MORE ON PRICES: According to numbers released yesterday by the Durango Area Association of Realtors, Durango home prices are up 11 percent compared with a year ago, but home sales have fallen 39 percent.
The median price of a Durango home was $436,050 in the third quarter - up $44,050 from the same period in 2005. But only 43 homes sold in the third quarter compared with 70 a year ago.
Durango's newest median price is $12,000 lower that last guarter's record high of $448,000. The median price of a Bayfield home in the third quarter was $306,000 - up 13 percent from a year ago. But home sales dropped 57 percent - from 23 to 10.
It's important to understand that "Median Price" is the point where the number of sales below that point equals the number of sales above that point. "Median Price" is not an average price.
But it is good indicator of economic trends. If more higher price homes sell, the median price will go up and vice versa.
We are seeing an increase in buyer activity in the properties priced below the current median. If the trend continues, our median price will drift downward. In our opinion, moving towards a more balanced market bodes well for the Durango real estate economy.
Daily traffic is increasing on both of our websites http://HomesInDurango.com and http://www.DurangoRealEstate.biz
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