Q3 | 2020
Southwest Colorado
Market Update
A MESSAGE FROM ZACH MORSE This summer has proved to be a unique setting for real estate, where both buyers and sellers are seeing favorable benefits. Low mortgage rates are a strong positive for buyers right now, and sellers are seeing an influx of new buyers. The Durango area real estate market began heating up the beginning of July and reached a boiling point by month-end that continued through September. Total residential sales volume in La Plata County was at $228 million through the end of September. A 56% increase compared to the 3rd quarter in 2019. The market continues to see upward pressure on values due to lack of inventory in many segments, coupled with sustained, even arguably increased demand from buyers. The median sales price increased from $489K to $539K when comparing the 2019 3rd quarter stats to 2020 3rd quarter. This is a 15% increase! The luxury market in La Plata County has also increased immensely this 3rd quarter. There were 19 closings over $1M in just the month of September. A record of sold listings in a month compared to the last 5 years. A total of 45 properties sold of the 75 active million dollar residential listings in the 3rd quarter of 2020. A total of 60% of the luxury inventory in La Plata County. Legacy Properties West Sotheby’s International Realty represented a significant portion of these sales, resulting in our company being number 1 for sales volume and transactions in the million dollar plus range. National trends show that buyers are searching for real estate in more rural markets like Durango and Bayfield, and the reason is simple. The pandemic has shown more people are able to work out of their home office as efficiently as if they were in their city office. Southwest Colorado has immense value in real estate compared to the more urban areas and other Colorado mountain towns. This realization is increasing demand. We can’t think of a more safe, healthy, and beautiful place to live and work than Southwest Colorado. 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. Warm Regards,
Zach Morse Owner/Broker Zach@lpwsir.com Legacy Properties West
For those who seek exceptional service and expertise.
#1 IN TRANSACTIONS & VOLUME FOR SALES OVER $1M Durango Area Association of Realtors
$111 MILLION
$185 MILLION
3RD QUARTER TOTAL SALES VOLUME
CURRENT 2020 TOTAL SALES VOLUME
41 PROPERTIES
#1 AT $10 MILLION
CURRENTLY SOLD OVER $1M IN 2020
AVERAGE SALES VOLUME PER AGENT
3
18
3,000
DURANGO OFFICES
EXTRAORDINARY AGENTS
FOLLOWERS ON SOCIAL MEDIA
Company Snapshot
Q3 2020 | Southwest Colorado
DURANGO MARKET SHARE BY VOL. 11%
16%
17%
26.%
Sales Volume by Price Category 11 % 16 % 26 %
Under $500 Thousand $500 Thousand to $1 Million Over $1 Million
Southwest Colorado Q3 Market Update / Q3 company Highlights
We understand NOW MORE THAN EVER, that a home is more than a shelter with four walls. It’s the starting point for hopes and dreams. It’s a place for serenity, comfort, and rejuvenation. It’s where we make memories around the dinner table, connect with nature in the backyard, and where many of us work, keep fit, and entertain. Our homes are at the heart of everything we do. And now more than ever, finding a home to perfectly suit our lifestyle has never been more important. We value the trust you place in us to guide you home and we are here to offer support and guidance in your real estate needs. We will move forward. TOGETHER.
at a glance {Q3 | 2020}
DURANGO IN-TOWN AREA
8
% Change in Median Selling Price {2020 vs 2019}
137
Average Days on Market
148
Units Sold
435K
$
Median Selling Price
CONDOS - IN-TOWN DURANGO Below $1M
2019
2020
% Change
$260,000
$273,500
5%
$311.39
$294.00
-6%
98
144
47%
Highest Sales Price
$770,000
$669,500
-13%
# of Properties Sold
37
32
-14%
99%
98%
-1%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos over $1M in Douwntown Durango have sold for the 3rd 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
$340,000
$366,250
8%
$237.71
$258.83
9%
130
125
-4%
Highest Sales Price
$577,500
$845,000
46%
# of Properties Sold
25
46
84%
99%
98%
-1%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* One Townhome over $1M sold for the 3rd quarter of 2020. (MLS# 772513) 10/ 1
/20 SOL D 20 Ka for $ tie Stu 975,0 rm 00
801 E. 3rd Avenue, Durango Unique Spanish Colonial Revival home in the heart of Historic Downtown Durango. Enjoy the pedestrian lifestyle as you walk to dinner, the theatre, and shopping. 3,856 SF | 4 BR, 4 BA | $995,000 | MLS 770370 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
$494,250
$564,450
14%
$282.79
$308.54
9%
136
142
4%
Highest Sales Price
$980,000
$925,000
-6%
# of Properties Sold
52
62
19%
Sale Price vs. List Price
98%
98%
0%
Over $1M
2019
2020
% Change
$1,265,000
$1,197,500
-5%
$318.08
$391.31
23%
136
130
-4%
Highest Sales Price
$1,495,000
$1,732,500
16%
# of Properties Sold
6
6
0%
94%
94%
0%
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
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
8/19
/20 SOLD 2 Me 0 for liss a M $702,9 aye 68 r
14 Artisan Court, Durango This wonderful in-town home is situated on a quiet cul-de-sac, conveniently located close to schools and restaurants, with easy access to trails and the Animas River. 2,046 SF | 3 BR, 2.5 BA | MLS 770107 | $715,000 970.624.0444
| 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 {Q3 | 2020}
DURANGO MOUNTAIN AREA
96
%
Change in Median Selling Price {2020 vs 2019}
142
Average Days on Market
80
Units Sold
390K
$
Median Selling Price
CONDOS - DURANGO MOUNTAIN AREA Below $1M
2019
2020
% Change
Median Selling Price
$134,500
$290,000
116%
Average Sales Price Per SF
$205.40
$240.66
17%
90
129
43%
Highest Sales Price
$415,000
$865,000
108%
# of Properties Sold
34
51
50%
96%
97%
1%
Average Days on Market
Sale Price vs. List Price
* No condos in the Durango Mountain Area over $1M have sold for the 3rd quarter of 2020 or in 2019.
