The Summit County Daily reported this past week on the weakening real estate market in Durango. Median prices for homes in this community dropped 1% and it appears sales are slowing a bit due to a slump in the national housing market. Durango buyers need to sell their homes elsewhere to free up the capital to get into Durango real estate.
Real estate taking a breather in Durango
DURANGO – Falling real estate prices in the major metropolitan areas are starting to affect the market for housing in Durango and La Plata County. The Durango Area Association of Realtors reports the median price of homes sold there dropped 1 percent in the year’s first quarter.
Don Ricedorff, a real estate broker at The Wells Group in Durango, told the Durango Herald that the local market was being influenced by weakening markets in Phoenix, Southern California and other places. Many homebuyers must sell their houses elsewhere before buying in Durango, he explained.
Real-estate brokers believe that prices will soon begin marching upward again, partly because of more restrictive development policies expected of new city and county officials.