Durango Area – Year End – Market Statistics
Homes are selling faster than ever before, and the market is expected to hold a steady growth rate.
La Plata County housing market as a whole has seen an increase of sales and value. The County has seen about a 4% increase in the number of sales in 2017 over 2016, with the median value increasing about 3.5% over that same time. There has been an increase in sales in Durango (187 homes sold in Durango in 2017, up from 176 sales in 2016). Although Durango home sales have been robust, the median price of a home in Durango fell $15,250 to $449,000 in 2017 as compared with 2016. This drop in value is attributed to an increasing supply of more affordable homes in the Three Springs subdivision, and an increase in sales in townhomes.
With limited supply and high demand, a potential first-time homeowner looking to enter the Durango market is unlikely to find an affordable home anytime soon. First time homebuyers have looked to Bayfield. The median home value is about $150,000 less than Durango. There have been solid gains in the number of Bayfield homes sold, and the median price ($298,200) is up from last year.
There’s no reason to expect big changes in the market in the coming year. Although we should expect to see some increase in mortgage interest rates, home loan rates remain attractive and close to their historical lows. For the average Buyer, the new tax laws have not significantly changed the mortgage interest deductions to affect the market. The housing market in La Plata County, and Durango and Bayfield in particular, continue to show solid sustainable growth.
Please feel free to contact me with any questions. I am happy to delve into a more detailed and personal market analysis over the phone or through email.
As always, I’m here to help in any way I can.
Thanks for taking the time…