MICRO
MARKET REPORT 2nd Quarter 2019
DURANGO COLORADO & SURROUNDING AREAS
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SUPPLY OR DEMAND
W
How is the 2019 Market Doing So Far?
With a colder winter throughout the nation and a
The information presented in these micro quarter market
snowier winter in Southwest Colorado than we have
reports will better help tell the story of current real estate
had in multiple years, the 2nd Quarter of 2019 has been
market conditions in Southwest Colorado, but there is
much slower than 2018 overall. Showings decreased at
no general answer to the question: “How’s the market?”
the beginning of spring in the Durango Mountain Area
Accurate analysis requires the skill and knowledge of a
due to the amount of snow still in the area. Buyers are
professional who is well versed in all of the intricacies
just now deciding to start moving and putting properties
and nuances that exist in a rural and resort market like
under contract. Currently in the Durango Area there
ours. We look forward to providing these snapshots every
are 146 properties under contract with 11 being over $1
quarter moving forward.
million. The 3rd Quarter usually sees the largest amount of activity and the number of properties currently under contract is a good representation of higher activity than what we saw in the 2nd quarter.
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
TOWNHOMES
38% More condos have sold this Quarter when compared to 2018 2nd Quarter, although the average days on market has increased by 11%.
-8%
SINGLE FAMILY HOMES
We have seen a slow increase in downtown homes being sold over $1 million. Even though only one home has sold this quarter. The Price/SF for that home was $309 and the average for the 3 last year during the 2nd Quarter was $337.
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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
-35.2% Average Days on Market for Condos in the Durango Mountain Area has decreased this quarter compared to the 2nd Quarter last year. The Price/SF has increased by 12%.
TOWNHOMES
38%
The Median Sales Price has increased for townhomes in the Durango Mountain Area for the 2nd Quarter compared to last year’s 2nd Quarter.
SINGLE FAMILY HOMES
-11%
In the Durango Mountain Area for single family homes there has been a decrease in the Price/ SF compared to the 2nd Quarter in 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
-71% The number of properties for this 2nd Quarter has decreased compared to the 2nd Quarter last year.
TOWNHOMES
26% The Median Sales Price has increased for Townhomes in the Durango Rural area for the 2nd Quarter compared to last year.
SINGLE FAMILY HOMES
60% The number of properties over 1 million sold this Quarter compared to the 2nd Quarter laster year has increased by 60%. The number of single family homes sold below 1 million has also increased this Quarter compared to last year’s 2nd 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
18.1% Only 1 condo/ townhome has sold in the Bayfield area this Quarter, however, the price was 18% higher than the average price of the 2 properties sold laster year 2nd Quarter
SINGLE FAMILY HOMES
-16%
There has been a small decrease in the number of homes sold in the Bayfield area this Quarter compared to last year’s 2nd Quarter.
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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.
SINGLE FAMILY HOMES
 29.5% A increase in average days on market for single family homes in the Mancos area this 2nd Quarter compared to last year’s 2nd Quarter.
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PAGOSA SPRINGS AREA
CONDOS/TOWNHOMES
14% The average Price/SF is 14% higher this Quarter compared to the 2nd Quarter in 2018. In addition the Days on Market has decreased.
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
50% There have been 3 sales over 1 million in the Pagosa area this 2nd Quarter. The Median Sales Price has increased by 60% over last year’s 2nd Quarter due to the high price of homes sold over 1 million this year.
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CORTEZ/DOLORES AREA
CONDOS/TOWNHOMES
17% The Highest Price Sold Condo/ Townhome for the Cortez/Dolores area has increased this 2nd Quarter compared to last year’s 2nd Quarter.
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
-13.8% Overall the market in Cortez and Dolores has slowed down/ decreased this Quarter compared to the 2nd Quarter in 2018.
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SHOWING ANALYSIS
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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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