The Durango Area Association of REALTORS has released their MLS statistical data for the end of the 2nd quarter, 2010. The year-to-date information below provides a summary of residential, commercial and land sales in Durango and Bayfield. Although market trends continue to affect the median price in many segments, the number of sales increased in every category.
The extension of the First Time Homebuyers Credit had a very positive impact on the number of residential sales, with many buyers taking advantage of the $8,000 credit offered by the Federal Government. The percent of increase shown in the Durango residential market is elevated by comparison to 2009’s twenty-year lows. Inventory levels of homes for sale remain high, creating a strong buyer’s market. A good selection of homes and very low interest rates create an ideal purchasing opportunity for the savvy buyer, yet many potential buyers are choosing a wait-and-see stance. In fact, USA Today reported on July 2, 2010 “Mortgage rates are the lowest in more than experts around the country are touting the increased affordability for buyers, noting that a 1% change in the interest rate is equivalent to a 10% change in value. The impact of today’s interest rates, as compared to seeking the lowest possible price, can create the highlight of a purchase and protection well into the future.
Here is a link to the full statistical report for the second quarter of 2010.
In summary, the market is relatively strong, with increased sales and a slight decrease in prices. Call us for more information, whether you are thinking about buying or selling.
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Claudia Williams
Owner/Ecobroker/Exchangor
Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301
970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com
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