MARKET REPORT SOUTHWEST COLORADO 1st Quarter
2021
A MESSAGE FROM ZACH MORSE While 2020 presented a new way of life for us, one thing was clear – people sought after finding their ideal home to fit thier desired lifestyle. Durango and the surrounding areas feature a dreamed-about lifestyle for many, with skiing, hiking, biking, the lively vibe of downtown durango, and a tight-knit community. Because of these incomparable amenities and the shift of consumers focusing on their lifestyle – real estate in Durango soared in 2020. All metrics have revealed that 2021 first quarter continues to show a high demand for residential listings, however our inventory has shrunk. Total sales volume increased a dramatic 51%, with the number of sold listings increasing 27% revealing an increase in average price, which increased by 19% ($621,165). Inventory for the Durango Area decreased by 37%, showing the competitive nature of buyers looking for their Durango slice of paradise. Not only did demand increase across Southwest Colorado but specifically the demand for residential land increased dramatically. Impressively, almost all areas included in the report increased in the number of land properties sold in 2021 compared to 2020 for the first quarter. Pagosa Springs, located east of Durango, stood out with one of the highest increases of 220% from 45 residential land listings sold in 2020 to 144 residential land listings sold in 2021 for the first quarter. The highest price also grew in many areas, once again proving the rise in demand for the first quarter of 2021. For all residential properties in Durango, the highest price increased by a notable 54% in the first quarter, from $1,870,000 in 2020 to $3,200,000 in 2021. In addition to increases in the highest price, there were many increases in the median price. Durango In-Town homes reported an impressive 16% rise in median price, landing at $560,000 in 2021 compared to $468,000 in 2020 for the first quarter. In addition, the Durango Mountain Area townhomes saw a sizable spike in median price going from $477,500 in the first quarter of 2020 to $684,500 in 2021. A 30% increase in the median sales price. It’s clear that Durango’s fresh mountain air, endless recreation opportunities, and an ideal community make it a place that many people want to call home. As lifestyle continues to be a focus, the housing market in this breathtaking community should continue to thrive. This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Durango In-town, Durango Mountain Area, Durango Rural, Bayfield, Mancos, Pagosa Springs, Dolores, Cortez.
Zach Morse Owner/Broker Zach@lpwsir.com Legacy Properties West Sotheby’s International Realty
DURANGO IN-TOWN AREA Market Snapshot
A
CONDOS IN-TOWN DURANGO Below $1M
2020
2021
% Change
$199,000
$293,500
32%
$256.27
$315.44
19%
124
100
-24%
Highest Sales Price
$670,000
$515,000
-30%
# of Properties Sold
9
14
36%
97%
99%
2%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos over $1M in Downtown Durango have sold for the 1st quarter of 2021.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
TOWNHOMES IN-TOWN DURANGO Below $1M
2020
2021
% Change
$361,000
$393,000
8%
$248.70
$274.49
9%
165
63
-162%
Highest Sales Price
$540,000
$759,000
29%
# of Properties Sold
20
15
-33%
98%
99%
2%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No Townhomes over $1M in Downtown Durango have sold for the 1st quarter of 2021.
U CO N D E NT R RA CT
Jameson Court Homes Jameson Court – Durango’s newest development! This exciting project consists of 10 single-family homes gathered around a shared green courtyard. 5 Listings Under Contract | MLS 773815, 773455, 773456, 770108, 773454 | Starting at $555,170 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
HOMES IN-TOWN DURANGO Below $1M
2020
2021
% Change
$468,000
$560,000
16%
$288.80
$330.30
13%
120
87
-38%
Highest Sales Price
$850,000
$979,000
13%
# of Properties Sold
32
37
14%
98%
99%
1%
2020
2021
% Change
$1,560,000
$1,335,000
-17%
$399.20
$346.40
-15%
273
150
-82%
Highest Sales Price
$1,870,000
$1,712,500
-9%
# of Properties Sold
2
3
33%
93%
97%
4%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Over $1M Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
3 / SO L D 10 /2 02
54 Ophir Drive Amazing in-town views from this custom built 3 level home offering the finest of finishes with incredible attention paid to every detail. 5,019 SF | 4 BR, 5 BA | MLS 774699 | Closed at $1,335,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
1
DURANGO MOUNTAIN AR Market Snapshot
REA
CONDOS DURANGO MOUNTAIN AREA Below $1M
2020
2021
% Change
Median Selling Price
$173,000
$350,000
51%
Average Sales Price Per SF
$263.20
$298.27
12%
118
55
-115%
Highest Sales Price
$865,000
$960,000
10%
# of Properties Sold
14
21
33%
97%
101%
4%
Average Days on Market
Sale Price vs. List Price
* No condos in the Durango Mountain Area over $1M have sold for the 1st quarter of 2021.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
TOWNHOMES DURANGO MOUNTAIN AREA Below $1M
2020
2021
% Change
$477,500
$684,500
30%
$277.68
$357.42
22%
104
64
-63%
Highest Sales Price
$850,000
$859,000
1%
# of Properties Sold
3
6
50%
98%
98%
0%
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 1st quarter of 2021.
