This week, we have the latest real estate numbers for La Plata County for the month of February. The attached charts show a detailed breakdown of several market segments in La Plata County, showing La Plata County as a whole, Durango In Town, Durango Rural, Bayfield In Town, Bayfield Rural, Ignacio In Town, Ignacio Rural, and Durango Mountain Area.
These charts indicate the statistics and key metrics for single family homes and townhouses/condos, including new listings, sold listings, median sales price, and more. They compare February 2015 to February 2016, and year to date information for both years. We also see the rolling 12 month median sales price for single family homes and townhouses/condos in these segments. We always appreciate these charts to be able to spot trends within our local market, and compare results to previous years.
For La Plata County single family homes, we are actually down in both new listings and sold listings this February in comparison to last February. We also see the same trend year to date compared to last year, although the number of listings sold year to date in the single family home market is only down 6.5%, which equates to 5 home sales. The median sales price in this category is actually higher this February than last February, but still trails slightly behind year to date.
In the La Plata County townhouse/condo market, we see more new listings this February than last February, and an even number of sales when comparing the two years. Year to date, La Plata County townhouse/condos also have an increased number of listings this year, and this category is only down in sold listings by 2.9% (or 1 sold listing), compared to last year at this time. The median price for townhouse/condos actually falls lower this February than February of 2015, and also lags behind year to date.
Interestingly, research compiled by the Colorado Association of Realtors (CAR) indicates that the entire Southwest Region of the state currently sees similar trends: “Sales of single-family homes were 29 percent lower in February than January of this year and lagged 25 percent behind sales at this time last year. Condominium/townhouse sales were unchanged from January to February and at the same level as they were in February 2015.” The CAR also notes that it is very common for our region to see significant price fluctuations from month to month. In fact, our Southwest region is experiencing a more balanced market at this time with inventory of single family homes and townhouse/condos. Of course, this refers to the market as a whole; it may vary slightly based on where in the county a person considers. This is great news for both buyers and sellers, as it enables real estate transactions to function in a better cycle. Bidding wars and inflated prices are less common as the inventory levels are healthier.
Take a look at these charts for an in-depth look at the various markets within La Plata County. As we have mentioned recently, we are still at the beginning of the year and expect more time before we develop true patterns as to how the actual real estate market will track compared to previous years. As always, please let us know if we may provide any additional information or answer any questions.
This post is courtesy of The Durango Team. For more real estate facts and tips visit them at thedurangoteam.com
