For the first quarter 2001, according to the Durango Area Association of Realtors. This is for the association s multiple listing service, which includes La Plata County and outlying areas near the county. The median price of a home in Durango has dropped slightly, but the first quarter statistics for 2001 are not an indication of any new trends, according to a real estate official. A median price takes the middle cost of homes sold, so half the houses cost more than the median price, and half cost less.
Most officials say a median price is the best indication of a housing market.
If one of those homes sold at 50 percent of its value, or any other one-time occurrence, could skew the figures. But Bradley Elder, president of the Home Builders Association of Southwest Colorado, said the cheaper homes could be a result of more supply than in recent years. For example, the SkyRidge subdivision has added to the supply of homes, which creates competition. I think the competition has essentially driven prices down somewhat. You might get the same home, but you have to pay for the land it s on.