It has been busy here!  As I have said in the last few weeks, the market is picking up.  Many buyers are starting to call and ask all the right questions, sellers calling asking “what do I need to do to sell my house?”   Not a full market recovery but there are irons in the fire and it’s going to be a good year for selling and buying.  I have never been so busy in the middle of winter!

Many sellers are still sticking to their prices and many buyers are looking for a good deal.  The most challenging time for the deals that are under contract is the inspection period, buyers can be skidish are ready to back out on the drop of a dime.  My advice, take it one step at a time, breathe, and don’t loose sight of your original goal.  Evaluate each detail on the true level imporantce and compare it to the big picture.

What has sold in the last week?
7 Homes have sold in Durango in the past week.  Homes were priced from $124,900-$800,000.

-Average list price was $376,900k     -Average sold price: $369,000
- Average Days on market: 216
-Average sold price per square foot from these homes: $196.00
-3 homes were in town, the other 4 in rural Durango locations

Click Here to View CMA Presentation
How many homes are under contract?

25 homes are in town.
32 are in rural areas of Durango.
There are currently 57homes in Durango with pending sales.  Listed prices range from $70,000 to $5.9 mil.  Averge price was $484k, Median price is $299,900.

Anything new?

Here are the 11 new listings posted since last week:
Click here to see new listings
–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

Jan. 1 st 2009 – December 31 st 2009

Category      _     Total Volume      Total units _  Avg. Price          Median Price        Avg DOM

Durango Res.-   $122,806,644…….268………$458,233…………$379,950…………….216

Dgo. Co/Tnhm-$28,315,277………..94………$301,226…………$266,000…………….238

All Bayfield Res.-$32,085,002……125………$256,680…………$245,000……………..175

All Ignacio Res.- $3,057,388………..13………$235,183…………$220,000……………..129

All Resort Res.-   $22,993,177………52………$442,176…………$302,500…………….278

Vacant Land-       $18,464,500………86……..$214,703………….$164,950………………379

Farm & Ranch-    $22,162,000………4……$5,540,500……….$5,667,000……………..175

Commercial-         $8,595,075……….11……..$781,370…………..$464,364……………..233

Notes: Durango, Bayfield and Ignacio include both in-town and rural residential properties.

DOM = Days on market

Source: Colorado real estate Network (CREN MLS) from Jan 2010

Res. = Residential,    DGO = Durango,   Co/Tnhm = Condo/Town home

* Our statistics are looking up from 2008 with an increase in # of units sold and decrease in days on market.  These are positive signs of slow market recovery.  Buyers are becoming more savvy shoppers and some sellers are pricing their homes more competitively. 

Looking forward to a great 2010! 

Feel free to email or call us with questions anytime, we are happy to help!

–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

Typically the activity over the holidays is slower because people are traveling and spending time with family and friends. Watch for the market updates over the next couple of weeks and I’d bet you’ll see a steady increase in sales, pending listings and new listings.

* Here is your weekly market update:

What has sold?

4 Homes have sold in Durango in the past week.  Homes were priced from $234k-$937kl.

-Average list price was $557k     -Average sold price: $532k
-Average Days on market: 117
-Average sold price per square foot from these homes: $167.00
-All 4 homes were in rural Durango locations

Click Here to View CMA Presentation

How many homes are under contract?

There are currently 56 homes in Durango with pending sales.  Listed prices range from $70,000 to $2.4 mil.  Median price is $347K.

26 of these homes are in town.
30 are in rural areas of Durango.

Anything New?

There are 11 new listings on the market in the last week, prices range from $59k-$729K.  Here are the new listings:

Click Here to View New Listings

If you would like statistics on other areas or within specific parameters, let us know, we would be happy to send them your way!

Thanks for reading!

–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

—
In a recent interview with a top agent in Massachusetts, I asked how things were going in his local area. “Our market is really a tale of two markets,” he said. “Eighty percent of the homes are overpriced and twenty percent are well-priced.  The well-priced properties are getting multiple offers.  The overpriced properties are getting none”.

I immediately realized that in every market, in every time, there are two markets – one where properties are priced to sell and another where properties are priced to sit.  A seller is either in the market or out of it.  And unlike a sellers’ market where time on the market can pull overpriced homes back into the market, after a downshift, every day just pushes the overprices homes farther and farther out of the market.
—

There are two markets in every market, Durango is no different.  Which market are you in?

If you are trying to sell your home and are frustrated with the current market, don’t worry you are not alone. We need to remember to adjust to our surroundings constantly.  If we do not change and whats around us does, where does that leave us?  In the past and stagnant.

Now is the time to get creative, strike your progressive thinking and put it to action!

There will always be changes in markets, clothing styles, environmental changes, technology advances etc.  Stay up to date, do your homework and make adjustments to what will work for your lifestyle.

If you are looking for up to date information on what’s happening in the local Colorado market, give us a call, we can help.  We can discuss creative marketing strategies and we are happy to provide you with a free market analysis at any time.

With the turning of the new year just around the corner, this is the prefect time to point yourself in the direction of progression!  Stay motivated be positive!

Happy Holidays!

–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

After the new year we do expect much higher numbers in buyers and sales.  The crowd of ski vacationers and family visits are usually at their highest in Jan and Feb and with all the snow we have been getting lately, the skiing should be pretty fun!

With that said, here is the recent real estate activity over the last week!

* What has sold?

9 Homes have sold in Durango in the past week.  Homes were priced from $188k-$625k.

-Average list price was $367K     -Average sold price: $353k

-Average Days on market: 208

-Average sold price per square foot from these homes: $202.00-

- 2 homes were in town, the other 7 in rural Durango locations

Over the last few months I have seen the average sold price slowly rise and the average days on market slowly drop.  The percentage of original list price and sold price has stayed about the same (between 8%-12%).  This tells me that there are a few more buyers out there and the market is on a slow and steady rise.   Click Here to View CMA Presentation on homes sold

* How many homes are under contract?

