Monthly Local Market Trend Reports:
Heather Erb is the Colorado Association of REALTORS® Market Trends Spokesperson for Southwest Colorado and a Broker/Owner of Destination DRO Real Estate Group.
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January 2026
Even with 20% fewer residential single-family listings coming on the market in January, the amount of home inventory available on the market is up 13% over January 2025. Buyers have been very active this year already, with 13% more homes under contract (pending) and 9% more sales occurring in comparison to last year, same time period.
Condos and townhomes are experiencing much of the same. 19% fewer new listings came on the market in January, with 27% more inventory on the market, and pending sales jumping by 35% over last January (which is even higher a jump from 2024). We hope to see these homes close in February, and help this slower segment of the local market, where the days it takes a home to sell (days on market) have jumped 72% over last January to an average of 148 days.
Our busiest January region was in Durango Rural, where there was a 54% (+7 home) jump in the number of sales. Our slowest region was in Bayfield Rural, where Sellers decided to wait until spring, and only one home came on the market. Our Purgatory Resort area is generally buzzing with buyers showing homes in January, but sales lag until spring break; our quiet January in sales is par for the course at the resort. That being said, condo inventory has reached an 11-month supply of homes for sale, up 65% compared to last year at this time, and a clear Buyer’s Market.
December 2025
La Plata County’s 2025 housing data reveals a year that felt erratic in real time but proved remarkably stable in hindsight—much like 2024. There was no single “snapshot” moment, as buyer activity fluctuated throughout the year and differed by property type. A dry winter and absence of mud season pushed many sellers to list early, resulting in higher January–June inventory than any year since 2020, with some listings effectively pulled forward from later months.
Overall buyer demand remained steady. Single-family home sales finished 12 units above 2024 and just two below 2023. Condo and townhome sales dipped by 21 compared to 2024 but still exceeded 2023 by 10 units. This balance reflects a consistent buyer pool rather than demand loss. The major shift occurred on the supply side: inventory rose 21.8% for single-family homes and 38.3% for condos and townhomes, lengthening days on market and giving buyers more leverage and choice.
Increased inventory created stronger competition among sellers. Homes that sold were typically well-priced and show-ready. Rural areas slowed more than Durango’s urban core, a typical pattern in shifting markets, likely amplified by rising insurance costs. Importantly, inventory levels remained below pre-COVID norms, though sellers—accustomed to recent fast-moving markets—felt the adjustment more acutely.
Regional performance varied. Durango In-Town remained the county’s strongest market, with single-family sales up 9.4% despite an 8.4% drop in median price. Condo and townhome sales declined 11.9%, yet their median rose 7%, illustrating how medians often reflect the mix of homes sold rather than pure appreciation. Rural Durango softened noticeably: average days on market rose 13.7%, and December closings took 64 days longer than the prior year. While the median price climbed 10.9% to $937,500, this was heavily influenced by a 51% increase in $2M+ luxury sales, indicating strength at the high end despite softer overall momentum.
The resort market faced headwinds from another dry winter and delayed snowfall. New residential projects added supply, and inventory swelled to an 11.5-month supply for single-family homes and 10.4 months for condos. Medians declined, likely due to smaller, more affordable units selling, though desirable, well-priced listings continued to move quickly—even at premium prices.
Bayfield emerged as a relative bright spot. Both in-town and rural markets showed stability, supported by new, more affordable inventory. With Durango Rural prices nearing $937,500 versus Bayfield’s $542,000 median, cost-conscious buyers increasingly favored Bayfield, particularly as insurance expenses rose. Ignacio In-Town also performed well, driven by the affordable Rock Creek subdivision, while Rural Ignacio slowed sharply, with days on market averaging 259 days—77% longer than in 2024.
Nearby San Juan County mirrored resort-area trends. Single-family homes faced a 13-month supply, while condo sales increased at lower price points, driving a steep 40.7% median price drop—consistent with buyers favoring affordability across the broader region.
Looking ahead to 2026, expectations point to another stable year barring major disruptions. Buyer demand should remain steady, inventory may rise modestly, and prices are likely to hold or see mild appreciation. Sellers will need strong pricing and presentation to compete. Risks include wildfire season, insurance pressures, and uncertainty around Federal Reserve leadership and rate policy. Still, Durango and La Plata County’s lifestyle, economy, and natural appeal continue to underpin a resilient market.
November 2025
November was a quiet month for single-family home sales in La Plata County and a busier month for the condo and townhome market. New listings of single-family homes coming on the market are down -31% compared to November 2024, and sales were down -20%. On the contrary, there were 11% more condo and townhome listings hitting the market in November compared to November 2024, and 15% more sales. Durango In-Town was especially quiet with fewer new listings coming on the market, but sales were equal to last year. Buyers chose condos and townhomes over single-family homes, with an 83% increase in the number of sales in this segment.
In-town Bayfield buyers have moved to choosing less expensive condos and townhomes as well; single-family homes were -29% in number sold under November 2024 (and -15% YTD), while condo and townhome inventory has climbed 50% over 2024.
The median price for single-family homes in rural Durango is +41% over November 2024, and +12% YTD, pointing to more expensive listings selling.
Rural Bayfield has seen inventory climb 13% over November 2024, but new listings coming on market were down -60% in number from November 2025 vs 2024.
