Those that follow my Durango Real Estate Blog, know that I am a "nut" for statistics. Trends in the Durango real estate market can often be deciphered by looking at YTD statistics for a several year period of time. I just recently looked at three specific market segments for La Plata County where all of the numbers I will provide are for transactions from January 1 through August 15 of the corresponding years.
The very first number that jumps out at me is the almost doubling of the number of vacant land sales from 2009 to 2011. To get a sense of comparison, January 1 through August 15, 2005, there were 311 land sales. That figure gives you a sense of the size of the hole we are trying to dig out of as it relates to land transactions. We could almost quadruple the 2011 sales and we would just barely be above the number of units sold in 2005 when we were at the very peak!
Condominiums and townhomes have also improved from 2009 but show a slight decline from the year 2010. Those numbers compare to 291 condos sold in the year 2005. Clearly not nearly as bad as the vacant land sales. Part of the lower numbers today could be attributed to the fact that there really aren't any new condominium projects going on in the last several years while in 2004 through 2007, there were numerous brand-new projects coming online which attracted a lot of buyers.
Homes, exclusive of condominiums or townhomes, have also shown a steady increase from the 2009 figures. With 309 units sold in 2011 year-to-date, that compares reasonably well to the 2005 figure of 561 units.
Nobody thinks we are going to get out of the housing dilemma overnight, but I think that these numbers show that the Durango real estate market is certainly in a rebounding mode and coming back to numbers that make more sense than the extreme years of 2005 and 2006.
For a thorough analysis of La Plata County residential real estate sales, I would invite you to take a look on my website where I have year-to-date comparisons January through June of this year versus last year broken down by approximately $200,000 price brackets. I include the days on market, average sales to list price percentage and the absorption rate. All of those statistics certainly help you evaluate the current market conditions. All of us at Team Lorenz would be happy to help you "decipher" some of those statistics. Please feel free to give us a call. Here is a link to that analysis: Durango Real Estate Market Analysis
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