Durango Real Estate Statistics-The Last 35 Days
What has been going on in the Durango real estate market for the last month and a week? I ran some quick numbers today and realized that there have been 98 sales in that period of time. Days on market range from a low of 22 days to a high of 1182 days but the average days on market was 202 days. Of those 98 sales, 19 were for raw land which I feel is a significantly larger number than anticipated. Three parcels sold for $500,000 or more, but the vast majority of vacant land transactions were under $200,000 in sales price.
Of the remaining 79 properties, 3 were commercial properties with one selling for $90,000; one selling for $110,000; and the last one for $263,500. That leaves a total of 76 residential sales and they sold at 94.5% of their last asking price. They ranged in sale price from a low of $41,500 to a high of $1,400,000. Only 11 out of the 79 properties sold for $500,000 or more and of those only two were for $1 million or more. Thirty-four of the sales, (not quite half) ended up selling between $300,000 and $499,000. I found it interesting that 14 homes sold between $200,000 and $299,000 which is an ideal price range to buy a single family detached rental property. Many of those homes had three bedrooms and two of them actually had four bedrooms. The more bedrooms there are in a home, the higher rent you are able to collect. I saw an interesting blog article this morning that indicated that we are at one the very best levels of home affordability due to the fact that prices are depressed and interest rates are historically so low. The article didn't quote what date that affordability index was appropriate for, but I would certainly think we have to be in a very good position right now regarding housing affordability.
Those of you that follow my blog with any regularity know that I analyze Durango real estate statistics quite often in an effort to help you get a better handle on the Durango real estate market. Please feel free to call me with any questions you might have. My six month comparative analysis of Durango real estate sales statistics, where I compare the first six months of 2011 to the first six months of 2010, is available on my website. That analysis is much more detailed and I look at breaking down all transactions into hundred thousand dollar price brackets. I also include where the sales occurred. Please use the following link to go directly to that analysis:
Durango Comparative Real Estate Sales Statistics
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