Durango Mountain/Purgatory Resort area home sales were very slow in November. While three single-family homes sold, condo and townhome sales were -61% in number compared to November 2024 and -14% YTD. Less expensive condos are selling, with the median price sold -60% for the month under November 2024 and 14% YTD.
Overall, the inventory of single-family homes currently for sale has increased by just 6%.
October 2025
October in La Plata County saw an uptick in the market and some changes from summer trends. Some patterns we’ve seen over the last month have continued, with other factors balancing away from a clear Buyer’s Market into one that is more mixed with higher demand.
For instance, in our county overall, the median price jumped 47.8% over last year in October, bucking all recent months of median depreciation. The price was bolstered by double the number of high-end luxury sales in 2025; 30-year-to-date residential sales over $2.5M vs 11 last year, same time period. From the outside, it appears home prices are rising, when in fact many are flat, or even depreciating in some of our rural areas.
Another trend we’ve been watching is the amount of inventory, which has come down just slightly, helped by seasonal change as rural properties tend to come off the market before winter sets in. Days on Market until sale is 23.6% higher than last year at this time, with the average days on market at 110 days, but the Months Supply of Inventory is the same as last October at 5.3 months. The number had been climbing for months, and our market breathed a short sigh of relief in October.
Condos and Townhomes are still significantly down vs October 2024 and YTD, with 40.6% less October sales and 8.5% less sales YTD. The median in this segment is down 4.5% YTD to $535,000, and the Months Supply of Inventory is up 36% over October 2024 to 6.4 months.
Some regions to take note of are In-Town Durango, where higher-end single-family sales drove up the average and median prices by over 30% vs. October 2024, though the median is down 10% YTD in this area. Inventory in this much sought-after region remains what it was in October 2024 at 2.8 months.
Rural Durango has more inventory and fewer sales than in 2024 YTD, but the median sales price continues to climb, 9.5% YTD. We believe some of this is the result of higher-end sales in this area.
Rural Bayfield inventory is shrinking just a bit and helping out that market. The median has held steady YTD at $542,000 in October and $545,000 YTD. It is taking these homes a lot longer to sell-125 days, which is 59 days longer than last October, and can feel like years to a Seller waiting for a showing request.
The Purgatory Resort area’s active inventory of homes for sale has climbed in 2025, 66.7% in single-family listings and 25% in condos and townhomes, with newly built subdivisions helping give choice in the market. Sales have not yet followed, with an equal amount of sales in October 2024, but we expect this will change by the winter season, as right now we are fully in shoulder season.
What does the market feel like? October felt like a busy month of contracts and closings. One of the larger title companies said they were busier in October than in mid-July. Yet Realtors with rural listings can’t get showings on their listings. Buyers definitely have chosen to stay close to our urban Durango hub this year, or look for homes that show value outside of town. If a home is further from town center, it must demonstrate enough amenities to be worth the price and the drive, and be in show-ready condition.
What changed? As far as the uptick in the market, it doesn’t appear to be one thing. We wonder if Buyers who held off making choices with all the abundant inventory in 2025 felt an urge to get moved in before the holidays as colder weather set in. As for the high-end sales, it could be the legacy properties that came on the market or a sign of buyers diversifying a portfolio.
What’s interesting is that as markets change-in our case from one of a strong seller’s market into one that is more clearly a buyer’s market, it’s not always a linear change. Markets can swing back and forth as they slowly move in one direction, but while you are riding the wave that is our current market, it feels confusing with mixed signals. Only when looking back can you say for certain what the ending will be.
September 2025
September brought a continuation of the trends we saw in August’s residential real estate market in La Plata County. Fewer new single-family listings came on the market than in September 2024, the median price is down 12.6%, Days on Market is up, and the amount of inventory on the market is over 6 months, leaning strongly towards a Buyer’s Market.
Condos and townhomes bucked August’s trends with slightly fewer new listings coming up on the market, with a greater number of sales, bringing the Days on Market and Months Supply down from August. This market is still faring worse in September 2025 over September 2024, with a higher Month’s Supply of homes and the median price -9.3%. There are currently 24.5% more homes for sale in this segment than in September 2024.
One trend that has made itself very clear in our markets, no matter where a home is located or what type of home is for sale- the Percent of List Price Received is declining. In September this was 96.2% of list price for single-family homes and 96.7% for condos and townhomes. This shows Sellers are getting more comfortable working with Buyers who are offering less than full price. In post-COVID years past this number was easily 99% or higher.
YTD, Single Family still has a higher median than in 2024 overall (3.8%), but this will continue to change before year’s end. The condo and townhome median is -5.5%.
Breaking down the areas, Durango in-town single-family homes are still taking much longer to sell than in 2024, with September at 93 days, a full month more than in September 2024. The median is still down (-18.9% in September), most likely because Buyers either choose lower-priced homes, or less expensive homes are coming on the market for sale this year.
Sales of condos and townhomes jumped again in September over last September’s sales by 50%, but the median is -6.3%, just like in August.
Another continuing trend is in rural Durango, where there are 18.8% more single-family homes on the market than in September 2024 (and 50% more condos and townhomes). There is a 7.1-month supply of single-family homes for sale currently.
