Durango CO Real Estate Market Report

Durango Colorado, nestled in the southwest corner of the state, offers mountain living at it’s finest. During the winter months it slows down around here but to many buyers, the home buying process is just getting exciting.   The competition is not as steep as it is in the spring and summer months. Sellers are also more  motivated and are willing to negotiate for a lower price.Durango CO real estate marlket

Currently there are 916 properties for sale in the Durango area stretching north along Highway 550 and South of downtown. Property prices start at about $6500 for lots, land and manufactured homes. At the top of the list is an $18 million parcel of land near Granite Peaks Ranch. The median list price is currently $349,000. The average list price is $732,000. The median sales price is $347,000. Of these 916 homes for sale only 27 are bank owned or foreclosures. This is great news comparatively to where we were just a few years ago where foreclosures almost outranked owners/sellers.

The average listing price has gone up about 15% over last month and the median sales price has increased 2.2% or about $7500 over last year. The number of sales however has dropped. The number of sales per month is at 143 which is 19.7% lower than it was a year ago. This is basically due to lack of inventory. Home builders are scrambling to keep up with demand by building new subdivisions and developments. Many of these developments were halted for several years while the economy struggled to recover. The lowest median sales price over the past 5 years was in 2012 at $289,000 and the highest in 2009 at $356,000. Since 2012 we have seen an increase in home prices and the middle of 2013 actually brought some of the highest prices since 2009.

So what’s the plan for home buyers and sellers?

Buying now means you won’t have the competition as in Spring but sellers may find themselves lowering their price far lower than they really want to go. If you need to sell now, do so before major changes hit the mortgage and real estate industry in 2014. Now that the economy and housing market is in recovery, interest rates will continue to go up possibly preventing many new buyers from obtaining a loan.

Want to know what you Durango home is currently worth? Call us today to find out.

About dura3215

Over 60 years combined experience in all phases of Real Estate with 7 years specific to Durango Colorado.

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