Durango Real Estate Market Status 2016
2015 was a great year for the national real estate market, and Durango Real Estate was no different. Strong growth in home sales as well as home values in 2015 has set 2016 to be a record-setting year. With the volume of home sales and the values of homes rising from the past year, there hasn’t ever been a better market for real estate in Durango! Here I am going over Durango’s real estate market and how it has grown and where it is likely to be heading.
Durango’s 2015 Real Estate Market Analysis
First we’ll need to see how the real estate market in Durango has grown in 2015. By all accounts 2015 was an incredible year for real estate markets on the national level. Nationally, home sales have increased year on end from 2014 at 4.9 million homes sold to 5.3 million in 2015, a 7.5% increase.
On a local level in 2014 Durango had 800 total homes sold and 867 sold in 2015, a 7.7% increase and in line with national levels. Durango’s real estate market is still going strong and with home prices increasing in Durango (not counting the mountain resort) by 4.25% from 2014 levels.
All this points to a strong and robust real estate market. Durango is in a seller’s market with inventory becoming more scarce and with buyers serious in the homes they are looking at. New home construction nationally is well below the historical average of 1.08 million homes, sitting at 715 thousand for 2015.
This means the housing market is still relatively tight on inventory, especially for first time home buyers, as starter home construction was the key driver of new home construction. In Durango, the entry level housing market is represented in large part by the construction efforts at Three Springs, and looks set to continue for the next couple of decades based on the number of units.
The Durango real estate market is as strong as ever, now is a great time to sell your home. Let’s have a chat even if right now isn’t the best time. I have decades of experience in the real estate market and can help you with your plans.
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