Winter is finally here! So far this season, the sun has been bright, temperatures moderate and snow light. Despite the lower-than-average precipitation, the ski resort has done a great job of preserving the snow and pleasing their customers with an awesome experience.

Whether it be the weather or the unbelievably desirable real estate market (for buyers, anyway), I have remained very busy and have had little time to get my ski days in!  No complaints however, as I welcome the opportunity to help buyers and sellers in this ever-changing marketplace.

I recently took classes to earn my SFR Designation: Short Sale Foreclosure Resource. La Plata County lags behind the nation in this segment and stats show our foreclosure filings are actually declining, but I want to make sure I am educated when helping my clients through the purchasing and selling process.  Of my 21 closings this last year, I represented 3 buyers through the purchase of REO or Bank-Owned properties. These are a bit more challenging, but rewarding nonetheless. Although my buyers were able to purchase below market, these properties were distressed and it takes someone willing and able to assume the risks of "as is"conditions, and to take on the improvements.

Over the past year, I've had the opportunity to help sellers sell their rural homes and make the move to town; help buyers relocate to Durango to be closer to their families, or to fulfill their plans for a retirement or second home in this beautiful playful community; and I have begun again - after a few years delay - to help buyers purchase land so they can build their dream homes. Yes, building permits are finally increasing! Durango has many micro-markets and the demand changes within a very small geographic area. 

There is a high demand for in-town homes priced $225,000 to $350,000 and although many of these are a bit neglected at these low prices, it means first-home purchases and investment rental properties are hot right now. City of Durango home sales were up 31% in numbers sold in 2011 over 2010 and 29% in sales volume, and the average price declined just 2% to $387,000. Durango rental vacancies are down and rents are projected to increase. If you’re thinking about a good place to invest, a retirement-income-producing property may be a great choice.

 

   Dalton Ranch had 8 single family home sales last year and the average sold price was $457,000. Currently there are 6 homes listed and the average asking price is $647,000; In the Dalton Ranch area, including the newly built Trimble Crossing, there were 12 townhomes sold in 2011, with an average sold price of $418,000 and there are currently 9 listed with the average asking price $488,000. Single-level homes are in especially high demand in this area. There is currently only one single-level townhome located on the golf course, recently listed at $375,000. There’s also one bank-owned single family home, not on the golf course, at $399,900.  

 

 

 

   Edgemont Highlands is a newer subdivision just minutes from downtown Durango. In this desirable subdivision, 13 newer built homes sold in 2011, with an average sold price of $434,000, and there are currently ten homes on the market with an average asking price of $458,000.  There are also several beautifully located lots available in this subdivision, and there have been many new custom homes built this year.

 

Historic downtown homes are also a very unique and desirable home choice. The activity has been particularly good with the lower-priced homes ready for renovations. The 500K to 800K price point also saw some nice activity last year with 59 homes selling, with a median price of 585K.

 

Durango Mountain Resort saw the greatest increase, up 141% compared to 2010: 29 home sales in 2011 compared with 12 the year before.  Bayfield rural homes increased 63% compared to 2010, with a total of 83 homes sold. Meanwhile, sales of Bayfield in-town homes stayed relatively stable, hovering just above 30. Almost across the board, the median sale price of homes and condos dipped in 2011. The decline in prices reflected a shift in the supply toward lower-priced homes.

With interest rates staying incredibly low, bank sales continuing to bring opportunities, prices adjusting accordingly, and the pent-up demand of baby boomers, we are set to have a busy season!

Statistical Comparisons Full Year 2011 as Compared to 2012

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