3 / SO L D 31 /2 02
961 N Tamarron Unit 618/619/620 Remodeled from top to bottom condo in the highly desired High Point Neighborhood at Tamarron Resort. 1,962 SF | 3 BR, 3 BA | MLS 779130 | Closed at $695,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
1
HOMES DURANGO MOUNTAIN AREA Below $1M
2020
2021
% Change
$799,000
$1,000,000
20%
$301.77
$603.86
50%
106
182
42%
Highest Sales Price
$978,781
$1,000,000
2%
# of Properties Sold
6
1
-500%
99%
91%
-8%
2020
2021
% Change
$1,393,750
$1,425,000
2%
$432.86
$519.04
17%
307
168
-83%
Highest Sales Price
$1,562,500
$2,160,000
28%
# of Properties Sold
2
7
71%
90%
99%
9%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Over $1M Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
3/
SO 31/ LD 20 21
51 Haviland This lush parcel has breathtaking views of the Needles Mountains as well as Haviland Lake. In addition, it borders National Forest so no need to trailer your horses if you want to go for a ride. 16 Acres | MLS 780187 | Closed at $1,000,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
DURANGO RURAL AREA Market Snapshot
CONDOS DURANGO RURAL AREA Below $1M
2020
2021
% Change
$209,200
$162,500
-29%
$224.33
$288.23
22%
91
75
-21%
Highest Sales Price
$288,000
$259,000
-11%
# of Properties Sold
6
4
-50%
97%
100%
4%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos in the Durango Rural Area over $1M have sold for the 1st quarter of 2021.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
TOWNHOMES DURANGO RURAL AREA Below $1M
2020
2021
% Change
$260,000
$420,000
38%
$196.42
$260.61
25%
246
93
-165%
Highest Sales Price
$725,000
$700,000
-4%
# of Properties Sold
3
5
40%
94%
100%
6%
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 1st quarter of 2021.
77 Pebble Drive North Dalton, single story on the golf course. Fantastic views of golf course and the red cliffs of the Animas Valley. Filled with light from the many large windows. 2,406 SF | 3 BR, 2 BA | MLS 780450 | Offered at $779,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
HOMES DURANGO RURAL AREA Below $1M
2020
2021
% Change
$599,000
$570,306
-5%
$233.47
$268.30
13%
161
114
-41%
Highest Sales Price
$1,000,000
$992,000
-1%
# of Properties Sold
61
70
13%
98%
98%
0%
2020
2021
% Change
$1,092,500
$1,382,000
21%
$302.29
$484.68
38%
267
162
-65%
Highest Sales Price
$1,460,000
$3,200,000
54%
# of Properties Sold
6
17
65%
96%
97%
1%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Over $1M Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
2020 2020
2021
2020
2020
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
3/
124 Glenn Drive In the heart of the highly desired North Animas Valley of Durango Colorado. This hidden gem offers everything you could imagine in a mountain log residence. 4,579 SF | 3 BR, 4 BA | 5 Acre | MLS 766030 | Closed at $2,160,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
SO 18 LD /2 02 1
BAYFIELD AREA Market Snapshot
CONDOS/TOWNHOMES BAYFIELD AREA Below $1M
2020
2021
% Change
$0
$249,950
NA
$0.00
$171.10
NA
0
191
NA
Highest Sales Price
$0
$280,000
NA
# of Properties Sold
0
2
NA
0%
102%
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 1st quarter of 2021 in the Bayfield Area.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
HOMES BAYFIELD AREA Below $1M
2020
2021
% Change
$325,500
$385,000
15%
$186.85
$210.16
11%
120
98
-22%
Highest Sales Price
$665,000
$900,000
26%
# of Properties Sold
32
27
-19%
97%
99%
2%
2020
2021
% Change
$1,700,000
$1,075,000
-58%
$315.75
$215.47
-47%
139
216
36%
Highest Sales Price
$1,700,000
$1,075,000
-58%
# of Properties Sold
1
1
0%
100%
93%
-8%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Over $1M Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
U CO N D E NT R RA CT
8934 County Road 502 Nestled on 20+-acres (two separate 10-acre parcels) and adjacent to BLM land, this beautiful property embodies privacy and serenity. 3,213 SF | 3 BR, 4 BA | 20 Acres | MLS 779654 | Offered at $740,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
MANCOS AREA Market Snapshot
HOMES MANCOS AREA Below $1M
