Local Association of Realtors Releaes 2010 1st Quarter MLS Data

The Durango Area Association of REALTORS® would like to announce the release of their 2010 1st Quarter MLS statistical data. The information below provides a summary of Residential, Commercial and Land Sales in Durango and Bayfield, as well as Resort Condominiums Sales.

The first quarter is being compared to the same quarter over the last 3 years. For the second consecutive quarter, the La Plata County residential market has improved with a higher number of transactions and an improved median price. Total residential transactions in the County for the 1st Quarter of 2010 were 131 compared to 79 last year, a 66% increase. The median price increased from $275,600 to $306,100. Although these results are quite favorable, it should be noted the market, for the first quarter of 2009 followed the financial collapse in the 4th quarter of 2008, so the results in 2010 are following a low market cycle. The trends show the Durango In Town Homes median price has been affected by a move towards affordability. This year, 88% of all Durango
In-Town Homes sold were below $400,000, and during the same period last year, only 72% were below $400,000. While Durango In Town median prices have dropped 14.23% in comparison to the same quarter last year, the number sold has increased 88.88%. There is also a significant increase of 89.47% in numbers sold for Durango Rural. The Durango Condo market has seen a moderate median price increase of 6.48% and a large 290% increase in numbers sold.

The sales of In-Town Bayfield homes have remained steady with no change from the 2009 1st quarter. Land sales and the commercial markets have remained soft. La Plata County continues to fare better than many of the markets in the West, and current numbers points to stronger demand and resurging local consumer confidence. The deadline for the first time homebuyer’s tax credit and the repeat homebuyer’s tax credit is fast approaching. A home must be under contact by April 30th, 2010, and closed by June 30th, 2010 to take advantage of the $8,000 or $6,500 tax credit. Decisions need to be made immediately, as the lending and closing processes will take 45-60 days.