REAL ESTATE NEWS - DURANGO
Strong 3rd Quarter and Underlying Challenges
The La Plata County market continues to demonstrate strength and resiliency despite headwinds from stubbornly high interest rates, limited inventory, and other macro-factors challenging norms and predictable market cycles. The 3rd quarter of 2023, compared to the 3rd quarter of 2022, saw an increase in dollar volume of 2% and just a small decrease in unit sales (down less than 1%). Sales totaled 618 in the 3rd quarter of 2022 versus 612 in 2023.
Price appreciation has certainly elevated values but combined with interest rates still in the 7% range has resulted in a pause for the more affordable market segment.
The challenge now for buyers is "when to buy". Experts agree it is a double-edged sword. On one hand, if you find the right property and can afford the current payments, buy now. Waiting until rates come down may yield a lower mortgage payment, but there is ample evidence that there is high demand ready to come into the market when the rates go down (and inventory rises) - which will create increased competition for homes, keeping prices elevated and potentially building a more challenging purchasing environment.
Our market is in a unique cycle few have experienced. Overall, the good news is that inventory levels are seasonally appropriate (though the market needs much more) and buyers are facing less competition for homes. Let's talk - the best way to assist you with your real estate goals is to have a conversation, discuss your specific property or needs, and create a proactive plan to help you in today's market.
The Quarterly Market Summary offers a look at sales activity for the prior quarter and year, along with current and past year-to-date statistics.
Market data from the CREN MLS. All statistics are deemed reliable but not guaranteed and BHHS may not have participated in each reported sale.
LOCAL EVENTS
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| October 1st - 31st |
October 20th - 22nd |
| Hosted by Visit Durango, the City of Durango, and various other organizations throughout the community, Spoketober is a celebration of all things cycling. This includes mountain biking, road biking, e-biking, gravel biking, BMXing, bike commuting, and everything in between. |
The Animas Valley Balloon Rally hosts a full weekend of events each October. The event kicks off with the Downtown Balloon Glow on Friday evening, where spectators will see multiple hot air balloons light up. The event also features a few candlesticks (baskets without their balloons.) |
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| October 27th - November 5th |
October 31st |
| Come and be a part of the Rocky Horror experience at the DAC. New Location, Same Crazy Fun! For its 16th year The Rocky Horror Show returns to Durango. Sing and dance the "Time Warp" along along with Brad and Janet as they discover the wonders "over at the Frankenstein place" as they learn about love, life, and transvestite aliens. |
The little ghost and goblins fill the streets of Downtown Durango on October 31 for the Children's Halloween Event. This is a fun and safe option for kids to trick or treat in costume at nearly 100 participating merchants. This event is for children 10 and under, accompanied by an adult, and in costume. |
PLAN AHEAD
A huge thank you to La Plata Humane Society for partnering with us on this event! We had so much fun, playing with the puppies! Thank you to everyone that came out to show your support. We were honored to sponsor 3 adoption fees for 3 lucky pups! If you are looking for a fur-ever pet contact the La Plata Humane Society!
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