The first quarter MLS statistics for La Plata County were just released and the harsh winter weather appears to have taken its toll. The low number of homes for sale was squeezed even more after a severe winter that just wouldn’t quit.
With only one quarter of data to report, La Plata County is down 26% in new single-family listings when compared to the same period last year. Generally speaking, people don’t like to move during the winter and will wait for warmer weather to put their home on the market. In a market that struggled over the last few years with low inventory, fewer homes for sale puts more strain on those looking to purchase. In La Plata County, 79 fewer homes were listed for sale in the first quarter and as a result there were 18 fewer sales.
Mortgage rates are expected to remain level in 2019 and are down from last year. This appears to have motivated Buyers to make a move and Realtors are looking for inventory. With forests turning green and lakes rising after an epic season at Purgatory, we expect to recover from the 2017/18 winterless year and the 416 Fire. A vibrant tourist season that started with Spring Break usually encourages a strong real estate environment, especially from pent-up demand for second home buyers.
Already in April inventory is increasing. 172 new listings have hit the market in the first two weeks of April, and we expect more Sellers are waiting on the sidelines.
Surprisingly, real estate markets do and have held steady through inclimate weather years. Buyers hold off on purchases without losing interest in Durango and the surrounding areas. We assume this trend will continue because (as all the locals know) our area has more to offer than almost anywhere.
Do you have a question about your neighborhood? Want to check out the rest of the numbers? Call us for details. As you know, all real estate is local!