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MARKET REPORT SOUTHWEST COLORADO 2nd Quarter

2021

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SOUTHWEST COLORADO MARKET OVERVIEW We are excited to release our latest Market Report, analyzing the Q2 performance of this year compared to the same time frame during 2020. While comparing the periods in each year is difficult considering the changes that were taking place in the real estate market at the onset of the pandemic, looking at this year’s Q2 market performance tells a story of strength and resilience in Southwest Colorado. The following is a short overview of the market in Southwest Colorado, highlighting a few notable themes. Restrictions on real estate activity all but halted the spring market in 2020 until the summer when buying and selling took off again. This year the real estate market is well on its way to yielding one of the most productive years that the southwest area has ever seen, with no market slowdowns in sight. Although inventory levels remain low, decreasing by 68.6% in La Plata County compared to Q2 of 2020, the number of sold listings for all property types rose by 52.5%. Median sold prices for all property types in La Plata County rose due to elevated demand. For example, the average price of a condo in downtown Durango increased by 29%, reaching $289,900, and the average price for a single-family home in downtown Durango increased by 20%, reaching $629,000. Overall, the total dollar volume sold in La Plata County through June of this year was $394,387,698– an impressive 76% increase from the same time period in 2020. The luxury real estate market in La Plata County, defined as properties priced at or over $1 million, has seen even more astounding increases in buying activity in comparison to the second quarter of last year, rising by 236%. During January through June of this year, there were 189 luxury homes sold in La Plata County with an average price of $1,269,441. Several smaller regions within southwest Colorado have also experienced increases in the number of luxury properties sold. For example, Pagosa Springs saw a significant rise in the number of luxury home sales in Q2 of this year compared to Q2 of last year, increasing by an impressive 95%. Over the course of the last year, Colorado’s real estate market has seen tremendous growth in real estate activity across the southwest region. Much of this increase in home buying and selling results from shifting consumer preferences, which were sparked by the global pandemic. Consumers’ need for homes that offer them not only comfort and safety but an elevated lifestyle drew them to Colorado, where real estate, unbeatable experiences, and the great outdoors meet.

This Southwest, Colorado Market Report, includes real estate data statistics provided by CREN for the following neighborhoods (residential listings only): Durango In-town, Durango Mountain Area, Durango Rural, Bayfield, Mancos, Pagosa Springs, Dolores, Cortez. This report is based on Information from the Durango Area Association of Realtors. This representation is based in whole or in part on data supplied by CREN. There is no guarantee the information provided is accurate, nor is Legacy Properties West Sotheby’s International Realty responsible for its accuracy. In addition, data maintained by CRED may not reflect all real estate activity in the current market. Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


DURANGO IN-TOWN AREA Market Snapshot

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Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CONDOS IN-TOWN DURANGO Below $1M

2020

2021

% Change

$205,000

$289,900

29%

$302.14

$330.02

8%

125

116

-8%

Highest Sales Price

$565,000

$682,500

17%

# of Properties Sold

9

19

53%

98%

99%

1%

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 2nd quarter of 2021.

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TOWNHOMES IN-TOWN DURANGO Below $1M

2020

2021

% Change

$373,950

$455,000

18%

$240.01

$305.91

22%

121

38

-218%

Highest Sales Price

$720,000

$820,000

12%

# of Properties Sold

20

24

17%

97%

101%

4%

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 2nd quarter of 2021.

3033 W. 4th Avenue Cute in town house on a private lot on a quiet one way street. Enjoy the views across town and the sunny front deck off the upper level. 1,581 SF, 3 BR, 2 BA | MLS 784473 | Offered at $495,000 Q2 MARKET REPORT | L EG AC Y 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

