Durango Real Estate Sales Statistics-2010 YTD

I just completed compiling the Durango real estate sales statistics for the first six months of 2010. I traditionally do this study at the end of six months, nine months and 12 months of each year and compare those statistics for the same time period the year before. The complete spreadsheet for that analysis is located on the following link: Durango Real Estate Statistics.

2010 has seen a significant improvement over the 2009 sales statistics. Total residential dollar volume in La Plata County increased by 52% while the average sales price increased by 10%. In terms of units sold, it went from 210 units the first six months of 2009 to 293 units in the first six months of 2010. That which represented an increase of 39.5%. There was an increasing number of units sold in every single price range. The smallest increase was 27% but it happened to be in the most popular price range of $200,000-$400,000. Last year's complete "dead market" was anything from $800,000 and up where only seven properties sold in the first six months of 2009. This year 15 properties sold in that price bracket, although one buyer bought three in that price range.

In our business we often refer to the term "absorption rate" which is the period of time it would take for all active listings to be sold, assuming no additional properties would come on the market, based on the current rate of sales. For illustration purposes, let's say 10 homes sold between $400,000 and $600,000 in the last 12 months. Currently available on the market are 30 homes in that price range. That would be a three-year supply or absorption rate. The higher the absorption rate the more the market is benefiting a buyer; the lower the absorption rate, then we would call it a sellers' market. In 2009 the residential absorption rate was 3.29 years which is extremely high. This year it dropped all the way down to 2.34 years, which still is pretty high. Typically, we like to see it at about one year or less.

Where did the buyers buy in 2010? Durango in town sales were 111 units, while Durango country properties represented 104 units. Bayfield in town came in at 19 units and Bayfield rural actually dropped this year down to 23 units. Clearly Durango is the market maker but with the slowdown in the Bayfield area I would think there would be some very good values out there available for somebody who is especially budget conscious.

It is a very common question to be asked of our team members "Is it cheaper to build or to buy an existing home in Durango?" Even with builders and other contractors giving great deals right now because they are not busy, financially, it is a far better deal to buy an existing home. We are finding builders/sellers who are selling their properties for well below their cost. I met with another broker in town this past week who did a study on all of the foreclosure property sales in La Plata County this year. We have heard figures from places like Phoenix, Aurora and Pueblo were that percent would reach 35 to 50% of all transactions were sales where the bank was the seller. This fellow broker looked at every sale for the year 2010 and came up with a 7% figure for La Plata County. That was certainly an encouraging number.

Again here is a link to the full Excel spreadsheet: Durango Real Estate Sales Statistics

With over 1380 homes to choose from in La Plata County, a Team Lorenz buyer broker would love to help you in your efforts to buy a home in Durango. Lisa and Nicole are the very best and statistically have been the number one top-selling team since January of 2006 for the CREN MLS system (Durango, Grand Junction, Cortez, Delta,Montrose, San Luis Valley). It's one thing to talk and say you're good it's quite another to actually do it. And they are the best so please give us a call we are here to help.