2020, What a year! Overall, in the real estate industry, the unprecedented low interest rates and lack of inventory have kept the market a healthy one and the upward trend continues. The year started out strong. In mid-March however, the world came to a pivotal point which changed all of our lives in so many ways.
In the real estate industry, we were unsure how it was going to affect our local market. For a time, physically entering listings was halted and we waited daily to see how new rules would unfold. Eventually, we were able to resume showings with the guidelines that we now consider the “New Normal”. Remarkably, the market remained strong and we saw increased sales throughout the rest of the year. The numbers below show a reflection of almost every segment of the local real estate market with a significant increase in both median price as well as number of units sold. The slight exception to this is shown in the In-Town Bayfield market. The number of units was up over 31%. However, some of the sales noted were lesser priced condos and downtown properties, thus bringing the median price down slightly.
The Durango Mountain area saw a huge increase in sales. Inventories which had been on the market for longer periods of time were finally sold. It was as if everyone who had been contemplating buying in the past finally made the decision to do so. In a nutshell, buyers still outweigh the inventory. Supply and demand is what is driving the market. As long as the interest rates stay low, we anticipate a continued healthy market in our future.