The Average Sold Price in Q1 is DOWN!

Well, spring sprung, then it unsprung, then it got cold again, and it re-sprung and it's, it's spring again. So welcome to the Durango Real Estate Update. It's the end of the first quarter and I have some fantastic news. The average single-family home sold price in La Plata County, in town Durango, and in Bayfield all dropped year-over-year in the first quarter this year. Congratulations, buyers, you made it. Well, while prices remain well into the upper echelons of the average, the softening of the average price does show that the cost of money and overall economic uncertainty is indeed having an effect even in our small market right here in La Plata County. The average home sold for $853,000 in the county in the first quarter of '23, which is down 11% year-over-year from Q1 '22. The average sold price of a single-family home in town Durango only dropped 3% and now is hovering around the $827,000 mark with Bayfield showing some of the biggest cuts which is down 19% year-over-year down to 522,000 on average for a single-family home. Inventory remains constrained as active listings for single-family homes in our area are only about 20% of the pre-pandemic levels. If you remember, in September of 2019, La Plata County had over 500 homes for sale. That number has dwindled to just over a hundred at the end of March, which has welcomed 10% increase from '22, but still low. If you look at the crest and the troughs of the active listing graph here, you'll notice a trend line that I'm hoping will continue to bump up into the summer and maybe into the next year. Interest rates remain above six, so they have come down substantially from their high of over seven down to about 6.15% for the average 30-year mortgage as of this taping. Only time will tell on how things will shape up in '23. But for now, we are seeing a rapid increase of inventory, slight drops in mortgage rates, and we're seeing warm weather on the horizon. Thank goodness. So if you or anybody you know wants to discuss the market statistics and what they look like in their neck of the woods please feel free to reach out anytime at Dan@AlpenglowProperties, or you can DM us on any of our social media handles @DurangoBrokers. Say hi to a stranger today with a smile, and we'll see you next time.