The In-town Bayfield market is doing well. There is newly constructed affordable inventory in the market, with only a 2.8 current Months Supply of homes for sale.
Rural Bayfield had a few more sales than in September 2024, but the median price of the homes selling is -30.9% compared to September 2024. Again, this is most likely a case of Buyers choosing less expensive homes or less expensive homes coming on the market. It does take homes significantly longer to sell, 15 more days than in September 2024.
The Purgatory Resort area had a strong month in August but it reversed in September, with only one single-family home selling and 50% fewer condos and townhomes closing than in September 2024. There is a lot of new inventory on the market this summer and it’s a great time to be looking to purchase in the resort area.
Our Vallecito Lake market had fewer sales in September 2025 than in September 2024, but we had significantly higher sales in August this year.
San Juan County, CO, had a slow month with only two single-family sales, both in Silverton. YTD, 73 homes have come on the market in this segment-a number 49% higher than YTD 2024, with only 11 sales (27% down from YTD 2024).
Realtors in the county report the difficult time Sellers are having with longer days on market. Gone is the time you could expect an offer in the first few days. Realtors advise their clients that it just necessitates more patience and more communication than it did to sell a home in recent years. Realtors are also gently guiding their Sellers to be more agreeable with the Buyer making an offer, whether accepting a bit less than was hoped, or working with the Buyer on inspection items more than they have in the past to ensure a transaction gets to the closing table. With this, we are gently easing into our slower selling season; we hope to finish the year strongly with great inventory still for sale.
August 2025
Compared to August 2024, fewer new listings of single-family homes in La Plata County are coming on the market. That’s great news for Sellers, as it may allow us to soak up some excess inventory, which is 21.5% higher than in August 2024. Left untamed, having more supply than demand will start affecting the price of homes in the region. Similar to what we experienced in July, 11.8% more single-family homes sold than the same period in 2024. Also similar to July, the Months Supply of Inventory is 10.5% higher than last year and stands are 6.3 months currently.
There were 12% more new listings of condos and townhomes coming on the market in August than in August 2024. Sales are still sluggish for the amount of inventory we have; number of sales is -7% down from August 2024, which is similar to July. Months Supply in this segment is up a whopping +25% from last year, and the Days on Market rose the same as single-family homes, +10% .
YTD, Single-Family New Listings entering the market are up in number 9.4%, and sold number of homes are +7.4%, demand roughly keeping up with this new supply. The median price has risen 6.5%, and Days on Market has risen just 10 days. Townhome and condo demand, on the other hand, is not keeping up with new listings, with 7.2% more homes coming on the market and 8% fewer sales.
Single-family homes in-town Durango are on the market 55% longer than last August, a sign either Sellers are pushing their prices beyond what the market can bear or the tumultuous economy is taking a toll. YTD median price is -11.5%. Sales of condos and townhomes jumped in number in August, making up for their poor performance in July, but the median is -6.7% YTD. Days on market are up 30% in August vs. August 2024, and take 33 more days to sell.
In rural Durango, there are 20% more homes on the market than in August 2024, and homes are taking 44% longer, or 34 days longer to sell.
The In-town Bayfield market is strong as we experienced in July, but it’s taking homes a lot longer to sell with the same amount of inventory as we had in 2024. Days on the market is up 66%, a full 35 days more time to sell than in Aug 2024.
Rural Bayfield’s performance looks like August of 2024, except again, it’s taken 40% longer (27 days more) for a home to sell. Along with the Vallecito Lake area, it’s the only region in the county that has less inventory of homes for sale than in August 2024.
The Purgatory Resort area had a strong month. Condos and townhomes are on pace with the numbers we saw in 2024. Single-family inventory is +148% with new construction and new inventory on its way. Based on last year’s demand, there are currently one year of homes supply on the market, up from 5 months in August 2024. It’s a bet from the developers that the region will continue to have higher demand than we have homes available, as our resort community continues to grow. As we know, buyers especially love new construction.
The outlying areas of Ignacio and San Juan County CO, are seeing more severe change. San Juan County includes Cascade Village, condos and homes just a mile north of Purgatory Resort, plus the town of Silverton, many miles to the north. While Ignacio is too small a sampling to draw conclusions from yet, single-family homes in the two areas of San Juan County (Silverton and just north of Purgatory Resort) are seeing inventory that’s climbed 31% in number over August 2024-it’s currently an 18-month supply of homes for sale. Condos and townhomes in San Juan County, on the other hand, are selling as strongly as in August of 2024.
It’s interesting to ponder on the extra days on the market homes take to sell over the same time last year. It’s close to an extra month in every area of La Plata County. The rates this year were similar to last August, hovering about 6.5% for the month. Is there truly less demand when the number of sales are fairly similar? It’s common this year to see homes go under contract with Buyers who wait months after seeing a home to decide to move forward. Is it purely because there is more inventory to choose from? Or is this rather a quantifiably larger number of days it’s taking Buyers to decide on a home this year compared to last with our stagnant economy and the unease Buyers are feeling? It seems the latter is what we are seeing this season.
July 2025
Compared to July 2024, sales of single-family homes in La Plata County were strong, +17%. Inventory of homes for sale is +12% and the months’ supply of inventory is +5%, with the median price down 2%.
