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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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Gabi was fantastic to work with. She helped us through the buying process and allowed us to explore many different property types and locations before we found the perfect home to buy. She was incredibly responsive, professional, informative and he...

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Gabi was absolutely wonderful to work with in buying our new home. She was very responsive to all of our questions, emails and texts and gave us excellent advice. Her knowledge of the area and real estate was exceptional.We would definitely use her ...

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Gabi was absolutely wonderful through the entire process of selling our home. She was knowledgeable, thorough, responsive, and professional. She made the process for us so easy. We had a couple hiccups with our buyer in the closing process and Gabi k...

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We recently sold our home with Gabi and because of Gabi's expertise, we had an absolutely seamless experience. She gave us very solid advice and was able to negotiate the selling process in a fair and reasoned manner. We would highly recommend Gabi...

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We're so grateful to Gabi for helping us buy our dream home in Durango, Colorado. She was very knowledgeable about all the neighborhoods in Durango and was able to share a lot of "insider" advice with us, which we so appreciated. She was incredibly r...

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Gabi is awesome! She helped us buy and sell 5 different real estate transactions. She is extremely knowledgeable, courteous and professional. Very easy to communicate with and will keep you informed on everything! We highly recommend her to find you...

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It’s rare that you meet someone in any profession that inspires the level of confidence that Gabi does. Her professionalism, knowledge, and dedication to getting every detail right makes her that person. It has been our pleasure to work with Gabi f...

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There is no realtor out there like Gabi, she is extremely professional and knowledgeable when it comes to real estate. She is not about just making a closing but about making sure the fit is right for you and your family. I would never use anyone els...

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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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