Our office just recently conducted a computer search of all residential sales from January 1 through September 15 for both this year and last year. The specific area researched was Durango, CO residential real estate for both in- town and country homes. We then divided up the transactions in $100,000 bands. $100 to $200; $200 to $300; $300 to $400 etc. Everthing over $1,000,000 was considered one band.
The interesting thing was every band from $500k and up showed an increase in the number of units sold this year compared to last year. However, every band under $500k showed a decrease in the number of units sold. My opinion of the results shows me that the lower priced home buyer is more interest rate sensitive than the higher priced buyer.
Speaking of interest rates, it has been very interesting to see them coming down again. A month or so ago they had risen to 6.825%. Today we are seeing them back in the 6.125 to 6.25% range. These are very good rates and with sellers being a bit anxious due to "the bubble is going to burst" news that Wall Street is spouting...that makes for a good time for buyers.
To take a look at Durango Colorado real estate listings, please check out my web site at http://www.BuyDurango.com
Not only does the site have all of the Durango MLS listings, but there are over 450 pages of in depth information on our area.
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