Following the historic Winter 2020/2021 real estate season, the Summer kept the excitement and momentum going and did not disappoint.
With amazing weather, mountain biking trail improvements, and impressive lodging guest numbers we saw a constant stream of buyers through the office of locals and visitors alike. The trend continued through the fall so the Durango Mountain Realty office is expecting to see continued strong buyer interest in all property types throughout the coming Winter season.
We are in the midst of the best Seller’s market we have seen in decades here at the Resort. Values are up significantly and our inventory of available properties is at a historical all-time low. According to the Durango Area Association of Realtor’s 3rd quarter MLS statistics, Resort area condos/townhomes median values have increased 49% over 2020, single-family homes have increased nearly 7%, raw land values have increased nearly 15%. The main reason single-family home values aren’t reflecting a much higher increase was the extreme lack of inventory in the greater resort market of these homes. Additionally, average days on market are down significantly; -54% for condos/townhomes, -11% for homes, and -52% for raw land. As of November 9, 2021, there are only four (4) condos/townhomes, zero (0) single-family homes, and three (3) home sites left for sale within the Durango Mountain Resort boundary.
This has created a very competitive environment for buyers and we are often seeing sellers receive over their asking prices with competing offers from multiple buyers. Nationally we are hearing that there has been a bit of a cooling off in many markets, but that has not happened here just yet. As the national markets continue to cool a bit and if our inventory levels begin to increase here in the area, this competitiveness amongst the buyers may also begin to cool a bit in the coming months.
Durango Mountain Realty has a team of five outstanding Realtors on-site and here to help you. If you have been considering selling a property here at the resort, we would love to discuss your property’s potential value with you. We would be happy to discuss how we might obtain the highest possible price for your property and our marketing strategies to help you achieve that in record time. Durango Mountain Realty remains the only real estate brokerage at Purgatory, we are focused entirely on resort area properties, and have been the leading sales agency here for over 20 years.
We hope to see you this Winter and would welcome the opportunity to allow our expertise in the Resort area market to work for you!
Phil, Rachel, Liesl, Sean & Cyrilla
Located in Purgatory Plaza next to the ticket office
Durango Mountain Realty
970-385-2198
homes@durangomountain.com