Here it is – the widely anticipated La Plata County real estate sales statistics for the second quarter of 2020! We have many questions which you might share. Did the market collapse due to the pandemic? Is it coming back now that properties are being shown again? Are prices falling, or are prices remaining at pre COVID-19 levels? Are people moving here to escape what is happening in our larger cities? We hope this information helps shed light on what is happening here in SW Colorado.
The market is active, with sales increasing as well as pending contracts, driven primarily by low interest rates which are pushing potential buyers to make their move. Brokers are reporting some multiple offer situations. Showing activity is up both in person and virtually. As a reminder, the data shown below does not reflect properties that are under contract, only closings through 6/30/2020. Properties under contract typically close within 60 days of contract (but not always). Based on current activity, we expect a strong 3rd quarter as well, provided that the ability to hold in-person showings continues to be permitted under public health orders.
Looking at the stats, you will see a large increase in the total volume of properties sold In-Town Durango compared to Q2 2019, but remember we were still digging out of snowbanks in the second quarter of 2019! The sale of Bayfield homes, while greatly increased in the first quarter, have leveled again close to 2019 numbers, and La Plata County Country Homes are still down from 2019, but are expected to increase in the third quarter. The Durango Mountain Resort area (Tamarron and north) continues a strong year of activity. Segments of the market that are still showing declines are Condo/Townhome, Land, and Commercial sales.
What are the high points to mention about the second quarter of 2020? We talked to a number of our members who reported back to us. Durango is still viewed as relatively safe and remote, with open space and trails and room to distance outside. While unexpected during a global pandemic and an election year, we are seeing buyers and sellers, who may have been planning a move down the road, are now accelerating their plans.
The higher end price range ($800,000 and up) is experiencing more activity than we’ve seen in years. The entry level price range continues to be challenged with fewer options and lots of competition for these listings. How are prices being affected? When there is more demand than supply, prices tend to increase. No one knows how long this will last. Our market WAS slow during the Stay-at-Home order, and we did see a drop in sales, but Durango continues to hold its own in these challenging times.
