Million-Dollar Homes Sales

Over the years I have found out that many people are intrigued with the $1 million plus homes in the Durango real estate market. How many luxury homes have sold? How big a discount is having to be given to get them sold? Are buyers getting financing or paying cash? Just for fun I thought I would go ahead and look at this year through May 15 and see how it compared to last year through the same date. Here's what I've found.

In 2009 only three homes sold in that timeframe with the sales price of over $1 million in La Plata County. The average days on the market was 250 while the longest days on the market was only slightly more at 283 days. One property sold at 100% of asking price; one sold at 76% of asking price and the third property sold at 84% of asking price. The highest priced sale was $1,275,000 and that home was located on County road 250 (E. Animas Valley Rd.). Of those transactions two were financed and one was for cash. Based on their addresses, none would have been considered resort properties or homes located at the ski area.

In 2010 there have been six luxury homes sold from January 1 through May 15 within La Plata County for over $1 million. The average days on market was 275 days while the longest days on market was 1046 days. That large number skews the average so I will tell you that the median days on market was only 131 days. Three of these sales all happened at the same time with one buyer and they were all properties located on County Road 250. That series of transactions just closed last week. This year some high-end resort property sold. One at the Glacier Club and one at the ski area. Overall these homes sold at 84% of the asking price with the highest percentage of asking price being 93%. The property that sold at Purgatory was a condominium. With the availability of jumbo loans having loosened up quite a bit in the last year, it was pretty interesting to see that four of the six transactions sold for all cash where no financing was necessary.

If you are a regular reader of this blog you're already aware that I like tracking statistics. Our main website, www.BuyDurango.com has an entire section related to statistics and here is a link to it:
Durango Real Estate Market Statistics

Please feel free to give me a call if you have specific questions or have certain types of searches that you would like me to perform that may be of some help to you in your analysis of Durango real estate. We would certainly like to help you get a good handle on the condition of the market so that you can make informed decisions. Team Lorenz prides itself on trying to be very current on the market conditions and Lisa and Nicole certainly have all of the statistics available for them to use with you as well.