The Durango Real Estate Market

DURANGO MARKET TRENDS FROM 2005

January is always a great time to look back on the past year's activity. Even though I am examining the sales stats and trends every month, I feel a 12 month period gives me plenty of statistical basis for true trend evaluation. Let me start with condo and townhome sales. For the second year in a row, there were more condos sold in Durango than in-town homes. Where condos used to be college rentals, they have now become acceptable and affordable starter homes. Just consider these facts: our average sales price of an in town home was $394,000 while the average condo sold at just under $279,000. It is easy to see how affordability has a major impact. For the person wanting to buy smart, the price range reflective of that $115,000 spread is a great place to buy.

Unlike last year, this winter has seen almost no snow. If you are wanting to be in the ski condo market up at Purgatory, I would say anytime after the first of March would be a great time to buy as owners will likely have lived through a very poor rental market this winter at DMR.

Overall, our market has continued its steady upward trend. Let me share a few stats with you regarding the increase in median price from 2005 compared to 2004. In town Durango homes up 18.08%. In town Bayfield homes up 38.37%. Country homes around Durango are up 13.85%. Vacant land 35 acres or more are up 61.4%.

I have been collecting real estate sales stats for years and they can be found on my website www.buydurango.com. I have placed a link about 3/4's of the way down on the home page that will give you trends for the last 27 years.

What is my conclusion? I'd say if a person has not yet bought into our market, now is time to do it because values are rising at a faster rate than you can save money to add to your down payment. In addtion, interest rates are at historically low levels. As rates rise, a person's buying power decreases. The time to invest is now.