2021 is off and running, and to no surprise, a Seller’s market is where it’s at. First Quarter Statistics show a strong market in all geographic areas. Durango In-Town Home Sales increased slightly in units sold over the same quarter in 2020, yet prices increased in volume by 21.1% to a new median price of $583,687.
La Plata County Home Sales were up 20.7% overall in units sold and the new median price is $499,000, up 13.4% from the First Quarter of 2020 at $440,000. The sales of Condo/Townhomes went up only slightly in units but were up over 8% in pricing. The one slight decline in pricing was in the Durango Country Homes where the numbers were down in price yet up in units.
The large increase in units is not surprising because we have seen a significant increase in demand that has not slowed. The slight decrease in median price can be explained by the actual inventory sold during those isolated periods, which can skew those numbers. Even one property on the extreme end of sales price either way can temporarily adjust that number, but the reality is the trend is still up. So, once again, the demand is here and the lack of inventory along with low interest rates are keeping the market a strong one.