Building Permits Increase in Durango

Building Permits Increase in Durango

A January article in the Herald (see here) announced that building permits in the Durango area are up! Buyers are out looking for properties but inventory has been low. Naturally, this means, builders are taking up a golden opportunity!A January article in the Herald (see here) announced that building permits in the Durango area are up! Buyers are out looking for properties but inventory has been low.

In 2013, the city issued 62 home building permits. That’s a 69% increase from the previous year. Durango’s single family building permits issued for 2013 were the most the city has issued since 2006. Summer in Durango should see a real strong real estate market. This means buyers are going to want to get moving before prices go up, and sellers are going to want to get their home on the market and add to that inventory now!

The same trend is being seeing in surrounding areas too. The county issued 141 single family permits in 2013. That’s a 48% increase from the 95 permits issued the year before.

As expected, when the market took a dive in 2008, many builders were left twiddling their thumbs, pulling back on planned projects. However, due to this, some people looking to buy have been left without many options. Namely, smaller and more affordable homes have been nearly obsolete.

Multifamily projects (AKA apartments and rental complexes) are also making a comeback. The city issued seven permits in 2013 for multifamily projects in Durango. That’s the same amount as the previous four years total combined! The rental market has been tight with few units available and price of rent sky rocketing. So, this is very good news indeed.

Moral of the story? If you’re looking to buy or sell in Durango, now is the time. So, contact us today, see what are clients are saying or do search. The real estate future of Durango is looking bright and you should be a part of it!