Conversely, condo and townhome sales are down 39% from July 2024. The segment is suffering with 26% higher inventory of homes for sale, and 20% greater months’ supply of homes-this calculation measures how long it would take to sell the amount of inventory that exists on the market. Year-to-date, the segment has had +6% new listings enter the market, while sales are -9% in number. When comparing the health of the La Plata County condo/townhome market to every other county in Colorado with at least a reasonable amount of sales in the segment, our county has fared the worst. However, it’s not all bad news. While most counties experienced price decreases, La Plata County has seen an actual increase in median condo/townhome prices of 2% which speaks to the resilience of our markets. While other mountain towns and cities may swing wildly, La Plata County continues to hold its ground against changing economic factors better than most.
In both single-family and condo/townhome segments and in all areas of the county. the average percent of list price to sold price is down to 97% from 98% and even 99% last year at this time.
In-town Durango, our strongest and most resilient of our areas, is starting to see the effect of the slowing market, however small-single family homes are on the market longer (18%), there is 16% more inventory, and the list to sales price ratio (which was 100% a year ago!) is down to 97%. Condos and townhomes are 56% down for July with +7% new listings coming on market when compared to July 2024, and the median is down 5% year to date.
Rural Durango now has a 7-month supply of homes, up 13% over last July-this is completely Buyer’s Market territory.
Bayfield is looking great-while sales here looked like they were struggling earlier this season- the number of sales were down 57% for May and 25% YTD-they turned around-Rural Bayfield doubled July 2024 sales, and the region is now +14% in number of home sales year to date!
Our resort had a strong July which was better than 2024. The number of single-family home sales were equal to those in July 2024, with more expensive homes selling. There were 15% more condos and townhomes that sold compared to July 2024. Still, the list-to-sales price ratio is down to 96% of the asking price versus 98% in July 2024. We can’t speak to pricing, since the average sales price is up as much as the median price is down.
Across Colorado and the country, inventory of homes for sale is rising, and the market has transitioned from one in which Sellers were in control to it being a Buyer’s market. In La Plata County, compared to the rest of Colorado, we are sort of middle of the pack in the percentage change of inventory. What the changes feel like on the ground are timid Buyers, and more contracts falling out than is usual. Well-priced properties will still receive quick offers, but those that are having a hard time getting showings are more and more common. Homes that are rural or in a less desirable location tend to sit on the market. With active wildfires in the area in July, it has become an every day occurrence that home insurance is harder to locate, and it becomes teamwork for both sides to work together to get contracts across the finish line.
Looking forward, we don’t see our economy turning around in the near-term. What we do hope to see are Buyers feeling more secure as they determine the La Plata County real estate market is a safer and more secure investment than most other investments, and help us succeed in finishing our summer market strongly.
May 2025
May residential sales in La Plata County drew back from our early-year sprint of sales this past month. Winter and spring sales numbers blew past those in 2024, but as we expected, these early sales were “borrowed” by those that normally occur later in the season. Because of our lack of snowpack, Sellers listed earlier than usual and Buyers decided to start their searches and subsequent purchases earlier.
Things to note: In May, La Plata County had 35% more single-family inventory come onto the market than in May 2024. YTD, this number is 26% higher. Even with all the new listings, sales are down, -5.3% for May (but still up 11.6% YTD).
We are continuing to see a trend of higher inventory of homes on the market, and increasingly, data shows we are in a Buyer’s market. When La Plata County’s real estate market slows down, we see it happen first in our outlying areas of the county and at the resort, and later, if things continue downward (but sometimes not at all) in Durango city limits.
One such place is in rural Bayfield. Sales numbers are down 57% for May here and 25% YTD.
The Purgatory Resort area is up 43% in the number of new single-family listings in May and 210% YTD. Single-family sales numbers are down 50% in May and 20% YTD. This can partially be explained through the lack of snow.
Rural Durango did all right in May-their number of sales tracked the higher inventory coming on the market. It’s still a cautionary market. Inventory has climbed to 6 months here, 26% higher than last May. Traditionally, markets with over six months of inventory are Buyer’s markets.
Vallecito is just opening up to summer visitors and we will see this market heat up soon. Currently, there are 9.4 months of inventory on the market here.
April 2025
La Plata County had a phenomenal April for residential sales, with an 18.9% increase in sales and a 15% increase in inventory over April 2024-both spurred on by an extremely light winter as buyers got a jump on spring. This said, the median price is more than 11% lower than in April of 2024.
Breaking it down, the single-family market has had a 21.6% increase YTD in new listings and 16% in sold listings, with the median up YTD 2%. With this many more single-family homes on the market, it will have a significant impact on how the year is going to play out.
The condo and townhome market is struggling somewhat in La Plata County. YTD, we’re up 6% in the number of new listings, but sales are down 13.6% and the median has fallen 1.6%. It feels strongly like a Buyer’s market on the ground, with more motivated sellers and prices to reflect, yet 2024 YTD may have just felt like a “glitch” or bump in the market, as the number of sales in 2025 is about the same as YTD 2023 experienced.
Breaking down the areas: Bayfield is absolutely chugging with new inventory available-they’ve had six condos/townhomes sell already in 2025-it may not sound like much but this is just the start of a lot of NEW affordable inventory.
