La Plata County Real Estate Market Update: 3rd Quarter 2017
The Durango Area Association of Realtors® recently released this year’s 3rd quarter market statistics, which overall, paint a pretty picture for the La Plata County housing market. When broken down into the primary categories, both Durango “in-town” homes and Durango condos and townhomes both saw increases in total sales, jumping by 11.4% and 6.4% respectively.
Not surprisingly, the Bayfield real estate market also saw some nice gains in YTD sales, with overall residential sales increasing by an eye-popping 15.6%. Even rural properties in Bayfield registered a small gain in total sales, jumping 3.2%, unlike Durango, which registered a 3.5% decline in rural homes sold compared to last year.
Resort Area condo and townhome sales have also been on the rise in 2017, increasing by 23% compared to last year despite the median sales price also jumping by 26%. Similarly, despite available land becoming harder and harder to find in Durango and throughout the rest of La Plata County, the 3rd quarter also saw a 33.3% spike in 1-10 acre lots sold, even with prices also jumping by over 7%.
In closing, the median home price La Plata County jumped from $350,000 to $365,000 year-over-year in the 3rd quarter, and the number overall sales increased from 833 sales to 873 sales.