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
$640,000
$704,900
10%
$333.75
$307.48
-8%
144
137
-5%
Highest Sales Price
$950,000
$900,000
-5%
# of Properties Sold
7
11
57%
95%
97%
2%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No townhomes in the Durango Mountain Area over $1M have sold for the 3rd quarter of 2020. 8/17 /20 SOL 20 D Zac for $3 h M ,388 ors , e 000
Mountain View Estate, Durango As soon as you gaze upon both 463 and 464 Pinnacle View Drive, you’ll realize why this 10,215 square-foot log home in the desirable Two Dogs community is your dream retreat. 10,215 SF | 5 BR, 7 BA | MLS 765017 | $3,388,000 970.624.0444
| 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
$505,000
$604,000
20%
$279.57
$253.10
-9%
76
187
146%
Highest Sales Price
$950,000
$975,000
3%
# of Properties Sold
5
8
60%
Sale Price vs. List Price
95%
97%
2%
Over $1M
2019
2020
% Change
$1,199,000
$1,220,000
2%
$348.53
$413.47
19%
552
180
-67%
Highest Sales Price
$1,495,000
$3,388,000
127%
# of Properties Sold
3
10
233%
96%
92%
-4%
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
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
8/3
1/20 SOL D 2 Jul 0 for ie H $84 ous 6,0 ton 00
500 Sheol Street #8, 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 | $846,000 970.624.0444
| 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 {Q3 | 2020}
DURANGO RURAL AREA
12
% Change in Median Selling Price {2020 vs 2019}
147
Average Days on Market
173
Units Sold
543K
$
Median Selling Price
CONDOS - DURANGO RURAL AREA Below $1M
2019
2020
% Change
Median Selling Price
$141,250
$128,500
-9%
Average Sales Price Per SF
$268.48
$227.03
-15%
116
70
-40%
Highest Sales Price
$175,000
$177,000
1%
# of Properties Sold
2
2
0%
95%
93%
-2%
Average Days on Market
Sale Price vs. List Price
* No condos in the Durango Rural Area over $1M have sold for the 3rd 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
$505,250
$605,000
20%
$249.00
$251.19
1%
89
223
151%
Highest Sales Price
$680,000
$720,000
6%
# of Properties Sold
12
13
8%
98%
98%
0%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No Townhomes over $1M in the Durango Rural Area have sold for the 3rd quarter of 2020. 7/7/ 2
020 SOLD Kel for $1 ly K ,19 niffi 5,00 0 n
360 North Road, Durango Stunning custom built home with unobstructed mountain views. Entertainer’s dream with new trex deck (2017) spanning entire width of home. 5,474 SF | 4 BR, 3.5 BA | 40 Acres | MLS 766481 | $1,195,000 970.624.0444
| 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
$488,250
$530,000
9%
$236.46
$238.73
1%
104
140
35%
Highest Sales Price
$975,000
$989,000
1%
# of Properties Sold
94
127
35%
Sale Price vs. List Price
98%
98%
0%
Over $1M
2019
2020
% Change
$1,250,000
$1,250,000
0%
$320.95
$361.00
12%
125
168
34%
Highest Sales Price
$2,800,000
$8,250,000
195%
# of Properties Sold
11
18
64%
96%
94%
-2%
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
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
RE C An ORD im S Zac as Va ALE h M lley ors e
The Barn House Ranch, Durango The Barn House Ranch is an exquisite, one-of-a-kind, highly improved, 60.89-acre equestrian estate situated in the prestigious Animas Valley with Coon Creek frontage. 8,805 SF | 8 BR, 9 BA | 60 Acres | MLS 762895 | $9,995,000 970.624.0444
| L E G AC Y P RO P E RT I E S W E S T S I R .C O M
at a glance {Q3 | 2020}
BAYFIELD AREA
4
% Change in Median Selling Price {2020 vs 2019}
95
Average Days on Market
88
Units Sold
361K
$
Median Selling Price
CONDOS/TOWNHOMES - BAYFIELD AREA Below $1M
2019
2020
% Change
$233,000
$275,000
18%
$161.32
$196.33
22%
95
87
-8%
Highest Sales Price
$246,000
$275,000
12%
# of Properties Sold
5
1
-80%
97%
99%
2%
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 3rd quarter of 2020 in the BayďŹ eld Area.