Bayfield rural properties (as well as our resort) are usually a bellwether of a changing market. Inventory of homes for sale is 80% higher than April 2024, the median is down 4% in 2025, and the month’s supply jumped 87% over last year.
The Purgatory and greater resort area single-family market has jumped from just over a two-month inventory of homes for sale last April to an eight (!) months’ supply this year. Condos and townhomes are up to a nine-month supply. Having a terrible winter has not helped this market.
As usual, Durango in town homes buck any negative trends and the market is still doing well. Our in-town market is insulated from many changes, as it remains the core center of where people from other areas want to move. Because of this, you can usually count on it being the strongest (or least soft) of all our county markets.
What price ranges make up the largest segment of La Plata County housing inventory, and what segment sells the most? For single-family homes, our inventory is greatest in the $1 M-$2 M range, and our $200-400k homes make up 51% of all inventory for townhomes and condos combined. As far as sales are concerned, $500k-700k single-family homes make up 52% of last year’s sales. For townhomes and condos combined, the $500-700k range is the greatest portion of our sales at 23%.
Just north of us, in San Juan County, it’s of interest to note that the single-family inventory has jumped to a 10-month supply of homes. The median price of a home in Silverton, Colorado in 2025 stands at $510,000.
March 2025
As we head into spring in La Plata County, the burst of activity we experienced is settling into a year that’s still a bit more active, but a lot like the last, as far as the numbers show. With a virtually snowless winter, people listed their homes earlier than is usual in the rural areas. Overall, in 2025, the county had 28% more new listings, but March slowed, and new listings only outperformed March 2024 by four homes. Rural Durango had 50% more listings to come on market YTD over last year; neighboring Silverton/San Juan County has 82% more early-season listings than 2024 YTD!
While Buyers also became active early, and sales generally tracked in single-family, condos and townhomes have had a rough go of 2025 thus far. While the number of new listings was 5% greater year-to-date, sales were down 21% in number of units sold. March was particularly off, with 47% fewer closed sales than March 2024. This resulted in inventory climbing to over four months’ supply of homes, making the market lean still closer to a Buyer’s market than it has been in some time.
The median price in the county has climbed 6% since March 2024 for single-family homes, and has declined 8% for condos and townhomes-this is just a snapshot of the homes that sell in a certain month, but give a general idea of pricing. The median price of a single-family home in-town Durango is currently $812,500, and in-town Bayfield $522,000.
Our Purgatory Resort area homes are hurting with 16 new single-family listings in 2025 and still zero sales. The Buyers aren’t buying condos and townhomes instead-the sales of that segment decreased 25% in number. Four single-family homes do show currently under contract and we should have sales to review by the end of the ski season.
The unknowns, as we come more steadily into our selling season, will be the effects of stock market crash and partial rebound, the chaos of the tariffs, and other economic uncertainty. There is word from those in the tourism industry that bookings are sharply down for the summer so far. While we see many sales due to second homes, we sell more than half our homes to the residents already in our county. Will we see a pause in people making life changes with uncertainty of jobs, economy, and recession talk, or will there remain a buildup of residents wanting to make a change? Will those who have put off moving to enable them to keep their 3% current mortgage now realize they have stuck with their homes longer than is comfortable and the urge to move overcomes the uncertainty of the economy? The next few months will tell. My prediction is the people who can move will still decide to “move” forward.
February 2025
February numbers show another strong month in the real estate markets making up La Plata County, continuing what we saw in January. Overall, in La Plata County, single-family new listings rose 55% in number and sales have jumped 22% over YTD 2024, with the condo/townhome market at an equal pace compared to 2024 in both new listings and sales.
Breaking down the regions of the county, In-Town Durango single-family homes might have the most pronounced change-the month’s supply of inventory dropped by 50% while sales numbers rose 220%!
Rural Durango numbers don’t track; a light winter meant 113% more single-family listings coming on the market YTD, but sales plummeted 21%. Are sellers reaching too high with their list price, or is insurance cost to blame? Possibly both? We see an exactly tracking trend in Rural Bayfield.
February, and this altogether light winter, have not been kind to the resort market. There have been zero sales of single-family homes in 2025 thus far. 10 condos/townhomes have sold which is equivalent to 2024 sales at this time.
Overall, while we have more inventory overall this February than we have in years of Februarys, we are still nowhere near the inventory levels we saw pre-Covid-in fact we have around 50% of the inventory that we had in February 2020.
La Plata County local governments have done an incredible job of bringing affordable housing to market and much more is on its way. The tariffs that are likely to hit lumber, gypsum, and appliances could not be at a worse time for the local markets. It seems just as the work affordable housing advocates manifested was coming to fruition, the costs of building may make housing still out of reach for many. Hopefully the new regulations will not last.
Spring Breakers are coming, and we are ready!
January 2025
With a virtually snowless winter, Sellers have been chomping at the bit to list their homes and make a move earlier than is customary in Durango and La Plata County. Newly listed single-family homes are 124% higher in number this January over last, and condos/townhomes are 18% higher.
Outside of the resort area, Buyers tend to be scarcer in the winter, but more serious – we have seen La Plata County single-family sales jump 18% over last January (32 vs. 27) and condos/townhomes are par with last year’s number of sales at 14.
