The real estate statistics (Q1 2009) for La Plata County and Durango were just released and here’s the deal: Demand is virtually non-existent, which I’m sure doesn’t come as much of a surprise to anyone who’s been following the news (economic crisis). Volume is way down, but the median price is up 8%? How does that happen? Only in Durango. The Durango real estate market is so small, that a minimal amount of quarterly sales can end up changing, and essentially skewing, the “average” home price–this can be a bit misleading, which is why it’s a good idea to look at the statistics in context!
38 Durango homes sold in Q1 2009, compared to 100 in Q1 2008.
Of these, 9 were in town, 19 in the county, and 10 condos.
For more details here is a link to the 10 pages of statistics and graphs for all of La Plata County:
Now, as of April, there are a numerous pending sales which points to a slight upturn again. We have certainly seen more showings, in fact I’m going out showing houses this evening, which means the buyers are back. Interest rates are low, first time home buyers can get the $8000 tax credit, prices are low and many sellers are willing to negotiate. It’s a good time to buy with a lot of prime inventory to choose from.
Here is today’s Herald article on the Durango real estate market:
http://www.durangoherald.com/sections/News/2009/04/14/Local_home_sales_slow_dramatically/
No surprises there. If you are a buyer, you are in luck, it’s definitely a buyer’s market!
Call or chat anytime, I love to discuss real estate.
Claudia Williams
Broker/Owner/Exchangor/Real Estate Consultant
970 749 3555
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