{"id":92003,"date":"2019-10-25T01:53:55","date_gmt":"2019-10-25T01:53:55","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/average-durango-home-price-jumps-in-3rd-quarter\/"},"modified":"2019-10-25T01:53:55","modified_gmt":"2019-10-25T01:53:55","slug":"average-durango-home-price-jumps-in-3rd-quarter","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/average-durango-home-price-jumps-in-3rd-quarter\/","title":{"rendered":"Average Durango home price jumps in 3rd quarter"},"content":{"rendered":"\n

\"Construction
Construction in Twin Buttes subdivision is helping fuel a jump in average home prices in Durango.<\/span>Jerry McBride\/Durango Herald file<\/span><\/figcaption><\/figure>\n<\/p>

The average price for a single-family home in Durango rose to $604,210 in the third quarter of 2019, up from $492,392 in the same quarter of 2018.<\/p>\n

But the number is a bit deceiving, according to at least one real-estate broker.<\/p>\n

Heather Erb, broker with Coldwell Banker Heritage House Realtors, said the 23% jump in the average price of a house from the same quarter in 2018 comes as a number of homes in Edgemont Ranch and Twin Buttes, two high-end subdivision, come into heavy build-out, and she expects the average price to decline once those subdivisions\u2019 lots are developed.<\/p>\n

\u201cThe average price depends partially on what\u2019s selling, and right now Edgemont and Twin Buttes are adding product, and the inventory of existing product is relatively stagnant,\u201d she said.<\/p>\n

The most accurate way to determine the strength of the housing market is to look at an individual house\u2019s sale prices through time rather than looking at average prices, Erb said.<\/p>\n

\u201cYou should be looking at comparable sales,\u201d she said. \u201cI live in a 1950s house in Crestview. That house might have declined in value over the last 12 months. You wouldn\u2019t see that looking at the average price.<\/p>\n

Legacy homes are going up in value, too, Erb said, but that more than likely stems from additions and remodels.<\/p>\n

\u201cPeople have added bedrooms, remodeled kitchens and bathrooms, popped the top and added $200,000 to the value of their homes,\u201d she said.<\/p>\n

Max Hutcheson, a broker with the Wells Group, says he doesn\u2019t expect the increasing rise in average and median prices in Durango to last even to the end of the year. The median price for a single-family house in the third quarter of 2019 in Durango was $523,500, up from $454,250 in the same quarter in 2018.<\/p>\n

\u201cI think we\u2019re going to see a correction in the median and average prices by the end of the year,\u201d he said. \u201cHouses have been priced on the aggressive end of the spectrum, and if you look, you\u2019ll see the number of sales are declining over time. We\u2019re probably losing buyers.\u201d<\/p>\n

Hutcheson foresees a lowering of house prices that haven\u2019t sold as the prime sales season ends and cooler weather dissuades buyers from checking out the market.<\/p>\n

Bayfield\u2019s average in-town single-family house price rose to $331,716 for the third quarter, up from $311,875 in the same quarter in 2018. Nevertheless, Hutcheson said Durango\u2019s neighbor still offers a more affordable locale for home buyers looking to move to La Plata County.<\/p>\n

\u201cPrices are going up in Bayfield, but in comparison to Durango, it still offers houses with an average and median price that\u2019s $150,000 less expensive than Durango.\u201d<\/p>\n

Hutcheson said he expected new subdivisions to be coming online in Bayfield in 2020, and that will add more inventory to the market next year, keeping the area a vibrant alternative for more affordable housing than Durango.<\/p>\n

Similarly, Hutcheson sees strong sales in the condo\/townhome market in Durango as another example of a strong demand to buy in Durango for $450,000 or less.<\/p>\n

The average price for a condo\/townhome in Durango for the third quarter was $352,534 up from $342,336 in the same quarter in 2018. Total sales of 76 condos and townhomes in the quarter were the highest in the third quarter going back at least as far as 2006.<\/p>\n

\u201cThe strong number of sales \u2013 they surpassed the number of single-family sales \u2013 shows the price point is attractive and affordable, at least for Durango. They are appreciating, but not as fast as single-family homes,\u201d he said.<\/p>\n

parmijo@durangoherald.com<\/a><\/em><\/p>\n

An earlier version of this story gave an incorrect brokerage for where Heather Erb works.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

statistic is deceiving<\/p>\n","protected":false},"author":1,"featured_media":92004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5914,5737,5736,5735,5741,5885],"tags":[459,28,29,614],"naviga_topic":[],"class_list":["post-92003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-and-property","category-headlines","category-local-news","category-news","category-newsletter","category-real-estate","tag-construction-and-property","tag-headlines","tag-newsletter","tag-real-estate"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/92003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=92003"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/92003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/92004"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=92003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=92003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=92003"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=92003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}