2020
2021
% Change
$415,000
$225,500
-84%
$193.89
$143.28
-35%
89
125
29%
Highest Sales Price
$589,900
$230,000
-156%
# of Properties Sold
3
3
0%
97%
89%
-9%
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 1st quarter of 2021 in the Mancos Areas.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
PAGOSA SPRINGS AREA Market Snapshot
CONDOS/TOWNHOMES PAGOSA SPRINGS AREA Below $1M
2020
2021
% Change
$225,450
$265,000
15%
$169.26
$184.73
8%
112
86
-30%
Highest Sales Price
$402,500
$585,000
31%
# of Properties Sold
20
24
17%
96%
99%
3%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos or townhomes over $1M in the Pagosa Springs Area have sold for the 1st quarter of 2021.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
HOMES PAGOSA SPRINGS AREA Below $1M
2020
2021
% Change
$381,000
$493,750
23%
$210.24
$245.98
15%
181
125
-45%
Highest Sales Price
$785,000
$949,900
17%
# of Properties Sold
63
90
30%
97%
98%
1%
2020
2021
% Change
$1,595,999
$1,385,000
-15%
$276.24
$523.22
47%
407
67
-507%
Highest Sales Price
$1,810,000
$2,800,000
35%
# of Properties Sold
3
8
63%
84%
99%
15%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Over $1M Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
5000 N. Pagosa Boulevard This impeccably designed and crafted modern mountain estate is waiting for the perfect owner to make it a primary home, a 2nd home, or a vacation retreat. 5,372 SF | 4 BR, 5 BA | 3 Acres | MLS 780037 | Offered at $3,150,000 970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
CORTEZ/DOLORES AREA Market Snapshot
A
CONDOS/TOWNHOMES CORTEZ/DOLORES AREA Below $1M
2020
2021
% Change
$210,000
$206,000
-2%
$132.73
$155.76
15%
83
174
52%
Highest Sales Price
$220,000
$228,500
4%
# of Properties Sold
3
4
25%
96%
101%
5%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
* No condos or townhomes in the Cortez/Dolores area have sold for over $1M for the 1st quarter of 2021.
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
HOMES CORTEZ/DOLORES AREA Below $1M
2020
2021
% Change
$242,750
$268,500
10%
$159.33
$169.15
6%
134
114
-18%
Highest Sales Price
$1,100,000
$799,000
-38%
# of Properties Sold
58
81
28%
96%
97%
1%
2020
2021
% Change
$1,100,000
$1,220,000
10%
$121.22
$283.62
57%
245
204
-20%
Highest Sales Price
$1,100,000
$1,272,000
14%
# of Properties Sold
1
2
50%
90%
96%
6%
Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
Over $1M Median Selling Price Average Sales Price Per SF Average Days on Market
Sale Price vs. List Price
970.624.0444
| L EG ACY P R O P E R T I E SW E STS I R .C O M
SOUTHWEST COLORADO Market Snapshot
O LAND
NUMBER OF LAND LISTINGS SOLD 2020 VS. 2021 2020
144
2021
86
45 37
15 1
ALL DURANGO AREA
8
1
MANCOS AREA
PAGOSA SPRINGS AREA
BAYFIELD AREA
6
5
DOLORES CORTEZ AREA
3215 E 2nd Avenue Sunny, large, dream home ready lot - perfectly situated in a quiet, convenient location across from a city park and the Animas River. In-town Homesite | .18 Acres | MLS 776290 | Offered at $325,000
OUR PASSION. It can be easy to assume that all real estate brokerages and sales associates are the same. The truth is, we’re passionate about being different - our unique qualities are at the heart of everything we do. For us, our responsibility goes way beyond assisting our clients in the purchasing and selling of real estate. We’re ambassadors of our community and of our industry. We look at each moment as an opportunity to bring irreplaceable value to our clients and the local community and in the process, redefine the real estate industry. Luxury isn’t tangible. It isn’t a price tag. Luxury is an experience and a commitment to going beyond the status quo. Being different isn’t for everyone, but to us, it is everything.
Company Snapshot 2021 | Southwest Colorado
DURANGO MARKET SHARE BY VOLUME QUARTER 1 7%
8%
17%
16%
Sales Volume by Price Category 7%
Under $500 Thousand
8%
$500 Thousand to $1 Million
16 %
Over $1 Million
Southwest Colorado Market Update
/ 2021 Company
Go confidently in the direction of your dreams. Live the life you’ve always imagined. Henry David Thoreau