$503,250

$629,000

20%

$283.44

$359.11

21%

113

53

-113%

Highest Sales Price

$950,000

$1,000,000

5%

# of Properties Sold

46

43

-7%

97%

101%

4%

2020

2021

% Change

$1,267,500

$1,291,695

2%

$448.13

$363.87

-23%

483

60

-705%

Highest Sales Price

$1,325,000

$1,999,000

34%

# of Properties Sold

2

11

82%

96%

98%

2%

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

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4 / SO L 22 D /2 02

14 Sunridge Circle Imagine living with expansive views of Perins Peak and the La Plata Mountains, nestled on a quiet cul de sac in one of the best neighborhoods in town. 3,716 SF | 4 BR, 4 BA | MLS 776732 | Closed at $1,460,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M

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DURANGO MOUNTAIN AR Market Snapshot

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REA

Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CONDOS DURANGO MOUNTAIN AREA Below $1M

2020

2021

% Change

Median Selling Price

$159,900

$292,000

45%

Average Sales Price Per SF

$256.80

$348

26%

44

44

0%

Highest Sales Price

$735,000

$695,000

-6%

# of Properties Sold

9

29

69%

96%

100%

4%

Average Days on Market

Sale Price vs. List Price

* 1 Condo sold for over $1M in the 2nd quarter of 2021. (MLS# 781660)

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TOWNHOMES DURANGO MOUNTAIN AREA Below $1M

2020

2021

% Change

Median Selling Price

$797,450

$746,850

-7%

Average Sales Price Per SF

$352.65

$370.14

5%

49

203

76%

Highest Sales Price

$875,000

$925,000

5%

# of Properties Sold

2

9

78%

98%

100%

2%

Average Days on Market

Sale Price vs. List Price

* No townhomes in the Durango Mountain Area over $1M have sold for the 2nd quarter of 2021.

U CO N D E NT R RA CT

24 Sheol Street Purgatory Lodge is located in the heart of the resort plaza. This location allows for ski-in/ski-out access to the slopes. 1,251 SF | 2 BR, 2 BA | MLS 779311 | Offered at $625,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


HOMES DURANGO MOUNTAIN AREA Below $1M

2020

2021

% Change

$645,000

$758,250

15%

$211.12

$321.55

34%

67

75

11%

Highest Sales Price

$745,000

$995,000

25%

# of Properties Sold

3

6

50%

93%

99%

6%

2020

2021

% Change

$1,885,000

$1,650,000

-14%

$339.97

$410.15

17%

212

88

-141%

Highest Sales Price

$2,350,000

$1,708,950

-38%

# of Properties Sold

2

5

60%

93%

95%

2%

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

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S 4/ OLD 2/ 20 21

961 N Tamarron Unit 615 This unit Features 2 bedrooms, 2 bathrooms, an open floorplan with an abundance of light with one of the best views in Tamarron. 1,445 SF, 2 BR, 2BA | MLS 778469 | Closed at $494,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


DURANGO RURAL AREA Market Snapshot

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Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CONDOS DURANGO RURAL AREA Below $1M

2020

2021

% Change

Median Selling Price

$114,000

$197,500

42%

Average Sales Price Per SF

$291.56

$257.96

-13%

76

118

36%

Highest Sales Price

$114,000

$285,000

60%

# of Properties Sold

1

4

75%

96%

100%

4%

Average Days on Market

Sale Price vs. List Price

* No condos in the Durango Rural Area over $1M have sold for the 2nd quarter of 2021.

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TOWNHOMES DURANGO RURAL AREA Below $1M

2020

2021

% Change

Median Selling Price

$319,500

$617,402

48%

Average Sales Price Per SF

$209.96

$298.68

30%

214

66

-224%

Highest Sales Price

$710,000

$750,000

5%

# of Properties Sold

4

8

50%

97%

100%

3%

Average Days on Market

Sale Price vs. List Price

* No Townhomes over $1M in the Durango Rural Area have sold for the 2nd quarter of 2021.

