Single-Family Home Sales in Durango Strong in February

Market stats from February were recently released by the Durango Area Association of REALTORS and it’s safe to say it was a pretty active month for the Durango housing market. Pending sales for single-family homes jumped by over 20% in February, and that’s even despite the median sales price increasing by 3.9% to $353,785. 

The median sales price for condos also spiked 33.7% to $316,250, which likely contributed to pending sales for all attached properties dropping by exactly 28% compared to this time last year. But while pending sales are down, the number of sold condo and townhouse listings is actually up over 17% compared to February 2016, while the number of sold single-family homes is also up 23.7%. 

Also mentioned in the Colorado Real Estate Network’s latest report is that unemployment has now reached pre-recession levels, which continues to build consumer confidence and should ultimately help drive more home sales, not only in Durango and La Plata County but throughout the U.S. as well. 

Inventory, however, remains an issue for the Durango area heading into the spring market. The latest inventory figures show only a 4.6 months supply, which is down by over 24% from February 2016. And while that’s not a drastically low number, it’s still below what’s typically considered a normal marketplace.