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Durango Real Estate Market Update.

Latest Market Upodate

The Durango Real Estate Market is in a point of flux. Median prices prices dropped 10% in Q4 2007. Is this because of a flood of inexpensive small condos? Or is it because the people in California and Texas who want to move here cannot sell their real estate back home. Our real estate market is dependent on that demand. However we still have the same strong fundamentals as always and it really only takes a few buyers to keep this market alive.

If you are a buyer, then be sure to check our Durango Real Estate Listings and sign up for regular market updates by email.

Durango area Realtors, buyers and sellers are enjoying one of the few appreciating market trends in our country. The prices of Durango Real Estate seem dear to many old timers who can remember when a house downtown could be had for less that $100,000. Despite minor fluctuations, the Durango Realty market has historically been a steady grower. The lack of big box stores, chains restaraunts and other trappings of city life have kept Durango's beauty and natural attractions exclusively for tourists and a few intrepid locals who care not for the modern conveniences, like Ikea and Babies-R-Us.

What is changing?

Most Recently the Durango Area topped the 50,000 population threshold that many "Big-Box" stores (like Target) look for in selecting their locations. Despite the efforts of slow growth forces, we are now demographically in the path of commercial development.

Oil and Gas! Sitting on top of the nation's largest reserve of natural gas brings many jobs to Durango from big energy companies to smaller, entreprenural organizations that serve them.

Finally Attitudes and Lifestyles are changing. Many baby boomers are reaching retirement age and seek the small town slower paced lifestyle that Durango offers. Retirement in Durango offers them a comfortable town with real family oriented neighborhoods not the price tag of Aspen or Telluride.

Controlled Growth and Affordable Housing

Many Durangans are both in favor of growth controls and Affordable Housing. Unfortunately controlled growth and affordable housing work against one another. When the City or County Governments delay or block development projects, the supply of new homes is limited. If demand stays the same or increases, prices can only go up.

Durango in the National News? Description
CNBC Video on Durango's Hot High End Real Estate Market. Discusses the growth in the high end realty market. Interviews Developers features product.

CNBC "Durango: The New Hot Spot of Real Estate"

PRessure on the low end, but sales in the high end are "very steady". Buyers expect the market to continue to appreciate in the next few years.

Forclosures create opportunities, Durango Herald.

According to the La Plata county treasurer, foreclosures may double this year in the Duragno area. Higher interest rates, creative loan structures and lower lending standards are making it difficult for some to hold onto houses they can't afford. This will temporarily depress prices Marketwide.
Durango "High-End Home Sales sluggish", Durango Herald "It's a buyer's market for Durango real estate compared to a year ago, as the high end of the market has softened and the median price of a home decreased. " Of course, these conclusions are drawn from 55 total sales and the idea that at least one million dollar home should sell each quarter.

Before taking the plunge in Durango Real Estate, we ask you to please review our Durango Real Estate Investment Tools, including our free Real Estate Investment Spreadsheets.

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