March 2010
Wow a few days of big sun and the snow is melting fast! It has been a great winter but most of us will welcome spring with open arms. I realize national real estate news is still reporting “unstable”; however there has been some really positive real estate activity in the Durango Area market. Good news for Buyers, there are many homes priced very well and we have especially seen a drop in the average price sold (-6.9%) in the Durango Rural market. Rural Durango has not had much activity until recently, with this average price adjustment we saw a 210% increase in the number of homes sold so far this year compared to this time last year. Not so good for Sellers, as they must adjust their prices accordingly to capture a buyer. The good news for Sellers is that Buyers are out and ready to purchase…not comparative but competitive priced homes. Check the current news articles I have posted in News You Can Use below and you will see how the West compares to national activity, and how Durango fares to the West in general. In town Durango is another story, average price sold is up 22.9% with a 60% increase in the number sold compared to this time last year.
A week and a half ago I listed a very nice home just 5.5 miles from downtown. After researching the specific market for this property, it was not easy for me to advise my clients, if they wanted activity they needed to price just below the current market adjustment to be competitive, as we currently have 294 rural homes listed in the Durango market. With that being said they did take my advice, they had 5 showings in the first week of being listed and are currently negotiating on an offer. Yes 2000 built, close to town; on almost 5 acres @ $399,999 is a great value. Check out the home below, it is not under contract yet, so if you or someone you know might be interested please let me know!
MLS statistics YTD ending February 28, 2010
|
Residential |
09 # Sold |
10 #Sold |
% Change |
09 Total Volume |
10 Total Volume |
% Change |
09 Sold Avg Price |
10 Sold Avg Price |
% Change |
09 Avg Days on the market |
10 Avg Days on the market |
# of Homes for sale |
| City of Durango, Homes |
5 |
8 |
60.0% |
$1,907,500 |
$3,749,798 |
96.6% |
$381,500 |
$468,724 |
22.9% |
152 |
276 |
117 |
| Durango, ALL Townhome/Condo |
7 |
18 |
157.1% |
$1,737,500 |
$4,895,000 |
181.7% |
$248,214 |
$271,944 |
9.6% |
233 |
277 |
281 |
| Durango Rural, Homes |
10 |
31 |
210.0% |
$5,392,900 |
$14,561,200 |
170.0% |
$539,290 |
$502,110 |
-6.9% |
218 |
177 |
294 |
| City of Bayfield, Homes |
5 |
1 |
-80.0% |
$1,266,000 |
$237,000 |
-81.3% |
$253,200 |
$237,000 |
-6.4% |
80 |
80 |
48 |
| Bayfield Rural, Homes |
9 |
6 |
-33.3% |
$2,753,500 |
$1,973,000 |
-28.3% |
$305,944 |
$328,833 |
7.5% |
236 |
249 |
98 |
| La Plata County, total |
46 |
75 |
63.0% |
$16,330,177 |
$30,775,498 |
88.5% |
$355,003 |
$410,339 |
15.6% |
204 |
261 |
1023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Land |
09 # Sold |
10 #Sold |
% Change |
09 Total Volume |
10 Total Volume |
% Change |
09 Sold Avg Price |
10 Sold Avg Price |
% Change |
09 Avg Days on the market |
10 Avg Days on the market |
# of Lots for sale |
|
La Plata County, total |
7 |
9 |
28.6% |
$1,483,000 |
$1,719,751 |
16.0% |
$211,857 |
$191,083 |
-9.8% |
253 |
293 |
788 |
NEWS YOU CAN USE
Home Prices Gain in 4 of 9 U.S. Regions (Yet fell 7% from a year ago in the Mountain Division).
Home prices fell 0.4 percent in the last three months of 2009 compared to the same period a year earlier, with four of nine regions posting gains, according to a home price index published by Freddie Mac. Read full article
Existing-Home Sales Down in January 2010 but Higher Than Year Ago
Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009. West Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago. Read full Article
Focusing on the Median Price Can Be Misleading
I like good news as much as anybody; but, as a real estate agent, I know that what appears to be good news can often mislead people who have to make decisions about selling their property. This particularly happens when it is reported that the median price has gone up. Everyone with a house to sell takes that to mean that their property is worth more than it was during the last reporting period. And if the median has been going up steadily for the past few months? Who knows? It may be boom times again! Frequently, however, such thinking is mistaken. Statistics that cite the median for the market in general – even if narrowed to a particular region – don't necessarily hold true for any particular price range within that market. Read full article
Home Buyers Rush to Take Advantage of Tax Credit Before It’s Gone
Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit. Read full article
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Kelly Kniffin
Snow Play in Durango CO - Sunset Magazine 2010
Top 20 Romantic Getaways - Sunset Magazine 2009
Ski Magazine Dec 2009
6 Terrific Towns on the water - Money Magazine 2008
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