With just one month’s inventory to reflect on, it’s impossible to detect trends for 2025, instead “all we know are the facts”. The median price of La Plata County single-family homes sold in January was $719,900 and in town Durango was $1,336,500. Month’s supply of inventory is higher in the county this January at 3.2 months vs. 2.7 last year for single-family and 3.6 for condos/townhomes vs. 3.4 in 2024, while the number has fallen in-town Durango single-family homes at 1.8 months inventory vs. 2.1 months. We hope for snow on the way to end our winter season and assist in bringing in spring break travelers in March.
Year End 2024
Overall, La Plata County residential sales in 2024 were stable and similar to 2023 sales in number and price. However, different areas of our county have different markets; the big picture often doesn’t tell the entire story.
La Plata County is very diverse, encompassing the urban Durango center, smaller towns of Bayfield and Ignacio, a bustling Purgatory Resort, along with various rural regions. Overall residential sales totaled $712M, and 886 sales, similar in number to 2023’s $720M and 880 sales. The single-family median price rose 2.1%, sales were down 2.1% in number, with 4.5% more listings on the market for a 3.4 month supply of homes-a stable number in neither Buyer or Seller’s market territory. It took a bit longer for the homes on the market to find a Buyer in 2024-days on market increased 6.3%. Condos and townhomes make up a smaller portion overall of the market. They saw an increase of 23.9% in listings entering the market, with 14% more sales for a total of a 3.4 month supply. It also took those homes longer to sell with an increase of the days on market by 23.8%.
Digging into the overall markets, you’ll find Durango in-town still finds itself as the epicenter of desirability of overall La Plata County. Despite extreme increases the prices of homes have overgone, there was another increase of 19% in the median price of single-family homes and even less inventory (a 2-month supply of homes) than last year, bucking the overall trend. The median single-family home price is now $925,000 in-town Durango. Condos and townhomes experienced a increase in the number of sales totaling 31.4%, the median fell -3.7% and there is only a 1.7 month inventory. The higher amount of sales correlates to the new inventory we saw on the market in 2024.
Moving into rural Durango, the median price of a single-family home is $845,000, down 2.9%. There was less inventory at year’s end than in December 2023, but in rural Durango, condo and townhome sales jumped in number by 63.6% leaving an inventory of only 2.4 month supply, or 51% less than last year. These are of the most tricky in our current insurance markets because of wildfire risk, and many of the Durango rural multifamily subdivisions were experiencing a lack of available insurers for their associations from 2023. 2024 numbers have increased, but only to what was normal previous to 2023 when they experienced a slow year of sales due to the insurance issues.
The Town of Bayfield saw its single-family inventory in 2024 end the year 54.8% down (condos and townhomes were down 13.3%) leaving inventory at an extreme low of just over 1 month of homes available. This will change rapidly in the next year as a myriad of residential projects and inventory come online. Bayfield has approved enough units to double the city’s size, especially helping our affordable housing market.
Rural Bayfield saw its inventory rise and outside of our resort market has the highest supply at 4.1 months of available inventory. The median was stable from 2023 with a median home price of $539,450.
The resort market sales dipped in 2024 by 26.5% in single-family and 21% with condos and townhomes. This market would most likely have been affected more by pre-election jitters of Buyers since it depends more on discretionary purchases and second homeowners than our other area markets. We expect this might bounce back this winter.
Our smaller area markets of Ignacio and San Juan County, including condos north of Purgatory and the town of Silverton, are often ignored in stat writeups only because the amount of sales are too few to draw conclusions from. For example, San Juan County residential sales amount to just 2.2% of La Plata County sales. This being said, it is of note that Silverton sales had significantly less sales this year-37.5% down from 2023. Ignacio, on the other hand, will be bringing a dozen new homes online this year intended to ease our affordable housing crunch.
We expect sales to continue on the trends we have experienced in 2024. It’s probable that Buyers will be back who were waiting and hoping for rates to lower in 2024 will decide their current homes have become more untenable than the current rates-which aren’t expected to change in 2025. If this happens, we expect to see more inventory free up and more sales as a result. Will this be counteracted by the all-time highs of the in-town Durango prices, keeping people from making a move? These are things we look forward to finding out in our new year in our beautiful corner of the state.
November 2024
Newly listed November homes in La Plata County took a dip compared to October-this is a normal ebb and flow of our seasonal market as winter approaches and fewer people list their homes. Just 35 new single-family homes came on the market, a reduction of 47%. The number of newly listed condos and townhomes dipped 32% to 17, which is still an 8% increase from November 2023 for residential combined. Some homes have come off-market for the season, leaving us with fewer homes for sale; this amounted to 18% fewer single-family homes and some condos and townhomes compared to October.
Our median price for single-family homes has been flat over the past twelve months, and condos/townhomes jumped 7.7%. This jump results from new projects ready for occupancy that weren’t available the previous year and don’t reference a particular home’s value jumping. For example, in November 2024 compared to November 2023, the median of townhomes more than doubled from $489,000 to $1,000,000. Taken out of context, it can look like prices are rising rapidly when indeed they are flat like the rest of our inventory’s sales.
