desirability of the “walkable” and “rideable” amenities of the in-town neighborhoods.
Here is an interesting fact: The number of home sales under $500,000 is 80 percent, with 403 of the 503 sales in this range.
Don Ricedorff is a Realtor at The Wells Group in Durango, and a past president of the Durango Area Association of Realtors. He can be reached at email@example.com.