First Quarter 2019 Market Update

MICRO

MARKET REPORT 1st Quarter 2019

DURANGO COLORADO & SURROUNDING AREAS

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SUPPLY OR DEMAND?

W

WHAT TURNED IN 2018

With a healthy national, state and local economy and

So while we see values continuing to increase at a

eight years of steady growth in transactions that have

nominal rate with each sale that occurs, the absorption

increased year-over-year, why did the 2018 Southwest

rate, or number of months that it will take for every

Colorado real estate market see a drop in transactions? A

property currently listed to be sold, is much higher for

quick answer would be “Demand has dropped”. However,

properties in the higher price ranges.

this drop of transactions may not be due to a reduction in demand, but a reduction in supply to meet demand.

The information presented in these micro quarter market reports will better help tell the story of current real estate In fact, the median sales price for single-family homes

market conditions in Southwest Colorado, but there is

in every area around Southwest Colorado has increased

no general answer to the question: “How’s the market?”

when compared to 2018 for this first quarter of 2019.

Accurate analysis requires the skill and knowledge of a

However, for homes priced over $1M, there are more

professional who is well versed in all of the intricacies

listings and fewer sales – more supply than demand.

and nuances that exist in a rural and resort market like ours. We look forward to providing these snapshots every quarter moving forward.

DURANGO IN-TOWN Historic Downtown Durango boasts shops, galleries, museums, fine restaurants, Fort Lewis College, Music in the Mountains, community recreation center, golf courses, parks, and the famous Durango & Silverton Narrow Gauge Railroad. To the north are the impressive San Juan Mountains that provide excellent skiing each winter and hiking, mountain biking, rafting and fly fishing on the Animas River each summer. To the south and west are mesas in the open high desert with rock climbing, archeology and horseback riding. There are several other factors that enhance Durango’s attractiveness. Visit Durango once, and you’ll fall in love for a lifetime.

CONDOS

16.6% Average Price Per SF for Condos in Downtown Durango is up 16.6% when compared to 2018 1st Quarter.

TOWNHOMES

9.1%

SINGLE FAMILY HOMES

We have seen a slow increase in downtown homes being sold over $1 million. Median Sales Price for homes in downtown Durango was $1,260,00 in 2018, an increase of 9.1% for the first quarter.

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DURANGO MOUNTAIN AREA Imagine living your best life and enjoying everything that you love about Durango right out your front door. The Durango Mountain Area offers winter and summer activities including hiking, biking, the Alpine Slide, a zip line, ropes course, skiing, tubing, climbing wall, treasure panning, a bungee trampoline and an airbag jump at Purgatory Resort. Surrounded in a beautiful mountain area with many restaurants and places to stay. Endless opportunities for await with some of the most amazing views in America.

CONDOS/TOWNHOMES

28.0% Average Days on Market for Condos in the Durango Mountain Area has decreased this first quarter. Condos/ Townhomes are spending less time on the market.

SINGLE FAMILY HOMES

2.5%

In the Durango Mountain Area for single family homes there has been a decrease in the average price per SF compared to first quarter 2018.

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DURANGO RURAL AREA Any direction you choose in rural Durango you will find something unique. To the north are the impressive San Juan Mountains that provide excellent skiing each winter and hiking, mountain biking, rafting and fly fishing on the Animas River each summer. To the south and west are mesas in the open high desert with rock climbing, archeology and horseback riding. The recreational areas and cultural attractions in Durango make it a strategic hub for the region.

CONDOS/TOWNHOMES

80.8% In the first quarter there has been an increase in Days on Market for Durango rural condos/ townhomes.

132%

SINGLE FAMILY HOMES

A significant sale took place for the Durango rural area in the first quarter for 2019 with the sale of Beaumont Ranch. This is why there is a huge increase in the highest price sold category compared to 2018 first quarter.

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BAYFIELD AREA Bayfield is a charming and friendly town just 18 miles east of Durango. Bayfield serves as a supply town and social center for the surrounding farmers and ranchers and has grown in residents the past few years. The town is a mix of the old and the new west and is nestled in the beautiful Pine River Valley. It is situated downstream from Vallecito Lake on the bank of the Pine River. Lake Vallecito just north of Bayfield has more than 2,700 acres of surface water and 22 miles of shoreline and is great location for outdoor activities.

CONDOS/TOWNHOMES

6.8% The average price per SF for condos and townhomes in the Bayfield area has increased compared to 2018 first quarter by 6.8%.

SINGLE FAMILY HOMES

80%



The first quarter of 2018 had 0 sales over $1 million in the Bayfield area. This year there has been 1 sale at $1,480,000 at 80% of the original listing price.

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MANCOS AREA The Mancos Valley continues a 140+ year tradition as a center of ranching at the edge of the San Juan Mountains and the National Forest. Observe cowboys herding cattle on horseback, log cabins, ranch houses and peaceful hills and fields. In addition to the archaeological resources of Mesa Verde, Mancos is convenient to guest ranches, hiking and mountain climbing, fishing and big-game hunting. The La Plata Mountains above Mancos offer remnants of their historic past in the form of silver mines and mills. The town retains its pioneer flavor with a tradition business district and historic homes, but it also features such amenities as modern lodging and top-notch eateries.

 1.3%

SINGLE FAMILY HOMES

A small increase in average days on market for single family homes in the Mancos area. List price to sales price ratio is at 100% meaning the only home sold in Mancos for the first quarter was sold at the listing price.

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PAGOSA SPRINGS AREA

CONDOS/TOWNHOMES

20.8% The Median Sales Price for Condos/ Townhomes in Pagaso Springs has increased from $162,500 in 2018, to $196,250 in 2019—a 20.8% increase.

Pagosa Springs is a rapidly growing community in a beautiful setting east of Durango and west of Wolf Creek Ski Area. It is the gateway to Colorado’s largest wilderness area - the Weminuche Wilderness - with 492,418 acres of stunning scenery. The town derives its name from the Ute Indian name “Pagosah” which means “healing” or “boiling waters.” The Utes discovered the healing powers of the hot springs and the town still welcomes travelers looking to soak in the mineral water.

SINGLE FAMILY HOMES

4.2% 1st quarter increase in the median sales price for single family homes in the Pagosa Springs area. This increase also carried over for the over $1M homes.

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CORTEZ/DOLORES AREA

CONDOS/TOWNHOMES

27.3% An increase in price per SF for the 1st quarter in condos/townhomes. This is a hard comparison with only 2 properties being sold.

When you drive into Cortez, you have reached the “Heart of Southwest Colorado.� It is also the gateway to Mesa Verde National Park, one of the most popular places to visit in the region. The are surrounding Cortez features the La Plata Mountains to the east, the Great Sage Plain to the southwest, and the Ute Mountains to the west.

You will be charmed by this little town, located in the spectacular Dolores River Valley. The Dolores River winds through the valley and them empties into McPhee Reservoir, the second largest lake in Colorado.

SINGLE FAMILY HOMES

96.2% An increase in the median sales price and decrease in days on market suggest a stronger market for the Cortez/Dolores area this year.

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Go confidently in the direction of your dreams.

Live the life you’ve always imagined.

Henry David Thoreau

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