A Tale of Two Home Markets: Rural Resort and Suburbs
Resort community home prices are experiencing record highs while some suburban markets have seen the likes of huge price increases before. In Durango in La Plata County, the average sales price of a home was $1.1 million in March. Townhomes and condos sold for an average of $531,000. “The general consensus from locals is that Durango is morphing into a true resort town, and the days of bargain bin prices are behind us,” said CAR Spokesperson Jarrod Nixon.
For CAR Spokesperson Sunny Banka of Aurora, she has seen huge price increases before, although the average price of a home in Denver went from $810,000 in 2021 to almost $919,000 in 2022. “In my 43-year real estate career, this is not the first time we have seen housing prices increase to this level. “Just like all other goods that are increasing, we may see a decrease, but it is very rare that those price drops ever get back down to where they were.”