On a side note, November is the first time in memory that the average price for condo/townhome sales in the resort area exceeded single-family home sales. 7 of the 12 November condo/townhome sales were above $1M including an extraordinary sale of a Purgatory Lodge penthouse for $2.1M.
La Plata County home sales have been flat in number year to date compared to last year at (797 sales in 2024 vs 793 in 2023), and our overall inventory is climbing. Realtors expect we’ll see a bump in sales in 2025 with buyers returning to the market. “Some of the buyers in 2024 were election-hesitant, and some were waiting on rates to come down. Whether or not anything changes in the market we think buyers will be more bullish about making a decision and diving in” says La Plata County-area Realtor® Heather Erb.
October 2024
October started out with a flurry of closings, but by the end of the month, winter weather had arrived and with it, we saw quite a few active listings withdraw for the season. This was especially pronounced in our rural areas. Even with homes withdrawing from the market, looking at our numbers, La Plata County has quite a bit more home inventory than last year at this time. Purgatory and Vallecito resort areas are firmly in the buyer’s market category with at least 7 months of inventory. In-town, Durango clearly remains a seller’s market hovering around a 3-month supply, and it is also the only area with any significant median increase in 2024. As we see in every presidential election cycle, some buyers with discretionary income will hold off on home purchases until the election has been decided. We expect these buyers to return to purchase soon. The only thing you can count on about the La Plata county real estate market is the quiet time between Thanksgiving season for home sales outside of our resort market. That resort market exception is where we look forward to a busy winter season with Purgatory opening weeks before we usually have significant snowfall. Our visitors will soon be on their way for holiday shopping of homes, hopefully boosting our sales up north which had a less than stellar summer season. Of note this past month is the affordable inventory coming on market, with new deed restricted subdivisions and dozens of move-in ready homes in Bayfield and Ignacio that are easing a fraction of the housing strain of our working community.
Jarrod Nixon is the Colorado Association of REALTORS® Market Trends Spokesperson for Southwest Colorado and a Broker Associate with Coldwell Banker Distinctive Properties.
The Durango/La Plata County housing market didn’t see significant changes in several metrics compared to January 2023. The median home price remained exactly as it was in January 2023 at $750,000. Days on the market increased by only two days to 116. The current inventory of homes decreased by just two units to 122 active listings, and months of supply increased slightly from 2.2 months to 2.5 months. The number of new listings fell to 24 compared to 29 in January of 2023, while the number of sold units increased from 17 to 25 due to a brief surge in activity in the fourth quarter of 2023. The big story for January was in the condo/townhome segment, where we saw a whopping increase in the number of new listings, from ten units in January 2023 to 26 in January 2024, a 160% increase. The demand did not follow suit, with sold units staying virtually unchanged at 14.The glut of new inventory has pushed prices downward from a median price of $565,000 to $486,000. The inventory in this segment has increased by 50%, and the number of months of inventory has also doubled to just over three months compared to 1.7 last January. The change in inventory is partially due to newly constructed units coming to market. In addition, owners engaging in short-term rentals are witnessing decreased occupancy rates, making their units less attractive as investments and prompting more units to be listed for sale. The prices are being affected by unprecedented increases in HOA dues at some of the larger condominium communities due to skyrocketing insurance premiums. One community in particular saw their rates increase tenfold, tripling monthly HOA dues. Affordability continues to be a pressing concern for homebuyers in La Plata County, exacerbated by higher taxes, escalating insurance premiums, and rising HOA fees. The current landscape indicates no immediate relief for these affordability challenges.
The real estate market in La Plata County continues to be a significant challenge for buyers, especially first-time homebuyers, and our workforce. The need for more inventory continues to push prices upward and out of reach for most of our local buyers. There were just 15 single-family transactions for February 2024 compared to 33 in February 2023. The median price jumped almost 20% to $638,000, with an average sales price of $872,753. The townhome/condo segment saw significant gains for the same period, with the median price increasing 50% to $535,000 from $356,000 in February 2023.Buyers hope the mild winter and early spring weather will encourage sellers to enter the market earlier than usual, increasing competition and creating more buying options. Something to note is that even with the increase in the median and average sale prices, the gap between the list price and sold price expanded to 95%, indicating that sellers are becoming more motivated to negotiate, a good sign for buyers.
It was a sluggish start for home sales in La Plata County for the first quarter. Closed sales were down 12%, and pending sales were down 10%. Days on the market rose by 31%. Inventory has begun to improve month over month, with 59 new single-family units coming to market in March, a 45% increase over last year. The additional inventory doesn’t seem to be having much of an effect on prices, which continue to climb. The median home price YTD for La Plata County is up 17.4% to $689,500. In-town Durango home prices rose 3.7% to $777,500. The biggest shift in the local housing market has been in the condo sector, particularly in the resort area. Inventory levels rose almost 165% for March compared to the same time last year, with the monthly supply increasing from just under two months to nearly six. The primary driver for this increase has been the skyrocketing cost of insurance. Some communities have had their coverage canceled or not renewed, with several national carriers pulling out of the market. Premiums have gone up more than ten-fold in some cases, forcing some HOAs to more than double their monthly fees. This, combined with diminishing rental revenues, has prompted some investors to liquidate their assets. We are beginning to see prices soften in that sector.The challenges with obtaining insurance in La Plata County, particularly in rural subdivisions, are indeed concerning, especially considering the looming threat of the upcoming wildfire season. Insurance companies may become more cautious and selective in providing coverage to properties located in high-risk wildfire zones. This could further exacerbate the challenges faced by homeowners in rural subdivisions. The difficulty in obtaining insurance not only affects individual homeowners but also has broader implications for the community as a whole. Without adequate insurance coverage, homeowners may risk financial losses in the event of a disaster, which could have a ripple effect on the local housing market and economy. Finding sustainable solutions to address the insurance challenges will be crucial. This may involve working with insurance providers, local authorities, and community stakeholders to mitigate risks, improve resilience, and explore alternative insurance options.
