The Latest Area Real Estate Statistics

Today the Colorado Association of Realtors released the 2nd Quarter statistics for the Durango Area.  As you can see by the chart below, the Durango Area Real Estate market is very healthy.

The Durango Area Association of Realtors also released their statistics for the first half of 2013.  Those are included below.

Is Now Still The Time To Buy Durango Real Estate?

An improving real estate market is now old news!  Durango, Colorado real estate has seen steady improvement in sales since 2009, and the prices of homes have started a very modest increase since the third quarter of 2012.  In some areas of the County, we have very tight inventories, especially in the lower and mid-price ranges, and those in close proximity to Durango.  These segments of the market are experiencing a sellers market; or, depending on inventory levels, a balanced market.  The National Association of Realtors describes a sellers market has an inventory level below five months, a balanced market is a five to seven month inventory, and a buyers market is described as more than seven months of inventory.  In our upper price ranges there is significant inventory, and thus a buyers market.  As inventories of homes on the market continues to reduce, it will continue to push prices upward.  It is very important to look at each segment of the market to predict the potential for changes in prices, based on the effects of supply (homes on the market) versus the demand (number of homes selling).

The big news in the last 45 days was the rates on mortgages, as they have increased about 1% in that time period.  Higher mortgage rates lower the affordability of homes, and limit the number of buyers that may qualify.  Should savvy home buyers wait for interest rates to go back down?  Maybe, but it is a risky proposition.  It appears the rates will stabilize for awhile in this range, but as the economy improves, both Doug Duncan, Chief Economist for Fannie Mae, and Frank Nothaft, chief economist for Freddie Mac have suggested the rates will continue upward movement, perhaps to 6.5%-7%.  If these rate hikes happen in the future, a home buyer would benefit from purchasing sooner rather than later.  The combination of the median price increasing and a tighter inventory of homes on the market further supports this decision

The Latest Market Statistics

Hello, Friends.

The Wells Group recently compiled the statistics for La Plata County residential sales.  Below are the results...which as you can see, are very positive.

Wishing You A Safe & Happy 4th!

Tomorrow is Independence Day, a day to celebrate our nation's freedoms.   It is also a day that showcases the finest aspects of the communities that we call home.

From the parade in downtown Bayfield, to the street dance and fireworks in Durango - and all activities in between - the 4th of July brings our communities together.  If you're in the area, take this opportunity to get out and join in the celebration with your neighbors, friends, and families.

Below are complete lists of the activities that are available.  We wish you a very safe and happy 4th of July.