Monthly Local Market Trend Reports:
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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 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.
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Jarrod Nixon is the Colorado Association of REALTORS® Market Trends Spokesperson for Southwest Colorado and a Broker Associate with Coldwell Banker Distinctive Properties.
July 2024
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.
May 2024
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.
April 2024
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.
March 2024
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.
February 2024
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.
January 2024
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.
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