The second quarter MLS statistics for La Plata County were just released by the Durango Area Association of Realtors and the number of residential sales are down from the same period in 2018 and the median price is slightly down.
With only two quarters of data to report, it’s difficult to see what trends are occurring. Overall, single family home sales have decreased 4.7% and the median price saw a 1.7% decrease when compared to 2018. However, there was a 3% increase for median price and the number of sales for Durango condos/townhomes Durango single family home sales fell from 78 to 62, a 20.5% decrease but in-town Bayfield increased from 20 to 30. Because of our small data pool, seemingly “big” changes, such as the increase in Bayfield sales, can be affected by just a few Buyer decisions, such as deciding to live in one community over another.
We know in 2019 our long winter caused sales to be delayed, whereas in 2018 at this time the 416 Fire was raging. Having seen only a 4.7% overall dip in sales in 2019 there is still time for to close the gap and a busier fall may be coming.
In the bigger picture, our national economy is showing signs of slowing and weakness while trade talks and international decisions might affect second home Buyers in our area. This can happen when people delay on discretionary purchases because they either feel no pressure of rate increases or do not feel confident about their portfolios. As local residents, we haven’t yet seen changes to the purchase patterns of second home Buyers, and local purchasers are a much larger portion of our sales.
Do you have a question about your neighborhood? Would you like to check out the rest of the numbers? Call us for details. As you know, all real estate is local!