I probably would have had this our sooner, but holy cow SNOW! I live on the west side and we probably got close to 5' in the last week. Digging and shoveling and digging and shoveling and digging and shoveling... and playing hooky to sneak some powder laps in at Hesperus. River season is gonna be feisty this year! Should probably order a high float PFD before they sell out.

 

 

 

I think our market is frozen- no pun intended. Looking at active inventory, you can really see when the Spring/Summer listing season hit, at the same time rates really started to shoot up. Ouch... One of my predictions from a few months ago looks like it's maintaining accuracy, that I think we're going to see limited inventory for a bit. Anyone who bought/refied in the last year or so probably isn't inclined to sell anytime soon. So we have two kind of... opposing forces at play:

  • Limited inventory tends to preserve/appreciate price points. Simple supply and demand, and there's absolutely still demand out there. There's just nothing to buy. And the gems that do hit the market? They're still gone in a matter of days, at asking price or higher.

  • Higher interest rates (despite them falling for 4 months straight and back to Aug/Sep levels) have tapered Buyer motivation while increasing expectations. Yes- people still want to buy in Durango, but are no longer willing to pay over asking on a dilapidated and neglected property- and rightfully so. Those properties are chilling on the market and dropping in price until someone thinks it's worth it.

 

 

Take a look at the statewide statistic chart for Colorado. Some of the swings between 2021 and 2022 are pretty telling!  Active listings in 2022 are up 65% over 2021 while sales are down 42%. Yet, here in Durango we're still seeing low inventory providing minimal options. I'm hoping we'll see a strong seasonal listing bump (as we typically do) this Spring, along with the continuing trend of decreasing rates. But if you're looking to buy right now, and you're good with the rates, there are deals to be had if you find the right home that works for you. But just remember you're not the only one shopping right now, there's still strong demand to buy in the Durango market.


My MLS data goes back to January 2009, when the median sales price in Durango was $292K. Last month was $641K and the month before was $724K. Looking at historical trends, it seems the usual low point of each year is Feb or March. This month to date, the median sales price in Durango is $625K, so I wonder if prices might go even lower in the next couple of months before they historically trend back up come Spring/Summer.

 

Enjoy Snowdown!