This summer has proved to be a unique setting for real estate, where both buyers and sellers are seeing favorable benefits. Low mortgage rates are a strong positive for buyers right now, and sellers are seeing an influx of new buyers. The Durango area real estate market began heating up the beginning of July and reached a boiling point by month-end that continued through September.
Total residential sales volume in La Plata County was at $228 million through the end of September. A 56% increase compared to the 3rd quarter in 2019. The market continues to see upward pressure on values due to lack of inventory in many segments, coupled with sustained, even arguably increased demand from buyers. The median sales price increased from $489K to $539K when comparing the 2019 3rd quarter stats to 2020 3rd quarter. This is a 15% increase!
The luxury market in La Plata County has also increased immensely this 3rd quarter. There were 19 closings over $1M in just the month of September. A record of sold listings in a month compared to the last 5 years. A total of 45 properties sold of the 75 active million dollar residential listings in the 3rd quarter of 2020. A total of 60% of the luxury inventory La Plata County. Legacy Properties West Sotheby’s International Realty represented a significant portion of these sales, resulting in our company being number 1 for sales volume and transactions in the million dollar plus range.
National trends show that buyers are searching for real estate in more rural markets like Durango and Bayfield, and the reason is simple. The pandemic has shown more people are able to work out of their home office as efficiently as if they were in their city office. Southwest Colorado has immense value in real estate compared to the more urban areas and other Colorado mountain towns. This realization is increasing demand. We can’t think of a more safe, healthy, and beautiful place to live and work than Southwest Colorado.
See the full market update for the 3rd quarter on our site at legacypropertieswestsir.com/market-update. As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and look forward to working with you to meet your real estate needs now and in the future.