Q1 | 2020
Southwest Colorado
Market Update
A MESSAGE FROM ZACH MORSE We are in unprecedented times. As shutdowns and stay-at-home orders happen all around us in response to the spread of coronavirus throughout the world, we are reminded of what we have always known in our hearts: There truly is no place like home. We at Legacy Properties West Sotheby’s International Realty are, and always have been, committed to providing you with the tools and resources that you need to find your perfect home – and although the landscape has recently changed, we are still here to serve you and provide the support and guidance you need to complete your real estate transactions. We are in this together! It may interest you to review a summary of sales activity in the Southwest Colorado area during the first quarter of 2020, based on closed production from January – March 2020, much of which went into contract before the onset of the coronavirus pandemic. The CREN MLS reports the following market data for this quarter, which is compared here for the same period of 2019. We love our community and we are continuing to represent clients who want or need to sell a home and our local teams are working hard within new protocols to continue to serve you. We are committed to providing the highest quality service and will to continue to support our buyers and sellers using state-of-the-art technology and a suite of virtual marketing tools, which make it easy to view and experience the finest real estate in the world from the safety of one’s home. As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Southwest Colorado market, please do not hesitate to reach out to me or any of our independent sales associates at 970.624.0444. Warm Regards,
Zach Morse Owner/Broker Zach@lpwsir.com Legacy Properties West Sotheby’s International Realty
Even in these UNCHARTED TIMES, the BUSINESS of REAL ESTATE continues to move FORWARD. The health of our clients, sales associates, managers, staff and community is our greatest priority. Our office is operating at full capacity through a remote work plan leveraging our technology to ensure our clients are supported with the extraordinary level of service they expect. Thank you for your continued trust as we navigate these changes. We will move forward. TOGETHER.
Market Snapshot
Q1 2020 | Southwest Colorado
DURANGO MARKET SHARE BY VOL. 22%
17%
40%
Sales Volume by Price Category 22 % 17 % 40 %
Under $500 Thousand $500 Thousand to $1 Million Over $1 Million
Southwest Colorado Q1 Market Update / Q1 Highlights
at a glance
{Q1 | 2020}
DURANGO IN-TOWN AREA
11
% Change in Median Selling Price {2020 vs 2019}
140
Average Days on Market
63
Units Sold
422K
$
Median Selling Price
CONDOS - IN-TOWN DURANGO Below $1M
2019
2020
% Change
$275,000
$199,000
-28%
$271.16
$256.27
-5%
125
124
-1%
Highest Sales Price
$899,000
$670,000
-25%
# of Properties Sold
15
9
-40%
97.7%
96.6%
-1%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
TOWNHOMES - IN-TOWN DURANGO Below $1M
2019
2020
% Change
$339,000
$361,000
6%
$267.36
$248.70
-7%
143
165
15%
Highest Sales Price
$529,000
$540,000
2%
# of Properties Sold
21
20
-5%
98.9%
97.5%
-1%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No Townhomes over $1M have sold for the first quarter of 2020.
241 Jenkins Ranch Rd, Durango Adorable, sunny in-town Durango townhome with brand new appliances. There is a 2 car garage option (1 bay converted to heated room). 1,413 SF | 3 BR, 2 BA | MLS 764908 | $405,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
HOMES - IN-TOWN DURANGO Below $1M
2019
2020
% Change
Median Selling Price
$516,733
$468,000
-9%
Average Sales Price Per SF
$312.62
$288.80
-8%
141
120
-15%
Highest Sales Price
$879,500
$850,000
-3%
# of Properties Sold
26
32
23%
Sale Price vs. List Price
97.0%
97.8%
1%
Over $1M
2019
2020
% Change
$1,375,000
$1,560,000
13%
$285.92
$399.20
40%
48
273
469%
Highest Sales Price
$1,375,000
$1,870,000
36
# of Properties Sold
1
2
100%
98.2%
92.7%
-6%
Average Days on Market
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
2/2
8/2
S 020 OLD Kel for $ ly K 1,87 niffi 0,0 00 n
802 E. 5th Avenue, Durango Modern 2014 custom designed residence a corner lot in the heart of downtown Durango. 5 spacious bedrooms, amazing outdoor living and 3-car heated garage, plus workshop. 4,475 SF | 5 BR, 4.5 BA | 0.17 Acres | MLS 757349 | $2,095,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance
{Q1 | 2020}
DURANGO MOUNTAIN AREA
149
%
Change in Median Selling Price {2020 vs 2019}
140
Average Days on Market
26
Units Sold
481K
$
Median Selling Price
CONDOS - DURANGO MOUNTAIN AREA Below $1M
2019
2020
% Change
Median Selling Price
$167,500
$173,000
3%
Average Sales Price Per SF
$198.37
$263.20
33%
121
118
-2%
Highest Sales Price
$395,000
$865,000
119%
# of Properties Sold
21
14
-33%
94.8%
97.2%
3%
Average Days on Market
Sale Price vs. List Price
* No condos over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
TOWNHOMES - DURANGO MOUNTAIN AREA Below $1M
2019
2020
% Change
$299,000
$477,500
60%
$221.74
$277.68
25%
65
104
60%
Highest Sales Price
$720,000
$850,000
18%
# of Properties Sold
3
3
0%
96.0%
98.3%
2%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* 1 Townhouse over $1M sold for the first quarter of 2020. (MLS# 752953)
500 Sheol Street, Durango Enjoy the functionality and versatility of this SKI IN/SKI OUT townhome located right at the base of Purgatory Ski Resort. 2,878 SF | 4 BR, 4 BA | MLS 765782 | $865,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
HOMES - DURANGO MOUNTAIN AREA Below $1M
2019
2020
% Change
$554,000
$799,000
44%
$235.01
$301.77
28%
110
106
-4%
Highest Sales Price
$610,000
$978,781
60%
# of Properties Sold
2
6
200%
Sale Price vs. List Price
96.9%
98.6%
2%
Over $1M
2019
2020
% Change
Median Selling Price
0
$1,393,750
NA
Average Sales Price Per SF
0
$432.86
NA
Average Days on Market
0
307
NA
Highest Sales Price
0
$1,562,500
NA
# of Properties Sold
0
2
NA
Sale Price vs. List Price
0
90.1%
NA
Median Selling Price Average Sales Price Per SF Average Days on Market
* Last year we had a significant amount of snowfall that slowed sales at the beginning of the 1st quarter for 2019 in the Durango Mountain Area. No homes over $1M sold last year in quarter 1.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
47 Creekside Drive, Durango Mountain living at it’s finest! Nestled at the back of the exclusive Twilight Peaks subdivision, rare combination of views, creek frontage, borders National Forest and immediate trail access. 3,486 SF | 4 BR, 4.5 BA | 1.56 Acres | MLS 765663 | $999,995 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance
{Q1 | 2020}
DURANGO RURAL AREA
21
% Change in Median Selling Price {2020 vs 2019}
169
Average Days on Market
73
Units Sold
574K
$
Median Selling Price
CONDOS - DURANGO RURAL AREA Below $1M
2019
2020
% Change
$145,000
$209,200
44%
$163.44
$224.33
37%
119
91
-24%
Highest Sales Price
$294,000
$288,000
-2%
# of Properties Sold
3
6
100%
97.4%
96.5%
-1%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
TOWNHOMES - DURANGO RURAL AREA Below $1M
2019
2020
% Change
$346,500
$260,000
-25%
$208.89
$196.42
-6%
71
246
246%
Highest Sales Price
$535,000
$725,000
36%
# of Properties Sold
4
3
-25%
98.1%
94.3%
-4%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No Townhomes over $1M have sold for the first quarter of 2020.
102 Latigo Road, Durango North Animas Valley Ranchette on 3.5 acre property in the Ranch subdivision adjacent to Fawn Lake. Well maintained main home with 2 BR 2 BA separate guest quarters and barn with fenced pasture. 2,587 SF | 5 BR, 5.5 BA | 3.5 Acres | MLS 766133 | $895,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
HOMES - DURANGO RURAL AREA Below $1M
2019
2020
% Change
Median Selling Price
$477,450
$599,000
25%
Average Sales Price Per SF
$232.57
$233.47
0%
148
161
9%
Highest Sales Price
1,000,000
$1,000,000
0%
# of Properties Sold
48
61
27%
Sale Price vs. List Price
97.6%
97.8%
0%
Over $1M
2019
2020
% Change
$1,325,000
$1,092,500
-18%
$479.32
$302.29
-37%
503
267
-47%
Highest Sales Price
$6,535,000
$1,460,000
-78%
# of Properties Sold
3
6
100%
77.4%
96.1%
24%
Average Days on Market
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
U CO NDE R N Zac TRA h M CT ors e
281 Tristain Trail, Durango North Warm and cozy mountain lodge style home. This is a gem with all of the amenities and luxuries! 4,501 SF | 4 BR, 3.5 BA | 33.65 Acres MLS 767345 | $1,599,000 – Fully furnished 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance
{Q1 | 2020}
BAYFIELD AREA
-2
% Change in Median Selling Price {2020 vs 2019}
120
Average Days on Market
33
Units Sold
326K
$
Median Selling Price
CONDOS/TOWNHOMES - BAYFIELD AREA Below $1M
2019
2020
% Change
$254,900
0
NA
$172.11
0
NA
186
0
NA
