FOR IMMEDIATE RELEASE-January 14, 2009
DURANGO AREA ASSOCIATION OF REALTORS® ANNOUNCES
FINAL MLS SALES STATISTICS FOR 2008
The total number of residential (single family) home sales for In-Town Durango decreased by 23% compared to the year 2007. With that decrease came a 1% increase in median prices. We had the same decrease in sales units for Bayfield In-Town with an average 8% increase in median values.
Those same numbers are similar to Durango Country Homes with a decrease in sales units at 26% and an upward trend of 2% in median home prices. One of the biggest decreases noted was in Bayfield Country homes with only 66 units sold compared to 117 in 2007; this was also accompanied by a 10% decrease in median home prices.
Condo/Townhomes in Durango had a 7% increase in units sold while the median price dropped by 6%. This was due to an unusually large new project that was able to have a much lower price point than other condo projects in the area. In the resort area, Condo/Townhomes sales of units decreased by 31% with an astounding 45% increase in median prices.
There are a number of other categories that followed similar patterns to what has already been described. All this information clearly shows that we are not following the national economy as far as housing prices are concerned. Although La Plata County has suffered in numbers of sales, due in large part to our feeder market woes, we have done well in keeping our property values steady compared to other parts of the country.
