THIRD QUARTER STATS: The median sale price for homes in Durango slipped 14 percent during the July 1 to September 30 period, while the number sold dropped 20 percent, and dollar volume fell 23 percent, compared with the same period in 2007.
The median price is the midpoint of all homes sold - where half of the homes cost more and half cost less. As sales of higher priced homes have slowed, the resulting "median price" has come down. Overall the value of real estate in our area has remained remarkably stable when compared to other markets throughout the nation.
We are hearing reports from Arizona, southern California and Las Vegas that these markets have bottomed out and are beginning to mend. If true, it bodes well for our Durango markets. Hopefully by the spring we'll see a return to normalcy.
http://HomesInDurango.com
http://RealEstate-Durango.com
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