January 27, 2010
4th Quarter and 2009 Yearly Statistical Analysis
The 4th Quarter of 2009 had a greater number of transactions, higher volume, and a higher median price than the 4th quarter of 2008. The statistical data is suggesting a likely bottom of the real estate market in La Plata County occurred in September of 2009. For the County, the residential 4th Quarter transactions were 175 in 2009 versus 142 in 2008, a 22% increase in sales. The median price was $336,000 in ’09 versus $332,750 in ‘08, a 1% increase in the median price. Durango single family homes in the City of Durango, Durango Country homes and Bayfield In-Town homes showed the greatest increases. Some of the 4th quarter results can be attributed to the “First Time Homebuyers Credit”, the historic low interest rates, and buyer recognition of the bottom of the market. The results for the month of December were even more significant, with the number of residential sales up from 33 in ’08 to 54 in ’09, a 63.6% increase, and the median price was up 1.3%.
2009 MLS Data Yearly Statistical Analysis
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. The median price showed the same mixed results, as the median price declined by 10% in the first 9 months, and improved by 1% in the 4th quarter. Durango Country Homes had the lowest change in transactions, but the median price was impacted by -13.4%. Durango In-Town homes had less of an impact on median price with a –3.4% change, but the sales were down 23.8%. Land sales and Commercial sales remained soft.
As we transition into 2010, there is anticipation that the first quarter will continue to show similar results to the 4th quarter of 2009. The “First Time Homebuyers Credit” of up to $8,000 has been extended until April 30, 2010, and can 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. The home values are more competitive than past years, and there is sufficient inventory of homes for buyers to choose.
For a more in depth analysis or further information on La Plata County area MLS Statistics please contact me at 970-769-5001 or by email david@chartergroupdurango.com
October 16, 2009
WOW is this a sign that things have turned around?
With all of the bad news, the gloom and doom that has been force fed to us the past year I wanted to share some good news! The real estate market is a small part of the “trouble” in our world today but for the ones of us reading this it is probably a pretty big part of our lives. I am not a proponent of the camp that like to spin the numbers to make things seem better than they are, actually I think that does more harm overall than good. I believe it is best to just say what is actually happening and then believe there is good in it somewhere for somebody or at least it will get better. The past 6 weeks or so the real estate market has really picked up steam. For most of the year the only bright spot if you could call it that was in the lower priced homes in the market, those below $400,000. (It still amazes me that we consider a $350,000 home as being basically entry level) Since Sept 1 the market in general has really shown promise. Here is a list of homes under contract or ones that have actually sold since Sept 1.
$0 – $250,000 22 under contract - 10 sold
$251,000 – $500,000 33 under contract - 26 sold
$501,000 – $750,000 6 under contract - 8 sold
751,000 - 1,000,000 14 under contract - 1 sold
Over $1,000,000 6 under contract – 3 sold
These are remarkable numbers when you consider we had only 10 homes close from January 1st until Sept 1 from $750,000 to over $1,000,000..
I have clients ask me ok, what does this mean. I tell them this is a very encouraging sign, an indicator that the mood or the general perception is better. The typical person who is purchasing a home, or second home in the higher price range typically had the ability to purchase anytime this year, they chose to wait. Some may have waited to see how the economy was going to affect their business, their stocks or some other income producing asset, while other just wanted to make certain they were not buying “too soon” or before it hit bottom. The spike in real activity (contracts and closed deals) the past 6 weeks is a clear indicator that these buyers are more comfortable with the overall economy in regards to their circumstances and or they feel the market is at the bottom. The next question asked is usually, well are we at the bottom? I like to respond this way, “I am not sure we are at the bottom, I do not think anyone can say that in certainty, but I think virtually everyone will agree we are in the bottom ¼ of the market. Is it about to hit and then bounce, or has it just hit and we are seeing it bounce up now? Either way it is clear the buyers that could have bought at anytime this year have picked now to jump in.” This is great news for all of us both buyers and sellers. Buyers have a little more assurance that they are purchasing at a great time and they feel confident they are making a very good investment and purchasing wisely. Sellers know that if they price their homes correctly, the chances are far greater than they have been in a long time that a real buyer with real money is willing to purchase their home.
If you have any questions or comments please email me david@chartergroupdurango.com
Just a thought – go out of your way to help someone today, it can be big or small it doesn’t matter just do something that will make someone’s day better!
October 14, 2009
Blogging from beautiful Durango Colorado
Hello
Welcome to my new real estate blog. My name is David McNeese, I have my own real estate brokerage, Charter Group Durango. My wife and I moved to Durango, CO 5 years ago. We chose to leave the Pensacola Fl area and pursue a dream of living in the mountains of Colorado. We have loved being here, the only regret we have is we wish we had made the decision to move years earlier! We love the outdoor activities here, the weather, and the people, pretty much everything except the road construction. 
Being in the real estate business in this day and time has been quite a journey for us both. I have friends and soon to be friends ( new clients) ask me all the time about the market, what’s going on with prices, is anything selling ect ect. I decided a blog on my web site www.chartergroupdurango.com would be a great way to express my thoughts and experiences. So here we go, the start of what I really think will be fun and informative. You will see as we progress I will say what I think! It may go against the flow of what others are saying or it may not. One thing for sure it will be what I think is relevant at the time. It may be about real estate or in some cases I may get a little side tracked and share my thoughts on other topics relative to the area.
I really do not like a real estate blog that will periodically pitch a listing, a house that the blogger has listed. I am not saying it is wrong, it actually may be great for their business, I just don’t like it. I do love seeing some blogs that will tell me what the blogger thinks is a smoking deal on a home. It is always a little easier to believe when it is not their listing but there are times that it will be and usually I agree it is a smoking deal. I do want to encourage you to comment, if you have a question, or think I am nuts let me know. The great thing about this type of communication is it is designed to be informative and interactive. If you are reading this and like it, tell someone about it!
Remember, it is easy to have a bad attitude and get discouraged with the market or just life in general. Do not fall into that trap, stay thankful for something! Help someone, and talk and think positively. It is hard to be depressed when you are being a blessing to someone else.
You can contact me at 1 970 769-5001 or by email david@chartergroupdurango.com
