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Q2 | 2020

Southwest Colorado

Market Update


A MESSAGE FROM ZACH MORSE Although some buyers and sellers have been skeptical about the future, given the vast unknowns of COVID-19, our housing market held up well in the early weeks of the crisis. A handful of buyers and sellers elected to hit the pause button on their planned move, during the stay-at-home orders, but Real Estate Sales was deemed a part of the state’s essential services by the Governor in late March, so our agents continued to assist buyers and sellers; often in new, creative virtual ways, to complete elements of real estate transactions within social distancing and stay-at-home guidelines. As we moved into the safer-at-home guidelines the pent up demand and record low inventory across Southwest Colorado has driven sales in the second quarter of 2020. In April there were only 62 new listings in Durango, in June there were over 156 new listings in Durango. A 150% increase from the start of the first quarter during the stayat-home order. Durango is only down by -2.5% of new listing in June 2020 compared to June 2019. In regards to sold listings, the market is only down by -2.8% for June of 2020 compared to June of 2019. Median home prices continue to rise in the Durango area and for those looking to invest in a home and a community unlike any other, Southwest Colorado is the place. With options to buy and sell homes as well as land parcels, there are endless possibilities in the Durango area real estate market for consumers to reach their lifestyle and real estate goals. 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

Q2 2020 | Southwest Colorado

DURANGO MARKET SHARE BY VOL. 22%

17% 24%

55%

Sales Volume by Price Category 22 % 24 % 55 %

Under $500 Thousand $500 Thousand to $1 Million Over $1 Million

Southwest Colorado Q2 Market Update / Q2 Highlights


at a glance {Q2 | 2020}

DURANGO IN-TOWN AREA

12

% Change in Median Selling Price {2020 vs 2019}

164

Average Days on Market

91

Units Sold

497K

$

Median Selling Price


CONDOS - IN-TOWN DURANGO Below $1M

2019

2020

% Change

Median Selling Price

$254,000

$207,500

-18%

Average Sales Price Per SF

$289.83

$282.64

-2%

143

104

-27%

Highest Sales Price

$535,000

$565,000

6%

# of Properties Sold

22

16

-27%

98%

98%

0%

Average Days on Market

Sale Price vs. List Price

* No condos over $1M 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


TOWNHOMES - IN-TOWN DURANGO Below $1M

2019

2020

% Change

Median Selling Price

$339,000

$373,950

10%

Average Sales Price Per SF

$243.19

$240.01

-1%

130

160

23%

Highest Sales Price

$875,000

$720,000

-18%

# of Properties Sold

36

20

-44%

98%

97.5%

-1%

Average Days on Market

Sale Price vs. List Price

* No Townhomes over $1M have sold for the first quarter of 2020.

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

Median Selling Price

$485,000

$550,042

13%

Average Sales Price Per SF

$314.19

$283.44

-10%

119

139

17%

Highest Sales Price

$790,000

$950,000

20%

# of Properties Sold

34

46

35%

98%

97%

-1%

2019

2020

% Change

$1,075,000

$1,267,500

18%

$400.07

$448.13

12%

304

483

59%

Highest Sales Price

$1,075,000

$1,325,000

23%

# of Properties Sold

1

2

100%

86%

96%

12%

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 E G AC Y P RO P E RT I E S W E S T S I R .C O M


6/1

6/2 SOL 02 D Kay 0 for den $49 Hy 5,00 son 0

57 Jameson Drive, Durango Durango’s newest development! This exciting project consists of 10 single-family homes gathered around a shared green courtyard. 1,585 SF | 3 BR, 2.5 BA | MLS 763812 | $489,000 970.624.0444

