Comparing 2020, 2021, and 2022 1st Quarter Stats is like taking a walk through memory lane of the pandemic. While pandemic feels like a bad word, it is important when considering the impacts on real estate.
Q1 2022 more closely resembles Q1 2020, rather than Q1 2021. The total number of home sales in La Plata County in Q1 2020 was 208, Q1 2021 saw 251, and Q1 2022 saw 202 units sold. This trend continues across most of the rest of the market segments. The markets that show a similar number of unit sales across the three years directly relate to the ongoing inventory pinch. Durango Mountain Condos and Townhomes see a continual increase in sales as second home/investment property owners take advantage of growing market prices. It is no surprise that the major difference year over year is the continual climb of median homes prices. There was a 22.7% increase in median homes prices between Q1 2021 and Q1 2022, from $499,000 to $612,500.
La Plata County Land sales saw a huge peak in Q1 2021 due in large part to the expansion of the Edgemont footprint, but had a 48% drop in units sold this past quarter. There is some speculation that we may see more land inventory coming back on the market because contractor timelines and increasing material costs create challenges in getting those dream homes built.
The first three months give us little to work with to predict the rest of the year so we are very interested in market activity for Q2, particularly to see if this unit number stabilization continues. However, don’t mistake this trend for an overall market stabilization, real estate in La Plata County is anything but normal. Please contact your trusted REALTOR® to review these numbers in more detail.
Post courtesy of The Durango Team