Dan Korman from Alpenglow Properties discusses the third-quarter stats for single-family homes in Durango. He highlights the challenges for buyers due to rising interest rates nearing 8% and the scarcity of affordable homes. Despite a 10% increase in single-family home listings in town compared to last year, there's a surprising dip in September sales due to low supply. The median price for in-town homes is $817,000, up 7% from the previous year. County-wide, it's $750,000, an 11% increase. With low inventory, high prices, and increasing interest rates, the future is uncertain, but Dan remains cautiously optimistic for 2024.
Hi there, Durango Dan Korman here with Alpenglow Properties, bringing you the third quarter statistics for single family homes. It's been a wild ride these last few years, and with interest rates inching towards 8%, the storyline continues to be dire for buyers looking for that perfect home within their budget. On the bright side, at the end of September, we had 35 single family homes listed for sale in town, which was almost 10% more than the same quarter last year. One strange deviation in our statistical analysis is that in town Durango only saw eight single family homes sold in September of '23, with nine being sold in February this year. Usually February is substantially lower than the fall, and this rare inverse correlation is due to our low supply. Only 24 single family home listings were available on the MLS at the beginning of the year, with a measly 34 listings available at the end of September. For context, there were 98 homes listed for sale in September of 2019, so we're at about a third of that inventory. The third quarter sales statistics show a median price of 817,000 for an in-town single family home in Durango, a 7% increase from the third quarter in '22. La Plata County as a whole landed at 750,000 for a median price in Q3. That's an 11% increase from the previous year's third quarter. With the number of properties sold dipping slightly for both in town Durango and the county year over year, the story remains the same. With low inventory, high prices, and a slightly increasing interest rate for 30-year mortgages. It's anyone's guess as to what 2024 holds, but I am remaining cautiously optimistic for a softening of the rates and pricing, with some increases in supply in Q1. Stay tuned. As always, feel free to reach out to me directly for detailed statistics on your neighborhood at dan@alpenglowproperties.com, or slide into our DMs @DurangoBrokers. Smile at a stranger today, and we'll see you at City Market. Thanks for watching.
