Inventory low, demand and prices rising
t’s still a buyers market, but buyers soon will be hard-pressed to find a home as inventory in the county decreases to the lowest rate in five or six years.
That was the message at the 13th annual Real Estate Forecast on Wednesday night.
Inventory is down nationwide, and Durango is far below the six-month supply that real estate experts consider economically healthy.
As inventory decreases and demand increases, the median home price also will go up. It’s expected to increase 5 to 7 percent in the county and about 10 percent in Colorado. If that bears out, it would be the first time home prices have gone up in the county since 2006.
The good news is the real estate market looks better than it has at any time in last five years, said Bob Allen, owner of Allen & Associates, a real estate appraisal, consultant and research firm.