Durango Real Estate 1st Quarter Sales Results
We have finished compiling the 1st quarter Durango (all of La Plata County actually) real estate statistics where we compare the 2014 results to those from 2013 for the same time period. Unless otherwise noted, all statistics are for residential properties only.
Although at The Wells Group our sales volume is up year-to-date, across the entire MLS, the total residential sales volume actually declined this year from $60.3 million to $55.8 million. That represented a decline of 7.45%. The average sales price, however increased from $357,000 to $362,730 which was a 1.57% increase. Similarly, the median sales price went up .5%. When looking at the dollar volume for all types of real estate in the County (residential, land, farm and ranch, commercial) the dollar volume decreased from $74.9 million to $73.7 million in the 1st quarter of this year. That is a 1.57% decrease.
As can be seen from the chart below, about 91% of all of the residential transactions sold for under $600,000. As is always the case, the most activity was seen between the price brackets of $200,000 up to $400,000. The number of units sold dropped in the 1st quarter of this year from 169 last year down to 154 this year. The average days on the market dropped significantly from 269 last year down to 178 this year. The amount of dickering that a seller is willing to do lessened this year with sellers accepting 96.53% of their last asked price. As I mentioned in the full year’s statistics last quarter, inventory continues to decline. Last year, at the end of the 1st quarter there were a total of 765 homes/condos available for sale; this year that number dropped down to 681.
We feel that the demand is still there for the product in the Durango real estate market, the difficulty is the lack of quality inventory in the price ranges that are selling the most. Good clean properties priced well, tend to sell pretty quickly especially if they are closer to town or are in town. Please give me or my team members a call and we would be happy to help you in your Durango or Bayfield real estate search.
Here are several links so you can look at the current complete analysis plus past charts.
Durango Real Estate Sales 2013 Full-Year Compared to 2014 Full-Year
Durango Real Estate Sales 2014 1st Quarter Compared to 2013 1st Quarter
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