Southwest Colorado Market Reports 2nd Quarter 2021

Although inventory levels remain low, decreasing by 68.6% in La Plata County compared to Q2 of 2020, the number of sold listings for all property types rose by 52.5%. Median sold prices for all property types in La Plata County rose due to elevated demand. For example, the average price of a condo in downtown Durango increased by 29%, reaching $289,900, and the average price for a single-family home in downtown Durango increased by 20%, reaching $629,000. Overall, the total dollar volume sold in La Plata County through June of this year was $394,387,698– an impressive 76% increase from the same time period in 2020.

The luxury real estate market in La Plata County, defined as properties priced at or over $1 million, has seen even more astounding increases in buying activity in comparison to the second quarter of last year, rising by 236%. During January through June of this year, there were 189 luxury homes sold in La Plata County with an average price of $1,269,441.

Several smaller regions within southwest Colorado have also experienced increases in the number of luxury properties sold. For example, Pagosa Springs saw a significant rise in the number of luxury home sales in Q2 of this year compared to Q2 of last year, increasing by an impressive 95%. Over the course of the last year, Colorado’s real estate market has seen tremendous growth in real estate activity across the southwest region. Much of this increase in home buying and selling results from shifting consumer preferences, which were sparked by the global pandemic. Consumers’ need for homes that offer them not only comfort and safety but an elevated lifestyle drew them to Colorado, where real estate, unbeatable experiences, and the great outdoors meet.