| 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 {Q2 | 2020}

DURANGO MOUNTAIN AREA

48

%

Change in Median Selling Price {2020 vs 2019}

109

Average Days on Market

17

Units Sold

616K

$

Median Selling Price


CONDOS - DURANGO MOUNTAIN AREA Below $1M

2019

2020

% Change

Median Selling Price

$255,000

$159,900

-37%

Average Sales Price Per SF

$242.18

$256.80

6%

113

87

-23%

Highest Sales Price

$530,000

$735,000

39%

# of Properties Sold

22

9

-59%

97%

96%

-1%

Average Days on Market

Sale Price vs. List Price

* No condos over $1M 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


TOWNHOMES - DURANGO MOUNTAIN AREA Below $1M

2019

2020

% Change

Median Selling Price

$627,250

$797,450

27%

Average Sales Price Per SF

$291.29

$352.65

21%

243

49

-80%

Highest Sales Price

$995,000

$875,000

-12%

# of Properties Sold

8

2

-75%

96%

99%

3%

Average Days on Market

Sale Price vs. List Price

* No townhomes over $1M have sold for the second quarter of 2020.

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

Median Selling Price

$685,000

$645,000

-6%

Average Sales Price Per SF

$282.90

$211.12

-25%

72

152

111%

Highest Sales Price

$975,000

$745,000

-24%

# of Properties Sold

3

3

0%

96%

94%

-2%

2019

2020

% Change

Median Selling Price

0

$1,885,000

NA

Average Sales Price Per SF

0

$339.97

NA

Average Days on Market

0

212

NA

Highest Sales Price

0

$2,350,000

NA

# of Properties Sold

0

2

NA

Sale Price vs. List Price

0

93%

NA

Average Days on Market

Sale Price vs. List Price Over $1M

* Two homes have sold for over $1M in the Durango Mountain Area. Both homes were listed with Legacy Properties West Sotheby’s International Realty. 16 Storm Peak (MLS 763712) & 376 Glacier Club (MLS 764459)

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


23 Lost Miners Way, Durango This is a unique Black Bear town home as its entry faces south, providing an abundance of natural light and giving the “feel� of a single family home. 1,883 SF | 3 BR, 3 BA | MLS 770839 | $585,000 970.624.0444

| 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 {Q2 | 2020}

DURANGO RURAL AREA

-5

% Change in Median Selling Price {2020 vs 2019}

170

Average Days on Market

74

Units Sold

501K

$

Median Selling Price


CONDOS - DURANGO RURAL AREA Below $1M

2019

2020

% Change

Median Selling Price

$236,500

$114,000

-52%

Average Sales Price Per SF

$214.92

$291.56

36%

54

76

41%

Highest Sales Price

$236,500

$114,000

-52%

# of Properties Sold

2

1

-50%

98%

97%

-1%

Average Days on Market

Sale Price vs. List Price

* No condos over $1M 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


TOWNHOMES - DURANGO RURAL AREA Below $1M

2019

2020

% Change

Median Selling Price

$590,000

$319,500

-46%

Average Sales Price Per SF

$225.30

$209.96

-7%

153

217

42%

Highest Sales Price

$720,000

$710,000

-1%

# of Properties Sold

7

4

-43%

100%

98%

-2%

Average Days on Market

Sale Price vs. List Price

* No Townhomes over $1M have sold for the second quarter of 2020.

195 Lockes Mountain, Durango North Private 40 acre estate with unparalleled views of the Animas Valley. Custom built home with 1,000 square foot deck. 5,474 SF | 4 BR, 3.5 BA | 40 Acres | MLS 770092 | $1,600,000 970.624.0444

| 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

$539,407

$492,500

-9%

Average Sales Price Per SF

$236.32

$249.20

5%

120

173

44%

Highest Sales Price

925,000

$930,000

1%

# of Properties Sold

88

64

-27%

98%

98%

0%

2019

2020

% Change

$1,225,500

$1,340,800

9%

$293.15

$300.94

3%

222

108

-51%

Highest Sales Price

$1,626,500

$1,549,000

-5%

# of Properties Sold

8

5

-38%

92%

97%

5%

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 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 Kel NTRA ly K C niffi T 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. 4,633 SF | 4 BR, 4 BA | 10 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


at a glance {Q2 | 2020}

BAYFIELD AREA

-4

% Change in Median Selling Price {2020 vs 2019}

95

Average Days on Market

53

Units Sold

333K

$

Median Selling Price


CONDOS/TOWNHOMES - BAYFIELD AREA Below $1M

2019

2020

% Change

Median Selling Price

0

$275,000

NA

Average Sales Price Per SF

0

$198.13

NA

Average Days on Market

0

86

NA

Highest Sales Price

0

$275,000

NA

# of Properties Sold

0

2

NA

Sale Price vs. List Price

0

100%

NA

* No condos or townhomes over $1M 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


