Dear friends and clients,
It’s hard to believe that the middle of July is almost upon us! Since April 30th, the real estate market has changed in Durango. That was the deadline for the extended federal tax stimulus program for first-time and move-up homebuyers. There was a sign of hope in the first quarter of 2010; the numbers of sold properties increased significantly compared to the first quarter of 2009. However, within the last couple of months the sales have decreased significantly, the inventory has increased, and the price reductions are occurring every day.
If you’re a seller, it’s important to price your property aggressively. Testing the market simply isn't a good strategy with decreasing home prices, sales at a slower pace, and buyers on the hunt for good deals.
If you’re a buyer still sitting on the fence, it’s a great time to start looking around for the right property. The interest rates are historically low (around 4.75% for 30-year fix). Don’t forget that while you’re rolling the dice, those interest rates may climb back up while you’re hoping for those price drops. Don’t miss out, because this is a good buying market, a great investment market. This is the market that is presenting us with opportunities.
Here’s a quick market summary comparison between January through July of 2010 for Residential and Land sales compared, with the same period in 2009 in La Plata County.
1. Residential - The total dollar volume is up 50.8%, from $76 million in 2009 to $114.5 million for the same period in 2010 in La Plata County. The number of units sold increased from 219 to 303 year to year comparison. The average days on the market are up from 211 to 253. Plus 82 properties are currently “under contract”, sales pending, with a total dollar volume of $31 million.
2. Land - The total dollar volume is up 21.1%, from $7.7 million in 2009 to $11.4 million for the same period in 2010 (including recently sold 543-acre parcel for $4.5 million in Bayfield). The number of lots sold increased from 38 to 46. The average days on the market was 289 days, down sharply from 361 in the same period a year ago.
As always, thank you for your business and anyone you have sent my way! The highest compliment you can give me is the referral of your family and friends. I will make sure to give them the great service you’ve come to expect from me.
Regards,
Gabi Bergstrom
Broker Associate
Friday, July 9, 2010
Tuesday, March 16, 2010
New condo for sale in Durango. Only $229,000! 2-car garage
This home includes two bedrooms, two baths, a two car garage, laundry room, all appliances, and a partially fenced yard. Brand new wood laminate flooringon the main level! The best buy home with a 2-car garage in Durango! This is truly maintenance free living. The Pear Tree Subdivision offers an easy accessto downtown, and the trolley stop is just a minute away. The home owners' association takes care of water, sewer, trash, landscaping, exterior maintenance,and snow removal.
Friday, February 5, 2010
Durango Real Estate, REO/Foreclosure homes
Dear friends,
It is hard to believe that we are already in February of 2010! 2009 was an interesting year! I think we all learned something; it was a rollercoaster ride. Everything changed from month to month, week to week, even day to day: New legislation, new terms, new rules…
As we’re transitioning into the first quarter of 2010, we are continuing to show similar results to the last quarter of 2009. The 4th Quarter of 2009 had a greater number of transactions, higher volume, and higher median price than the 4th quarter of 2008. The annual La Plata County residential sales show the mixed results, as the first 9 months of the year had a 30% decline in transactions, followed by the 22% increase in the 4th quarter. It’s great seeing 129% increase in total volume and 81.8% in total number of sales in sales for Residential in January, 2010, compared with the same period in 2009 in La Plata County. We have currently 100 properties under contract “sale pending” with total a volume of $47,5M in La Plata County.
The buyers that were sitting on the fence realized that it was a great time to buy. For Buyers looking to take advantage of the tax credit First Time Homebuyers Credit” of up to $8,000, has been extended until April 30, 2010, and will be continued until June 30, 2010, if a home is under contract by the end of April. Repeat buyers who have lived in their homes the last 5 years are eligible for a maximum of a $6,500 tax credit. The interest rates are at near historic lows, and there are a number of safe mortgage products available. Buyers are out searching for a home earlier this year, as the traditional buying season usually begins around late winter and early spring.
