MICRO
MARKET REPORT 4th Quarter 2019
DURANGO, COLORADO & SURROUNDING AREAS
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SUPPLY OR DEMAND
T
How is the 2019 Market Doing in the 4th Quarter?
The Southwest Colorado real estate market remained
The macro-market conditions and trends just noted are
strong through the last half of 2019. The real estate sales
a very high-level view, including all different types of
were remarkably similar to the overall market in 2018,
properties throughout Southwest Colorado. The micro-
with some differences in certain segments of the market.
market reports on the pages that follow are designed to
Climate plays a factor, directly affecting the activity in
break down the trends and statistics into smaller areas, by
our Southwest Colorado real estate market.
property type. This helps give you greater insight into the
Despite some of the environment factors that have affected the market we continue to see upward pressure
market conditions in specific segments that are relevant to you.
on values due to a lack of inventory in many segments,
The Southwest Colorado real estate market is complex
coupled with sustained demand from buyers—a classic
and extremely varied, based on a multitude of factors.
supply vs. demand scenario.
Our team of real estate professionals is here to help you decipher exactly how market conditions, trends and stats pertain to you. Give us a call!
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
18% The median sales price for condos in town has increased by 18% compared to last year’s 4th quarter.
94%
SINGLE FAMILY HOMES
The 4th quarter for 2019 is comparable to last year’s 4th quarter. This year, a home sold for $3.1M in town. The average days on market for higher priced homes has decreased for the 4th quarter of 2019 compared to the 4th quarter of 2018.
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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 await with some of the most amazing views in America.
CONDOS
TOWNHOMES
28% Median sales price for condos in the Durango Mountain Area has increased by 28%. However, there has also been a decrease in the number of condos sold for this quarter compared to last year’s 4th quarter.
58% The median sales price has increased for townhomes sold in the 4th quarter of 2019 compared to the 4th quarter in 2018. There is an overall increase in the market.
SINGLE FAMILY HOMES
150%
Single family homes under $1M in the Durango Mountain Area for the 4th quarter of 2019 show an increase compared to 4th quarter last year. Median Sales Price is up and the Days on Market has decreased.
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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
-30% The Average Price per SF for Durango Rural Condos decreased by 30% for the 4th quarter compared to the 4th quarter of
TOWNHOMES
2018.
-50% The number of
townhomes sold in the 4th quarter of 2019 to the 4th quarter in 2018 decreased by 50%.
SINGLE FAMILY HOMES
-60% In the last quarter of 2018, 10 single family homes priced over $1M sold in the Durango Rural Area. In this quarter for 2019, only 4 homes have sold over $1M. The Price Per AF has increased by 32%.
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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
0% There were no condos/townhomes sold in the 4th quarter of 2018. Only 1 condo/townhome sold this last quarter for $258,000.
SINGLE FAMILY HOMES
 65% The number of properties sold in the Bayfield Area for the 4th quarter of 2019 has increased by 65% compared to the 4th quarter in 2018.
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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
 58% Mancos has seen an increase in the median sales price for the 4th quarter compared to 2018.
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PAGOSA SPRINGS AREA
CONDOS/TOWNHOMES
-27% The Average Days on Market for the 4th quarter compared to last year has decreased by 27%. Condos/Townhomes are spending less time on the market.
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
200% The number of single family homes priced above $1M in Pagosa Springs has increased by 200% this quarter compared to the 4th quarter last year. The average days on market has increased slightly, as well as the Price Per SF.
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CORTEZ/DOLORES AREA
CONDOS/TOWNHOMES
30% The Average Price Per SF for Condos/ Townhomes in the Dolores and Cortez area for the 4th quarter has increased by 30% compared to the 4th quarter of 2018.
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 surrounding area of 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 then empties into McPhee Reservoir, the second largest lake in Colorado.
SINGLE FAMILY HOMES
41% Overall the market in Cortez and Dolores for the 4th quarter of 2019 has increased compared to last year’s 4th quarter.
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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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