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3rd Quarter 2019 Real Estate Statistics

La Plata County Real Estate Market, 3rd Quarter Statistics:

  • The price of homes in the County stayed consistent with last year’s median price, hovering around $385,000, while the number of homes sold increased by more than 2%. The number of homes sold increased by 20 homes which was only a 2.4% increase. That figure of number-of-units-sold continues the trend that began about 3 years ago of reasonable flat sales. We are not getting huge spikes up or huge collapses downward either. It is overall a balanced market in the residential segment.
  • All other segments of our market in this report saw nominal to modest increases in median price with fluctuations in the total number of properties sold that were better or worse depending on market segment and location.
  • Durango Mountain Area Homes and Vacant Land (1-10 acres) are both down considerably through the end of the third quarter. We are seeing prices softening in some segments.
  • Traditionally, Fall is the time for sales of luxury and high-end properties, and this year should not be any different.

Overall, we have a healthy local market; however, the increasing inventory of properties this fall may change the trend next year.

Many clients have been asking me about the future of the real estate market, and overall economy. I read an interesting article that I would like to share with you. It may answer the question we all asking these days: “When is the recession coming?”. You can read the entire article at…., however, here are a few key points:

https://www.forbes.com/sites/brendarichardson/2019/07/18/robust-us-housing-market-continues-to-expand-amid-recession-jitters/#21bcfa953298

Recession Jitters:

  • The U.S. economy has been growing for 121 consecutive months, the longest run in the nation’s history.
  • Between the first quarter of 2010 and the first quarter of 2019, the average equity per borrower increased to approximately $171,000 from about $75,000. WOW!
  • We are experiencing the longest stretch of mortgage rates below 5% in more than 60 years. These economic forces have driven a recovery in home sales, construction, prices and home equity wealth.
  • While home prices are still growing, they are doing so at a slower pace. Forecast expects a moderate 5.6% acceleration in annual home price growth from June 2019 to June 2020.
  • The forecasts that come out do show a heightened risk. They show a slowdown in economic growth and a heightened probability of a recession in the future. So, the probability of a recession starting in 2020 is greater than in 2019. The risk of a recession starting in 2021 is greater than the risk of a recession starting in 2020. So, there’s this uncertainty that the slowdown in economic growth ultimately leads to a recession. We don’t know when, but that recession risk increases over time.

All real estate is local, and in small markets like ours, can vary greatly, based on home type and location. I highly encourage you to reach out to me, Gabi Bergstrom at RE/MAX Pinnacle for a more detailed analysis of specific areas or market segments that interest you. Thank you for choosing me as your Realtor!

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We have had two business dealings with Gabi and she is the most professional realtor we know! She is consistent , courteous and extremely knowledgeable about her listings and the area. She answers any questions in a very timely manner, sometimes befo...

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Gabi is a professional, competent, and pleasant realtor to work with. I highly recommend her.She presented a professional written marketing plan, including comparisons that supported her recommendations for a selling price.She was available and time...

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Gabi was such a pleasure to work with during our selling process. We sought her out after seeing her price point accuracy, yet received so much more as she is always so positive and professional! The advice she offered at various points along the ...

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Gabi was extremely knowledgeable and professional. We were very impressed with her ability to handle many items and issues at once. We would routinely receive e-mails from Gabi late at night answering questions or providing us with information.Than...

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We first met Gabi Bergstrom when she was showing a home we were interested in purchasing. She was friendly, professional and informative while still giving us enough time to look around and get a feel for the property. When the time came to sell ou...

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We have used many realtors both buying and selling properties over the years. Gabi is hands down the best we have had. We met Gabi as she was representing the sellers in the house we live in now. WE liked her then, and decided to use Gabi on the...

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Gabi Bergstrom Durango Real Estate Remax Logo
970.946.7522 GabiBergstrom(at)gmail(dotted)com RE/MAX Pinnacle
1221 Main Ave. Durango, CO. 81301
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