The Durango Area Association of Realtors (DAAR) has released the first quarter statistics and 2020 had a robust beginning. Because March sales were so strong, up 25% over the same period in 2019, single-family sales for the first three months were up 10.6%. The median price of a single-family home also climbed sharply in most segments.
Last year our county was buried under an unusually heavy snow season. It was difficult for Buyers to look at property and Sellers were not eager to face moving under those conditions, accounting for most of the change. Currently low interest rates likely had a strong influence on the sales numbers, as well. As increasing inventory came on the market in 2020, Buyers seemed eager to purchase it.
Restrictions put in place in late March will eventually lead to diminishing sales numbers for the second quarter. As “stay at home” restrictions subside, we feel confident the market will rebound with pent-up demand from Buyers and many Sellers on the sidelines who are ready to put their homes up for sale. Some feel that a downturn in the economy will affect the real estate market and prices, but we see no indication of that happening. If anything, Durango and our rural areas seem more appealing and we have an optimistic view of the rest of 2020.
We wish everyone well. Stay safe, and thank you to all of our workers and volunteers who support our communities in response to the COVID-19 crisis.