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DURANGO REAL ESTATE MARKET REPORT: 2019 YEAR IN REVIEW

OVERVIEW: Real estate sales activity in La Plata County in 2019 was remarkably similar overall to 2018 (less than 1% change), with some notable differences in certain segments of the market. 2018 was a year of record drought and the 416 Fire closed major businesses for summer months with about $135 million in estimated damage. 2019 had record snowpack, with a sluggish first six months (rising interest rates), followed by a burst of activity and a strong finish by end of year (falling interest rates). Climate factors such as drought, fire, and snow greatly affect our local economy and real estate activity in Southwest Colorado.

The highest reported price for a single-family home was $6,535,000 and the lowest price was $63,000 in La Plata County in 2019.

DURANGO IN-TOWN: shows a median price increase of about 4% overall, consisting mostly of single family home sales, and condos/townhome sales which were about even with 2018. However, the number of single family sales in town was down 8.3% while condos and townhomes were down 6.4%.

DURANGO COUNTRY HOME: sales were almost identical to 2018, with a slightly lower median price. The number of homes sold in this category was exactly the same at 355 in both 2019 and 2018.

BAYFIELD: is a market to watch, with an increase in all categories (except land). Bayfield in-town residential sales doubled, with the median price up by 4.4% to $334,000. Bayfield affordability may be attracting some buyers from Durango. Bayfield Country Homes sales also saw a median price increase of 8.6% with the number of sales up 4.5%.

DURANGO MOUNTAIN HOMES: in the Resort category experienced a solid year. The median price of condo and townhomes increased 25%, and the number of sales were up 16% from 2018. Single family home prices were up 7% from 2018, but the number of sales were down 23%. Sales in the resort area are often influenced by fluctuating availability of properties on the market.

VACANT LAND SALES ARE SOFT: market priced existing homes and the high cost of new construction have impacted land sales. For example, 1-10 acres in La Plata County brought 22.4% fewer buyers and a median price reduction of 8.8% in 2019.

INTEREST RATES: were significantly lower in late 2019, which can make an important positive difference for buyers affected by La Plata County’s cost of home ownership. The interest rates are currently at 3.6% for 30-year fixed.

FORECAST FOR 2020: buyers have become more discerning with their offer price in light of news articles talking about a softening market, while sellers still feel their values are high and they should be able to command top dollar. Interestingly, both sides have a valid argument, and we move forward to negotiate and find a middle ground.

With a healthy economy, robust employment, favorable interest rates, and a massive generation of people in prime home-buying years, there’s good reason to think the housing market will stay active in 2020! The national economistsare not predicting any recession for 2020 unless something unpredictable happens with the global or local economy, or political scene.

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When it comes to buying a home, Gabi is someone who knows how to strike the balance between what you want in a home and what is possible in your budget.She stayed with us for nearly a year staying on top of the market and sending us homes to review. ...

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Gabi was personable, responsive and professional in all aspects of the selling of our home. We felt confident that she was working in our best interests, and it was a pleasure working with her....

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Gabi has helped us with several real estate transactions over the years. She is ALWAYS attentive and handles all the details in very professional manner. She is very thorough and we know she has our best interest at heart. We highly recommend her...

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Gabi helped us purchase our first home in the midst of this historic and difficult market. She put us at ease with her honest and direct communication, and we felt so lucky to be in her very capable hands throughout the entire process. She is very re...

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Gabi has been both our buyers and sellers agent in Durango. She is an expert in the local market and succeeded in getting our house sold several years ago when other listings for identical homes were not moving. Recently, she found us the perfect,...

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My husband and I were fortunate to be connected with Gabi at the suggestion of his employer when we were relocating to Durango from out of state. Throughout the whole process, Gabi could not have been more friendly, helpful, and knowledgeable in assi...

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We worked with Gabi to sell our rental property in Durango, CO. We were selling remotely, and Gabi was more than just our agent. She expertly managed all the details needed to get the house ready for sale. She kept us informed of the decisions we ...

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We've worked with Gabi as our agent for both buying and selling homes. I can't recommend her enough. She takes the time to give attention to each client, whatever is required so that the transaction is smooth. She is highly professional, responsive, ...

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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 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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