Highest Sales Price
$254,900
0
NA
# of Properties Sold
1
0
NA
100%
0
NA
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos or townhomes over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
HOMES - BAYFIELD AREA Below $1M
2019
2020
% Change
$318,500
$325,500
2%
$183.59
$186.85
2%
133
120
-10%
Highest Sales Price
$735,000
$665,000
-10%
# of Properties Sold
27
32
19%
Sale Price vs. List Price
98.2%
97.4
-1%
Over $1M
2019
2020
% Change
$1,480,000
$1,700,000
15%
$487.48
$315.75
-35%
153
139
-9%
Highest Sales Price
$1,480,000
$1,700,000
15%
# of Properties Sold
1
1
0%
80%
100%
25%
Median Selling Price Average Sales Price Per SF Average Days on Market
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
8/1/
SO 9 f LD Zac or $2 h M ,225 ors ,00 0 e
201
Merriman Ranch, Bayfield In size, scale, and quality this meticulously maintained Pine River Valley ranch is a rare opportunity for lovers of horses, cattle and wildlife. 3,306 SF | 3 BR, 4 BA | 100 Acres | MLS 756734 | $2,495,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance
{Q1 | 2020}
MANCOS AREA
93
%
Change in Median Selling Price {2020 vs 2019}
89
Average Days on Market
3
Units Sold
415K
$
Median Selling Price
HOMES - MANCOS AREA Below $1M
2019
2020
% Change
$215,000
$415,000
93%
$158.20
$193.89
23%
80
89
11%
Highest Sales Price
$215,000
$589,900
174%
# of Properties Sold
1
3
200%
100%
96.8%
-3%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No properties over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
Wapiti Rim Ranch, Mancos Beautiful & spacious custom home on 36 acres with unbeatable views in Montezuma County. Plus large fenced-in yard. 4,082 SF | 5 BR, 4.5 BA | 36 Acres | MLS 766438 | $700,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance
{Q1 | 2020}
PAGOSA SPRINGS AREA
9 173 %
Change in Median Selling Price {2020 vs 2019}
Average Days on Market
86
Units Sold
350K
$
Median Selling Price
CONDOS/TOWNHOMES - PAGOSA SPRINGS AREA Below $1M
2019
2020
% Change
$196,250
$225,450
15%
$131.53
$169.26
29%
128
112
-13%
Highest Sales Price
$254,050
$402,500
58%
# of Properties Sold
8
20
150%
95.4%
95.7%
0%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos or townhomes over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
HOMES - PAGOSA SPRINGS AREA Below $1M
2019
2020
% Change
$344,000
$381,000
11%
$187.05
$210.24
12%
178
181
2%
Highest Sales Price
$940,000
$785,000
-16%
# of Properties Sold
49
63
29%
Sale Price vs. List Price
96.8%
97.2%
0%
Over $1M
2019
2020
% Change
$1,537,500
$1,595,999
4%
$335.68
$276.24
-18%
124
407
228
Highest Sales Price
$1,900,000
$1,810,000
-5%
# of Properties Sold
2
3
50%
95.7%
84.4%
-12%
Median Selling Price Average Sales Price Per SF Average Days on Market
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Weminuche Ranch, Pagosa Springs Now offered for sale for the first time, owning Weminuche Ranch means inheriting a valuable piece of Colorado history. 213 Acres | MLS 762850/739247 | $1,499,900 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance
{Q1 | 2020}
CORTEZ/DOLORES AREA
2
% Change in Median Selling Price {2020 vs 2019}
131
Average Days on Market
61
Units Sold
230K
$
Median Selling Price
CONDOS/TOWNHOMES - CORTEZ/DOLORES AREA Below $1M
2019
2020
% Change
Median Selling Price
$182,500
$210,000
15%
Average Sales Price Per SF
$167.74
$132.73
-21%
54
83
54%
Highest Sales Price
$182,500
$220,000
21%
# of Properties Sold
1
3
200%
Average Days on Market
Sale Price vs. List Price 98.7% 96.1% -3% * No condos or townhomes over $1M have sold for the first quarter of 2020.
970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
HOMES - CORTEZ/DOLORES AREA Below $1M
2019
2020
% Change
$229,000
$242,750
6%
$150.22
$159.33
6%
132
134
2%
Highest Sales Price
$680,000
$1,100,000
62%
# of Properties Sold
55
58
5%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price 95.4% 96.4% * One home sold over $1M for the 1st quarter. (MLS# 760669)
1%
3/ Zac 18/20 SOL h M 20 f D ors or $ e& 9 Kel 95,00 ly K 0 niffi n
27543 Road P, Dolores Single level home artfully designed to capture sweeping views of the La Plata Mountains, Mesa Verde and Sleeping Ute, situated on 57 beautifully secluded acres 2,784 SF | 2 BR, 3 BA | 56.5 Acres | MLS 733437 | $995,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
Go confidently in the direction of your dreams. Live the life you’ve always imagined. Henry David Thoreau