There are currently 71 homes in Durango with pending sales.  Listed prices range from $124,000 to $2.9 mil.  Median price is around $350K.

39 of these homes are in town.
32  are in rural areas of Durango.

* Anything New?

There are 9 new listings on the market since last Wednesday prices range from $165k-$859K.  Here are the new listings:

Click Here to View New Listings

These statistics only include Durango homes, not land or any surrounding areas.  We are happy to send you similar statistics for specific locations that you are have interest in…just call or email…happy to help!

Happy Holidays Friends!

Cheers!

–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

Well Info:

Here is a link to a helpful 28 page brochure put out by the Colorado Division of Water resources and others about water wells in Southwest Colorado. It’s called “How well do you know your well?” and covers things such as well permitting, aquifers, water quality and more. It also has contact information for conducting more research.

http://co.laplata.co.us/water_well_web/Water%20Well%20Brochure.pdf

Septic Info:

For information on septic systems contact San Juan Basin Health Department, www.sjbhd.org. Their phone number is 970 247 5702, Chad Engelhart is very helpful. They can look up the septic permits and final inspections and they will come out and inspect septic systems for a fee. Typically that requires the system to be pumped first.

As always, we are happy to help you out, just ask.
–
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

Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog

Busy Busy Busy…the holiday weekend last week was a little quiet but ever since we’ve come back to the office, it’s been double the work load!

We are here and ready for action.  Seems like the phones are ringing and buyers are looking.

* What has sold?

13 Homes have sold in Durango in the past 2 weeks.  Homes were priced from $299k-$879k.

-The average sold price: $401.   Median $350K
-Average Days on market: 256
-Average sold price per square foot from these homes: $188.00/sf
- 9 homes were in rural Durango locations the other 4 were in town.

Click Here to View sold homes

* How many homes are under contract?

There are currently 73 homes in Durango with pending sales.  Listed prices range from $16K to $2.9 mil.

38 of these homes are in town.
35 are in rural areas of Durango.

* Anything New Available?

There are 23 new listings on the market in the last 15 days prices range from $174k-$3.2 mil.

Here are the new listings: Click here to see new listings

——————-

Everyone is asking.  How’s the market? It’s improving!  But most likely what you really want to know is…

….how’s the market for selling MY home or what has sold in my neighborhood.  Or how’s the market for buying a great deal?

We can help, just call or email with specific questions and we would be more than happy to give you the exact answers you have been looking for.

As always, thanks for reading!  Happy Holidays!

Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

This is a sad development for the families and homeowners. If you know anyone in this predicament, please tell them there is a free legal service that can help avoid foreclosures in Colorado. 4 our of 5 families who met with somebody form the foreclosure hotline was able to avoid foreclosure. http://www.coloradoforeclosurehotline.org/

On the flip side, for those of us looking to invest in real estate and buying at the bottom of the market, this could be good news. Bankowned homes are popping up here and there. While they don’t tend to be priced too well there  is one redeeming quality. The banks don’t get emotional about low ball offers. If you have cash you can offer them much less and they just might take it (they like cash and don’t have a loan to pay off).

We can help you identify good deals. For more info on how to buy a foreclosure property in Durango check out these two blogs I wrote a few weeks ago. 

970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com
Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog

Getting a little chilly out.  These 40 degree temperatures remind us of the snow just around the corner.  In the winter it can be harder to sell your home.  Most people end up taking their homes off the market for the winter and renting them out to gain some income through the cold months.

Also most people list their home in the Spring, the average listing contract is 6 months ~ SO ~ in other words listing a house for sale in April or May means the listing could end in October or early November.  BUY NOW before it’s gone.

* Back to the statistics….please keep in mind these statistics are for Durango, if you would like market statistics on surrounding areas, please let us know, we would be happy to email them your way.

What has sold in the last week?

5 Homes have sold in the last week. 3 in town, the other 2 were in rural areas of Durango.

-The average sold price: $426k.  (gone up from last week)
-Average Days on market: 120 (gone down from last week)
-Average sold price per square foot from these homes: $215.00 (gone up from last week)

Here are the homes that sold

* How many homes are under contract?

Currently there are 88 homes with sales pending (this number has gone up since last week), prices range from $110,000 – $2.9 million.
The median price is $374,000.
45 of the homes are in town, the other 43 are in rural areas of Durango.

* Here are the 11 new listings that have popped up in the last 7 days.

Click Here to View New Listings

Feel free to email us with any questions!
Thanks for reading.

What’s new in the Durango real estate market with the changing of the season…and winter just around the corner?

* What has sold in the last week?

4 Homes have sold in the last week. 1 was in town, the other 3 were in rural areas of Durango.

-The average sold price: $369k.  (gone up from last week)
-Average Days on market: 188 (gone down from last week)
-Average sold price per square foot from these homes: $193.00 (gone down from last week)

Here are the homes that sold

_____________________________________________________________

* How many homes are under contract?

Currently there are 83 homes with sales pending,

Prices range from $110,000 – $2.9 million.

The median price is $369,000.
I would say it’s safe to assume less then 1/2 of these will make it to closing.
43 of the homes are in town, the other 40 are in rural areas of Durango.

_____________________________________________________________

* Here are the new listings that have popped up in the last 7 days.

Click Here to View New Listings

_____________________________________________________________

* Also here’s an interesting article what the Durango Herald has to say on the market as of yesterday.

Click here to read Article

_____________________________________________________________

Feel free to email us with any questions!
Thanks for reading.

–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441