The
Colorado Association of Realtors® has just released the Housing Reports for all
of the Districts in Colorado, and a Statewide Report. These are
particularly helpful to show us the overall trends in the market, and an
opportunity to see the trends in common, and those that are unique to our
market.
The
Statewide report shows a -6.2% decline of Single Family Home sales this year,
and La Plata County is -1.7%. The Bayfield market had the largest
increases of Single Family sold listings, with an additional 20 homes sold in
the first six months of this year compared to last year.
The
median price for Single Family Homes is up for the State by 7.2%, and it is up
4.5% for La Plata County. The Durango In-Town market led the way with an
increase of median price of 11%.
What
does this mean? In summary, the overall real estate market for the State
of Colorado and for La Plata County has leveled and declined slightly following
years of increased sales activity. Through the Great Recession, the
median price dropped and affordability increased for buyers. Today, the
increases in median price are playing a little “catch up” from the market
bottoms, and it is affecting affordability for some buyers.
In
La Plata County, Realtors® and buyers have complained of lack of inventory, and
few homes to select from, but in this summer market, we are seeing inventory
increase over last year’s lower numbers. This provides buyers greater
selection, and it can be a benefit for a buyer in negotiation. The County
has 10.4 months of inventory, which suggests a “buyer’s market”, and the
Durango and Bayfield rural markets are showing higher inventory levels as
well. The Durango In-Town market shows a “Balanced Market”, which is one
that does not favor buyers or sellers, and the Bayfield In-Town market appears
to be a “Sellers Market” with only 3.5 months inventory.
New
listings of Single Family Homes in Colorado is -4.4%, yet in La Plata County,
new listings are up 4.7%. In conclusion, the number of homes on the
market in La Plata County provides a good selection for buyers, and coupled
with the excellent interest rates, this may be an opportune time for buyers to
come to the market.
Source:
Colorado Association of Realtors® 2nd Quarter 2014 Housing Reports
1 comment:
You may be an avowed procrastinator, but if you want to sell a house this year, start planning now. The process, say sellers, always takes longer than expected. So get your home inspected now; there may be unseen major repairs to address. Declutter, clean closets and shelves, store extraneous possessions and furnishings and other stuff that might keep sellers from picturing themselves in your space. Attend an open house or two to get an idea of how to stage yours. And move along: Owners still waiting for the market to peak should beware that this real estate cycle may be shorter-lived than last.
Ines Flax
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