Amid evolving market conditions, the real estate landscape in La Plata County continues to demonstrate its resilience and adaptability. Year-to-date statistics reveal interesting trends shaping the housing market, offering a mix of challenges and opportunities for buyers and sellers. Key statistics in the single-family homes segment: New listings have increased by 16%, indicating a vibrant market for prospective buyers. However, the number of sold listings has slightly declined by 14%, reflecting some hesitancy in the selling process. Despite this, home prices have seen a significant uptick of 9.2%, with the median price now at $785,000, showcasing the value and desirability of properties in the region. Challenges have surfaced in rising inventory levels for sellers, with 84 townhouses/condos currently on the market. This is a 121% increase compared to the previous April, but adding to the options available for homebuyers and investors. The monthly inventory supply for townhouses and condos has risen from 1.7 to 4.3 months. This shift reflects a changing market dynamic, potentially offering buyers more negotiating power. As the market prepares for a robust selling season in the coming months, the increased inventory is expected to provide local residents with more housing options. With historically low interest rates keeping sellers on the sidelines the previous few years, the hope is that those waiting will take advantage of the current market conditions and move within the locality. In conclusion, La Plata County’s real estate sector remains dynamic and full of opportunities. Despite certain challenges, the market continues to evolve, presenting a fertile ground for those looking to invest, purchase, or sell properties in the area.
A recent real estate market analysis shows distinct trends between single-family homes and townhouse-condo properties. New listings for single-family homes experienced a notable 17.9% decrease, while townhouse-condo properties saw a modest increase of 2.8%. The median sales price also exhibited divergent movements. Single-family homes witnessed an 8.6% decrease, settling at $699,000, while townhouse-condo properties surged by 8.0% to $497,000. Meanwhile, the average days on the market increased by 3.8% for single-family homes and 17.7% for townhouse-condo properties.
Delving deeper into regional insights, notable shifts were observed in specific locations. In the town of Durango, sold listings experienced a 27% decline in May, and the average sales price increased by 15%. Conversely, rural properties outside of Durango faced a 20% drop in sold listings, with a marginal decrease in median price to $832,000. Further analysis revealed intriguing statistics across various price ranges. Properties priced from $750,000 and under showcased an approximate 55-day market duration, with a current absorption rate of 1.7 months. As the price range escalates, the metrics vary, indicating a shift in market dynamics. For instance, the $1 million to $1.5 million range reported 96 days on the market and a 6—to 7-month supply of inventory. Notably, the market dynamics demonstrate a clear distinction based on price points. While the sub-$750,000 range remains a seller’s market, the $1 million and above segments are gravitating towards a stronger seller’s market. The price point of over $2 million indicates a shift towards a more robust buyer’s market. In conclusion, the real estate market paints a nuanced picture of contrasting trends between single-family homes and townhouse-condo properties, emphasizing the need for a tailored approach based on market segments and locations.
The pendulum is swinging toward a traditionally balanced market, with a current supply of inventory sitting at 5.8 months for single-family homes and 5.1 months for townhomes and condos. Historically, a six-month supply has been deemed balanced by NAR standards. Inventory continues to build in the single-family sector with 256 units compared to 214 units in July 2023, a 19.6% increase. The townhome/condo sector inventory has increased significantly to 99 active units versus 60 in July 2023. The large increase in condo units is attributed to skyrocketing insurance premiums, resulting in higher HOA dues and reduced rental revenue. Certain market segments are becoming somewhat saturated with inventory, something we haven’t seen since before COVID. The over-two million dollar price band has seen units climb from 40 to 60 units since April, resulting in more than a 16-month supply. The $1.5-$2.0 million market had over a 14-month supply. Conversely, the under $600K segment remains competitive with just 2 months of available inventory. Single-family sales are down 13.2% YTD due to affordability. Higher prices, high interest rates, and increased insurance premiums continue to pause buyers. The YTD median price has remained unchanged compared to last year, even with more inventory choices for buyers. We see a trend of aggressive price reductions emerging as the summer selling season ends. Multiple six-figure reductions have been observed, especially at the higher end of the market. Seller concessions are also becoming more prevalent. Buyers are expecting more from sellers, and negotiations are favoring the buyers for the first time in several years now that more options are available. The days of sellers putting a sign in the front yard and naming their prices and terms are over. Pricing a home is more important than ever in this ever-changing market. Increased inventory and lower interest rates should motivate some buyers, especially locals who have been waiting to move up or down, to finally make the move. I am anticipating an active fall selling season.
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