The strongest segment of the market was the $500,000 to $1,000,000 segment, which posted a gain of 10 transactions for a 5.6% increase, and the volume was up $8,140,055 for a 7.2% gain. For the first time in the history of La Plata County, 187 homes sold in this price range.
The market over $1,000,000 counted 24 homes sold, which was two greater than 2005, but significantly lower than the historical 2006 year, which accounted for 43 sales.
The market below $500,000 was down 13.7% in transactiions, down .9% in median price, and down 14.6% in total transactions. This price segment has been impacted greater with the concerns over the sub-prime mortgage crisis, and buyers hesitant to jump back into the market. This should change in 2008 as the population continues to increase, and there is a pent up demand.
These market numbers show a vast improvement over the first five months of 2006, when the market was showing a 20% decrease in transactions. It appears that this market is flattening, and in much better condition than most of the country. Recently, there has been an article in Ski Magazine highlighting our area, and our neighboring city to the south, Farmington New Mexico has also received some postitive national press.
The market statistics are sourced from: Colorado Real Estate Network on 1-7-2008.
All opinions are mine, Don Ricedorff. You may contact me at don@frontier.net, Durango Real Property.com, or 970-375-7014 for a comparison of market statistics for 2005 through 2007.
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