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
$348,000
$370,000
6%
$187.73
$199.57
6%
100
85
-15%
Highest Sales Price
$935,000
$860,000
-8%
# of Properties Sold
53
75
42%
Sale Price vs. List Price
98%
98%
0%
Over $1M
2019
2020
% Change
$2,250,000
$1,250,000
-44%
$725.81
$389.86
-46%
252
207
-18%
Highest Sales Price
$2,250,000
$1,250,000
-44%
# of Properties Sold
1
5
400%
98%
96%
-2%
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
7/7/ 2
020 SOLD f Zac or $2 h M ,250 ors ,00 0 e
Pine River Estate, BayďŹ eld Pine River Ranch is a fisherman’s paradise with direct access to nearly a mile of improved Pine River frontage with 77-acres creating a lovely secluded mountain getaway. 2,618 SF | 3 BR, 3.5 BA | 77 Acres | MLS 769611 | $2,250,000 970.624.0444
| 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 {Q3 | 2020}
MANCOS AREA
-8
% Change in Median Selling Price {2020 vs 2019}
103
Average Days on Market
8
Units Sold
292K
$
Median Selling Price
HOMES - MANCOS AREA Below $1M
2019
2020
% Change
$325,000
$292,000
-10%
$179.79
$195.31
9%
65
103
58%
Highest Sales Price
$350,000
$588,000
68%
# of Properties Sold
8
8
0%
97%
98%
1%
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 3rd quarter of 2020 in the Mancos Areas.
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 {Q3 | 2020}
PAGOSA SPRINGS AREA
11 134 %
Change in Median Selling Price {2020 vs 2019}
Average Days on Market
230
Units Sold
399K
$
Median Selling Price
CONDOS/TOWNHOMES - PAGOSA SPRINGS AREA Below $1M
2019
2020
% Change
$185,000
$230,000
24%
$165.38
$180.41
9%
60
114
90%
Highest Sales Price
$360,000
$732,500
103%
# of Properties Sold
25
40
60%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price 97% 97% 0% * No condos or townhomes over $1M in the Pagosa Springs Area have sold for the 3rd 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
$388,500
$409,000
5%
$210.91
$220.53
5%
123
132
7%
Highest Sales Price
$980,000
$982,000
0%
# of Properties Sold
122
171
40%
Sale Price vs. List Price
96%
98%
2%
Over $1M
2019
2020
% Change
$1,320,000
$1,628,526
23%
$629.15
$614.57
-2%
310
208
-33%
Highest Sales Price
$1,799,000
$5,500,000
206%
# of Properties Sold
3
14
367%
95%
94%
-1%
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
7/1/ 2
020 SOL D Za for $1 ch Mo ,300, rse 000
137 Antler Court, Pagosa Springs The “Quintessential Log Home”…….. the one you dream about in the magazines! Breathtaking views of the majestic San Juan Mountains, extremely private, yet just minutes to all Pagosa Lakes amenities. 3,220 SF | 3 BR, 4 BA | 6 Acres | MLS 746631 | $1,300,000 970.624.0444
| 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 {Q3 | 2020}
CORTEZ/DOLORES AREA
1
% Change in Median Selling Price {2020 vs 2019}
136
Average Days on Market
152
Units Sold
259K
$
Median Selling Price
CONDOS/TOWNHOMES - CORTEZ/DOLORES AREA Below $1M
2019
2020
% Change
Median Selling Price
$97,000
$126,750
31%
Average Sales Price Per SF
$106.01
$120.72
14%
135
135
0%
Highest Sales Price
$107,500
$149,500
39%
# of Properties Sold
3
2
-33%
Average Days on Market
Sale Price vs. List Price 97% 97% * No condos or townhomes have sold for the second 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
0%
HOMES - CORTEZ/DOLORES AREA Below $1M
2019
2020
% Change
$275,000
$260,000
-5%
$170.12
$173.04
2%
128
125
-2%
Highest Sales Price
$950,000
$950,000
0%
# of Properties Sold
115
131
14%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price 96 97% 1% * Three homes in the Cortez/Dolores Area sold over $1M for the 3rd quarter of 2020. (MLS 765606, MLS 760751, MLS 761855)
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