July 2010
We had a spectacular 4th of July day here in Durango! I took a wonderful bike ride in the morning with my daughter through the Animas Valley to Bakers Bridge. This was the only day I was able to take off in two weeks time. I have been very busy listing and selling homes. Durango has some really well priced properties, there are qualified yet cautious buyers, and amazingly low interest rates (around 4.75 for a 30 year fixed); it is a great time for buying opportunities. As for Sellers, we can get properties sold with strong marketing & correct pricing (think jump ahead of a declining market).
La Plata County had a 38% increase in transactions, a 50% increase in dollar volume and an 8.9% Avg increase in sales price...this is positive, however we are comparing to the same time Jan – June 2009 which was an extremely slow year, these increases seem grand and they are better, but we have a long way to go. Prices are still declining in the higher-end market, and contracts have slowed down the last couple of months over all. In a few of the most demanded markets, in town Durango and Animas Valley, we are seeing some stabilizing of smaller home prices. Bayfield is having a much harder time, with the Avg price falling -7% in the City, however sales did increase slightly, but Bayfield Rural unit sales are down -23%. I do think areas like Forest Lakes (large subdivision with plenty of newer built homes) is now competing with the adjusted prices of in town Durango.
Statistics YTD ending June, 2010
| Residential |
09 # Sold |
10 #Sold |
% Change |
09 Total Volume |
10 Total Volume |
% Change |
09 Sold Avg Price |
10 Sold Avg Price |
% Change |
09 Avg Days on the market |
10 Avg Days on the market |
# of Homes for sale |
| City of Durango, Homes |
37 |
53 |
43.2% |
$12,986,799 |
$19,835,994 |
52.7% |
$350,994 |
$374,264 |
6.6% |
177 |
215 |
157 |
| Durango, ALL Townhome/Condo |
46 |
82 |
78.3% |
$14,064,407 |
$23,122,331 |
64.4% |
$305,747 |
$267,500 |
-12.5% |
238 |
260 |
334 |
| Durango Rural, Homes |
62 |
85 |
37.1% |
$27,220,055 |
$44,375,352 |
63.0% |
$439,033 |
$522,062 |
18.9% |
219 |
246 |
486 |
| City of Bayfield, Homes |
16 |
17 |
6.3% |
$4,161,100 |
$4,108,305 |
-1.3% |
$260,068 |
$241,665 |
-7.1% |
157 |
165 |
52 |
| Bayfield Rural, Homes |
30 |
23 |
-23.3% |
$8,607,205 |
$6,763,653 |
-21.4% |
$286,906 |
$294,071 |
2.5% |
213 |
202 |
164 |
| La Plata County, total |
219 |
303 |
38.4% |
$75,997,943 |
$114,571,920 |
50.8% |
$347,022 |
$378,022 |
8.9% |
211 |
253 |
1438 |
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| Land |
09 # Sold |
10 #Sold |
% Change |
09 Total Volume |
10 Total Volume |
% Change |
09 Sold Avg Price |
10 Sold Avg Price |
% Change |
09 Avg Days on the market |
10 Avg Days on the market |
# of Lots for sale |
| La Plata County, total |
38 |
46 |
21.1% |
$7,762,850 |
$11,494,031 |
48.1% |
$204,285 |
$249,870 |
22.3% |
361 |
289 |
942 |
Durango Area 2nd Quarter Housing Statistics - 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 providesa summary of residential, commercial and land sales in Durango and Bayfi eld, as well as Resort condominium sales.
News You Can Use
30-Year Fixed Mortgage Rates Still at 4.25%
by Ed Ferrara July 7, 2010
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Conventional 30-year fixed mortgage rates are still at 4.25% for well-qualified borrowers paying 1 point origination, shows FreeRateUpdate.com research of wholesale lenders' rate sheets for brokers. 15-year financing is available at 3.75%. Both fixed conforming interest rates are at all-time record lows. Read full article
7 Things All Borrowers Should Know About FHA Loans
RISMEDIA, July 3, 2010—FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).
"We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,"said Christopher Gardner, founder and president of FHA Pros, LLC. "Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that."Read full article
Homes Shrink as Market Sinks
Posted By susanne On June 26, 2010
"Consumers are still committed to owning a home, but are showing increased cautiousness,"said Doug Duncan, Fannie Mae’s chief economist. "They are rebalancing their attitudes toward housing and home ownership by adopting a more realistic, long-term approach and are less willing to take risks.”
Read full article
I represent Trimble Crossing Townhomes, adjacent to Dalton Ranch Golf Club. Take a tour below of this exciting new development and the amenities, which has benefited many in the Animas Valley. We have sold 3 homes just since the first of this year and close on the 4th this month. Beautiful finishes, popular location, and an excellent Lock and Leave choice.
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Tourism feels strong by the population I see downtown each day. Music In The Mountains is in full swing, check out the schedule and see if you are able to enjoy.
Happy Summer!
Kelly Kniffin
Snow Play in Durango CO - Sunset Magazine 2010
Top 20 Romantic Getaways - Sunset Magazine 2009
Ski Magazine Dec 2009
6 Terrific Towns on the water - Money Magazine 2008
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