The Durango Area Association of REALTORS® statistics are being provided for information to consumers in the La Plata County real estate market. The information is for the nine month period (YTD), January – September 2011, as compared to the same period for the previous three years.
As an overview, the La Plata County residential real estate market has continued to recover from the bottom of the market, which was September 2009. The residential real estate sales for the nine months thru 2011 totaled 528 transactions with a median price of $308,000 compared to the same period in 2009, which was 386 transactions and a median price of $292,500.
As compared to the same period last year, the La Plata County residential transactions were up 10.46%, with the median price up .67%, the Durango In Town residential transactions were up 9.88%, with a 4.13% increase in the median price, and total Bayfield residential transactions were up 27.9%, but the median price fell 5.46%. The number of land sales improved 45.2% over last year, with a 21.7% increase in median price, and the commercial transactions increased 45.4%, with a median price increase of 20.4%.
Although this is encouraging news on the market, the number of transactions is still approximately 1/2 of the number of sales in the top of the market, which was 2005, and still lower than the numbers for 2008 (same nine months). Prices continue to be challenged in the market place due to the excessive inventory of properties for sale, and by distressed properties that are offered below market value.
*This information has been provided by the Durango Area Association of Realtors.