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JUNE 2022: LATEST DURANGO REAL ESTATE UPDATE

I hope everyone is having a great summer, and enjoying the sunshine and Colorado mountains!
Have you noticed the shift in the market? We are starting to see changes in the market with the rising interest rates and other economic factors in the Durango area. The properties listed below $1M that are priced accordingly, are still selling quickly. The properties that are priced above the market are taking longer to sell, and price reductions are becoming more frequent. What we are seeing is a transition from a seller’s market to a more balanced market.
The buyers now have more choices of homes and have more time to think through their options before selecting the right home as competition eases. The most important factor when purchasing a home is not to make sacrifices just to get a house, be sure you are buying based on your budget and needs. If you find a home you love and it fits your personal financing and long-term economic stability, then chances are it might be right for you!
The shift is happening, but the seller’s market is still here as we have less than three months’ worth of inventory. A balanced market would be between three and six months; in a buyer’s market there would be more than six months of inventory.
If you are a seller, price your home competitively, and present your home in the best possible light as this is still a good time to be on the market due to the lack of inventory. High quality homes often receive offers over the asking price.
In La Plata County, 113 new single-family listings came on the market in June. For a little perspective, that number was just 25 back in December of 2021. By the close of the month, there were 186 homes still available for sale, and La Plata County actually reached 2.9 months of inventory—a 60% year-over-year gain, but still nowhere close to the 6 months of inventory needed to balance the market.
With competition easing, prices dropped again from $762,000 the prior month to $675,000 in June for a single-family home in La Plata County. That’s still 19.4% higher compared to June, 2021, and on average, single-family homes are selling for 100% of their list price. Days on the market are at 52, though it was taking an average of 51 days to sell at the same time last year when there was much less inventory and far lower rates.
Durango is a desirable place to live, and people will be moving here regardless of what the market is doing. Whether you’re looking to buy or sell a home in 2022, it’s absolutely possible to achieve your goals.
I am looking forward to another successful quarter helping buyers and sellers navigate the Real Estate Market!

 


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Gabi was the ideal agent. She was friendly, responsive, and went above and beyond to get the job done. Even when we encountered unexpected challenges she was optimistic and did everything possible to ensure that my sale went through smoothly and ti...

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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 is top-notch! We were buying remotely and she went the extra mile to personally video the property for us to see. Her professionalism, knowledge, honesty, integrity and hard work ethics were very much appreciated. You have questions, just ask he...

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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 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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