HOMES - BAYFIELD AREA Below $1M

2019

2020

% Change

Median Selling Price

$346,500

$335,000

-3%

Average Sales Price Per SF

$197.56

$195.86

-1%

118

95

-19%

Highest Sales Price

$888,000

$720,000

-19%

# of Properties Sold

118

51

-57%

Average Days on Market

Sale Price vs. List Price 98% 98% * No homes over $1M have sold for the second quarter of 2020.

0%

Un de Zac r Con h M trac ors t e

Eagles Nest Estate, Bayfield Exquisite, custom-built light-filled home, perfectly situated to take in the immense views the Pine River Valley has to offer. 5,869 SF | 4 BR, 5.5 BA | 35 Acres | MLS 767303 | $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 {Q2 | 2020}

MANCOS AREA

60

%

Change in Median Selling Price {2020 vs 2019}

129

Average Days on Market

3

Units Sold

352K

$

Median Selling Price


HOMES - MANCOS AREA Below $1M

2019

2020

% Change

Median Selling Price

$220,000

$352,700

60%

Average Sales Price Per SF

$188.12

$218.28

16%

70

129

84%

Highest Sales Price

$410,000

$469,000

14%

# of Properties Sold

5

3

-40%

98%

97%

-1%

Average Days on Market

Sale Price vs. List Price

* No properties over $1M 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


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 {Q2 | 2020}

PAGOSA SPRINGS AREA

-1 155 %

Change in Median Selling Price {2020 vs 2019}

Average Days on Market

71

Units Sold

335K

$

Median Selling Price


CONDOS/TOWNHOMES - PAGOSA SPRINGS AREA Below $1M

2019

2020

% Change

Median Selling Price

$187,200

$222,500

19%

Average Sales Price Per SF

$167.52

$173.34

3%

92

84

-9%

Highest Sales Price

$450,000

$418,061

-7%

# of Properties Sold

22

14

-36%

97%

97%

0%

Average Days on Market

Sale Price vs. List Price

* No condos or townhomes over $1M 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


HOMES - PAGOSA SPRINGS AREA Below $1M

2019

2020

% Change

Median Selling Price

$366,200

$387,500

6%

Average Sales Price Per SF

$200.22

$219.47

10%

135

151

12%

Highest Sales Price

$975,000

$825,000

-15%

# of Properties Sold

84

56

-33%

98%

97%

-1%

2019

2020

% Change

$1,600,000

$1,995,000

25%

$294.53

$302.27

3%

151

1421

841%

Highest Sales Price

$4,000,000

$1,995,000

-50%

# of Properties Sold

3

1

-67%

97%

100%

3%

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

Un de Za r Con ch Mo tract rse

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 | $1,450,000 970.624.0444

| 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 {Q2 | 2020}

CORTEZ/DOLORES AREA

7

% Change in Median Selling Price {2020 vs 2019}

123

Average Days on Market

78

Units Sold

273K

$

Median Selling Price


CONDOS/TOWNHOMES - CORTEZ/DOLORES AREA Below $1M

2019

2020

% Change

$180,000

0

NA

$140.53

0

NA

81

0

NA

Highest Sales Price

$220,000

0

NA

# of Properties Sold

3

0

NA

Median Selling Price Average Sales Price Per SF Average Days on Market

Sale Price vs. List Price 97% 0 * 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

NA


HOMES - CORTEZ/DOLORES AREA Below $1M

2019

2020

% Change

Median Selling Price

$267,000

$270,000

1%

Average Sales Price Per SF

$149.60

$177.75

19%

148

120

-19%

Highest Sales Price

$740,000

$705,000

-5%

# of Properties Sold

87

77

-11%

95%

-2%

Average Days on Market

Sale Price vs. List Price 97% * One homes sold over $1M for the second quarter.

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

Second Quarter Market Update 2020  

Second Quarter Market Update 2020  

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