Durango Real Estate Comparative Statistics 2018-2019 First 6 Months

The first six months of 2019 La Plata County residential sales saw a continuation of a slight decline in the number of units sold since 2017 of roughly 5% per year. Since 2014, the peak year the number of units sold was 2017 with 526 units sold January through June. 2018 saw 500 units sold and 2019 it dropped to 475 units.

Total dollar volume this year to date stands at $216,400,000; a decline of 4.15% compared to the first six months of last year.

Median and average sales prices, however, have increased slightly year over year. I believe that this is a function of the scarcity of properties available for sale. Using the same date of the end of June for each year, 2014 saw 917 units available for sale; it dropped all the way to 674 units in 2016; and then 633 units in 2017; 626 units in 2018 and we have shown a slight increase this year to 645 units. Standing back and looking at the larger picture, the change from 917 units down to 645 units is very significant. It is basic economics that when supply decreases, then price increases. When you look at the sales price to list price percentage by each of the different price brackets, you can see how solid that percentage is at 97% and 98%. The over $1 million price bracket always is lower but this year it is especially low because there were a couple of auction sales where the property was purchased for approximately 50% to 60% of the asking price.

The vast majority of residential sales in this county are between $200,000 and $600,000. This year 74% of all sales fell into that price range compared to 70% last year. Under $600,000, we definitely have a seller’s market; from $600,000 to $800,000 it is a balanced market; and over $800,000 is definitely a buyer’s market. The increases in average days on market and median days on market this year, are too small to be of much consequence.

Many brokers really thought the great weather this spring and no fires in June would show a stellar June sales report. I think I’m a bit more realistic in saying that we seem to have hit a plateau of sorts and are even on a slightly downward trend in the number of units sold. With that said, if you are a seller for property under $1 million, you will like the fact that you are getting very close to your asking price.