With an increase in buyer activity, there are many sellers that have indicated they will put their homes on the market. The mentality of pricing high and then chasing the market, doesn’t work anymore. The supply (inventory) is high and the demand (buyers) is lower. It’s important for homes to be priced aggressively to attract the buyers that are looking. It’s definitely Buyer’s market.
Foreclosures/REO properties for sale in La Plata County:
It is hard to believe that we are already in February of 2010! 2009 was an interesting year! I think we all learned something; it was a rollercoaster ride. Everything changed from month to month, week to week, even day to day: New legislation, new terms, new rules…
As we’re transitioning into the first quarter of 2010, we are continuing to show similar results to the last quarter of 2009. The 4th Quarter of 2009 had a greater number of transactions, higher volume, and higher median price than the 4th quarter of 2008. The annual La Plata County residential sales show the mixed results, as the first 9 months of the year had a 30% decline in transactions, followed by the 22% increase in the 4th quarter. It’s great seeing 129% increase in total volume and 81.8% in total number of sales in sales for Residential in January, 2010, compared with the same period in 2009 in La Plata County. We have currently 100 properties under contract “sale pending” with total a volume of $47,5M in La Plata County.
The buyers that were sitting on the fence realized that it was a great time to buy. For Buyers looking to take advantage of the tax credit First Time Homebuyers Credit” of up to $8,000, has been extended until April 30, 2010, and will be continued until June 30, 2010, if a home is under contract by the end of April. Repeat buyers who have lived in their homes the last 5 years are eligible for a maximum of a $6,500 tax credit. The interest rates are at near historic lows, and there are a number of safe mortgage products available. Buyers are out searching for a home earlier this year, as the traditional buying season usually begins around late winter and early spring.
With an increase in buyer activity, there are many sellers that have indicated they will put their homes on the market. The mentality of pricing high and then chasing the market, doesn’t work anymore. The supply (inventory) is high and the demand (buyers) is lower. It’s important for homes to be priced aggressively to attract the buyers that are looking. It’s definitely Buyer’s market.
Foreclosures/REO properties for sale in La Plata County:
NEWS YOU CAN USE
1) I suppose it's officially "tax season," though that term doesn't seem to be tossed out by popular media until late March or early April, when the deadline is looming and pressure is on. If you're an early bird, you may already be thinking about your taxes. At the very least, you should be starting to gather up everything you'll need—I know those W-2s and other forms are trickling in! Please read 5 Things to Know Before You Claim Your Energy Tax Credit. And 5 (More) Things to Know Before You Claim Your Energy Tax Credit: Part 2
2) Florida Road rebuild to begin next week and road will be one-way from North College into town. Traffic on the major arterial fluctuates between about 12,000 and 14,000 vehicle trips per day. The city and county's 30-year Transportation Integrated Plan, dubbed TRIP, predicts traffic flow on Florida to hit 18,000 trips per day by 2030. The $14.5 million project was conceived in 1999 but put on hold after a bond measure to pay for it was rejected by voters in 2001. Efforts resumed in summer 2008 and a new bond project won that November. When the project is finished, Florida Road will feature two through lanes, a center left-turn lane, bicycle lanes and sidewalks. Please continue to read more about Florida Road Project from the Durango Herald.
3) Don’t forget that The 2010 Winter Olympics, officially known as the XXI Olympic Winter Games or the 21st Winter Olympics, will be held on February 12–28, 2010, in Vancouver, British Columbia, Canada. Here is the official website. The Olympic Lanny Barnes from Durango was named to the Olympic team for 2010 and will represent the U.S. in the Winter Olympics for Biathlon trails.
If you are a buyer and would like to setup an automatic email notification, please e-mail me your criteria (the bedrooms, the baths, the square footage, the lot size, the area, the price range, and other requirements you would like in your perfect home). I will then setup the Multiple Listing Service to email you as soon as any real estate company in our area enters a new house for sale. This will let you know of all of the MLS listings matching your interests.
Thank you for reading my newsletter.
Gabi Bergstrom
Broker Associate
Prudential Triple S Realty
700 Main AvenueDurango, CO 81301
(970) 375-3237 office
(970) 946-7522 cell
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