HOME PRICES CLIMB: As developable land becomes even scarcer in Durango, the real estate market has pushed to new heights during the first quarter of 2006, with the median price of a home ringing in at $394,000. That's up 27 percent from the same three month period a year ago, according to data compiled by the Durango Area Association of Realtors.
Other highlights when comparing the first quarter of 2006 to 2005:
* The median price of a county home on fewer than 35 acres jumped 29 per cent from $266,450 to $345,000.
* The median price of a Bayfield home shot up 32 percent from $212,750 to $280,000.
* Total dollar volume of Bayfield homes sold almost quadrupled from $900,500 to $3.4 million.
* The median price of a townhome in Durango increased 11 percent from $254,180 to $282,900.
* Durango saw a 23 percent decrease in the number of homes sold.
We have a shortage of developable land in Durango proper causing upward pressure on prices. Many families and first time buyers are heading to Bayfield where prices are in a lower range.
http://HomesInDurango.com / http://RealEstate-Durango.com
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