Durango Residential Real Estate Sales since November 1
I thought I would take a quick snapshot of the Durango residential real estate sales since November 1 of this year and share that information with you. I actually searched all of La Plata County which would include Bayfield and Ignacio of course but would not include Mancos or Silverton.
During that timeframe 103 homes have sold with 9 sales of $775,000 or more. The average sales price was $429,962 while the median sales price was $269,300. That big discrepancy between the average and median was caused by three sales of $2.2 million or greater. The largest sale was a beautiful Animas Valley estate type home located on the river which sold for $5.79 million. The uptick in the higher-end sales is certainly encouraging because that market had been particularly flat. The average days-on-the-market was 292 while the median was 167 days. Looking at all 103 sales, the average sales to list price was just under 91%. Since this is a weighted average, the fact that the multimillion dollar homes sold at 80%, 73%, 76% and 92% of their asking price, you can see why this last time periods percentages so low. In addition, I think that as the fall turned into winter many sellers decided they would rather get their house sold before the heavy snows so they negotiated even further in price. By way of comparison, the cumulative sales to list price percentage from January through October was 93.35%.
Bayfield seemed to do pretty well because 20 of those 103 sales had a Bayfield mailing address. Nine of the sales were considered "resort" which means they were located at Tamarron and points north of Tamarron. There were two sales at Vallecito Lake and 3 with an Ignacio mailing address. All the rest were Durango sales. It was a pretty even mix with 33 Durango in town sales and 36 Durango rural sales.
Financing methods used varied a bit. 26 people paid all cash (including that $5 million sale), 54 people obtained conventional financing, 9 people financed with FHA, 4 with the VA and the others were miscellaneous lee financed. Financing rates today are exceptional. I talked to a banker yesterday who told me you just closed on a loan last week with a 30 year fixed-rate at 3.9% interest rate!
If this kind of information is helpful to you, I would encourage you to take a look on my website under the "area information" button, you will come to a drop-down menu that will direct you to real estate sales stats, then you get to pick what year and timeframe you're interested in. Here is a link to take you to the January through November comparative statistics for Durango real estate:
If you're looking for Durango residential real estate, I would certainly love to help you or have someone on my team do that. Please give us a call. We are here to serve.