We hear from both Coldwell Banker’s national and international offices that real estate is once again strong with greater buyer confidence and more sales volume, which is similar locally.
But, like other areas, Durango’s inventory is soft because of inactivity in building over the past several years, making the real estate supply thinner – despite significant building recoveries in 2013.
The shortage of new construction is one factor favoring the seller’s side of the real estate transaction. Another factor, for example, is the lack of foreclosures. With fewer deals, real estate investments tend to decline. This directly affects the amount of rentals available. The price of rent then increases because of the short supply. When rents increase and interest rates remain low, more people enter the real estate market wanting to buy.
Unique to Durango, though, which makes it a strong, healthier market overall, is our broad base of buyers. Because of our distinct surroundings, town attributes, growing businesses and community-minded residents, Durango appeals to diverse populations. This scenario presents itself as a seller’s opportunity because buyers encompass various price points.
Prospects include second homeowners, retirees, college graduates, outdoor adventure seekers and young families.
According to sales analysis by Allen & Associates, a Durango appraisal, consulting and market analysis firm, buyers still seem to be originating from the Southwest in historically identified states.
For 2013, those states in order of significance are Texas, New Mexico, Arizona and California. Additionally, last year Coldwell Banker Heritage House Realtors saw a trend in international inquires and that seems to be holding true this first quarter.
Jim and Judy Anderson’s relocation to Durango came after searching for the perfect place worldwide.
“My wife is English and has roots in Ireland. We also have friends who live in the south of France. We considered all of those places, including another Colorado mountain community, before stumbling upon Durango online,” Jim said.
“After renting a place during the summer, our search ended. We enjoyed the people and everything Durango had to offer, and so we bought real estate here.”
I believe Jim and Judy’s story epitomizes what most of us feel: Whether you are second homeowner or a young family wanting to raise your kids here, Durango is a special place to reside.
Gina Piccoli is owner of Durango’s Coldwell Banker Heritage House Realtors and serves as a member of the Colorado Real Estate Commission. She can be reached at firstname.lastname@example.org.