What's been selling in Durango, Colorado real estate these days? Typically, summer is our "hot" selling season, but activity has improved from the first and second quarters last year, due to many purchasers taking advantage of the home buyer's tax credit. By June 30, this influence should end as the last of these properties close.
Looking at our MLS generated statistics, the number of Durango in town properties sold increased by 18%, and the average price was down 15% from this time last year. Properties categorized as "Durango Rural" increased in sales by 23%, with a 51% average price increase. This seems to contradict the trend, but in reality, rural properties often are large, and have more acreage, therefore, have higher pricing structures overall. Rural property bargains are readily available and homebuyers have been shopping, and buying those that present good value. This summer, we do expect to see more movement in this market segment.
Looking at Land sales for the same time period, the same number of properties sold as this time period last year, with a 64% drop in average price. With just a few properties to consider, this only means that the lower-priced lots sold. Land sales classified as Durango Rural were down 5% for the same period with a price decrease of 9%. Land sales usually peak in summer and fall here in Durango, so we look for an increase in sales in this segment as well.
If you'd like more specific information, contact me at marlene@horizondurango.com, and visit my website at www.durangocoloradoproperty.net
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