The state of Colorado has always enjoyed a positive reputation for being a prime real estate location. In recent years, however, an odd trend has been developing. Numbers of home sales in Durango slipped by 3.5% in 2018 yet were sold for more, according to the Durango Area Association of Realtors. Experts seem to believe that the incoming tourist season can help to boost the sales numbers further.
Durango’s Tourist Havens
A recent article by The Journal noted that Purgatory Resort is enjoying a 50% increase in their guest rate as compared to last year. Thriving tourist attractions aren’t just good for the local economy. They’re also good for realtors and home sellers, as expressed during the 19th annual Wells Group Forecast. John Wells of the Wells Group says that frequent tourists can become homebuyers as the locale is presented in its best form during tourist season. Wells goes on to express that tourists aren’t spending time browsing online during their stay. The disconnect from online searches helps to ramp up the curb appeal of available listings as the total package is displayed against the backdrop of nature.
Sweetening the Pot
With a population of roughly 18,000, Durango presents a picturesque and idyllic community that has much to offer families and retirees. For sellers and brokers to entice buyers, they need to do more than just take advantage of the season. Buyers are looking for the best value for their money. Some real estate listings include add-ons for buyers like home warranties and appliances to sweeten the pot. Properties sold with warranties lessen the time waiting for buyers by 16.14%, as found by CRES Insurance.
Projections and Goals
Nearby La Plata County is enjoying a boom in its retirement community, says Bob Allen of Allen & Associates. He continues to say that the increase of direct flights to Durango can help to boost the traffic of tourism, and in essence, potential real estate buyers. While homes listed at over $600,000 remain to be a concern, Allen explains that labor costs contribute to an overall rise in price listings.
Time will tell what direct effect tourists will have on the Durango real estate market. The more time guests stay to explore the area, the longer chance Durango is seen as an ideal place to relocate and even settle down. Ultimately, the influx of tourists is continued to be seen as a cause for hope by the real estate experts.