10440 County Road 250 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. 6,242 SF | 5 BR, 5 BA | MLS 762892 | Offered at $2,250,000 Q2 MARKET REPORT | L EG AC Y 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

$492,500

$625,000

21%

$249.20

$286.32

13%

170

94

-81%

Highest Sales Price

$930,000

$985,000

6%

# of Properties Sold

64

94

32%

97%

99%

2%

2020

2021

% Change

$1,320,000

$1,300,000

-2%

$300.94

$365.86

18%

108

115

6%

Highest Sales Price

$1,549,000

$6,500,000

76%

# of Properties Sold

5

23

78%

97%

99%

2%

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

2021

2019 2020

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6 / SO L D 22 /2 02

34934 N Highway 550 River, Privacy, Convenience and Exceptional Amenities! This unique property consists of 10-acres with Animas River frontage and beautiful views of Missionary Ridge. 6,109 SF | 7 BR, 7 BA | MLS 779175 | Closed at $2,479,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M

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BAYFIELD AREA Market Snapshot

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Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CONDOS/TOWNHOMES BAYFIELD AREA Below $1M

2020

2021

% Change

$275,000

$231,000

-19%

$198.13

$177.03

-12%

86

37

-132%

Highest Sales Price

$275,000

$280,540

2%

# of Properties Sold

2

5

60%

100%

101%

1%

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 2nd quarter of 2021 in the Bayfield Area.

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HOMES BAYFIELD AREA Below $1M

2020

2021

% Change

$335,000

$422,500

21%

$195.86

$218.43

10%

95

67

-42%

Highest Sales Price

$720,000

$789,500

9%

# of Properties Sold

51

52

2%

98%

101%

3%

2020

2021

% Change

$0

$1,262,500

100%

$0.00

$471.94

100%

0

174

100%

Highest Sales Price

$0

$1,275,000

100%

# of Properties Sold

0

2

100%

0%

97%

100%

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

1528 Beaver Creek Drive Backing up to over 18,000 acres of San Juan National Forest, this property offers the highly desired Colorado lifestyle. Tucked in the tall ponderosas of Deer Valley Estates, you are guaranteed privacy. Homesite | 3.48 Acres | MLS 780946| Offered at $118,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


MANCOS AREA Market Snapshot

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Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


HOMES MANCOS AREA Below $1M

2020

2021

% Change

$352,700

$381,250

7%

$218.28

$212.21

-3%

129

78

-65%

Highest Sales Price

$469,000

$875,000

46%

# of Properties Sold

3

12

75%

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 2nd quarter of 2021 in the Mancos Area.

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Weber Ranch Beautifully situated on a high point overlooking Weber Reservoir with 360-degree panoramic mountain views, this 85-acre equestrian estate is truly a rare offering. 3, 787 SF | 4 BR, 6 BA | 85 Acres | MLS 784093 | Offered at $3,200,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


PAGOSA SPRINGS AREA Market Snapshot

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Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CONDOS/TOWNHOMES PAGOSA SPRINGS AREA Below $1M

2020

2021

% Change

$222,500

$289,500

23%

$173.34

$227.65

24%

84

53

-58%

Highest Sales Price

$418,061

$606,583

31%

# of Properties Sold

14

23

39%

97%

100%

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 2nd quarter of 2021.

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HOMES PAGOSA SPRINGS AREA Below $1M

2020

2021

% Change

$387,500

$470,000

18%

$219.47

$269.26

18%

152

84

-81%

Highest Sales Price

$825,000

$1,000,000

18%

# of Properties Sold

56

88

36%

96%

99%

3%

2020

2021

% Change

$1,995,000

$1,369,000

-46%

$302.27

$401.69

25%

1421

275

-417%

Highest Sales Price

$1,995,000

$2,930,000

32%

# of Properties Sold

1

19

95%

100%

97%

-3%

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

San Juan River Ranch This spectacular 144 acre estate ranch with 1 mile of the San Juan River will certainly not disappoint. The Custom designed 3108 sq. ft Timber framed main home has many upgrades. 8,476 SF | 7 BR, 6 BA | 144 Acres | MLS 775172 | Offered at $4,450,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CORTEZ/DOLORES AREA Market Snapshot

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Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


CONDOS/TOWNHOMES CORTEZ/DOLORES AREA Below $1M

2020

2021

% Change

$0

$122,000

-2%

$0.00

$105.59

15%

0

100

52%

Highest Sales Price

$0

$144,000

4%

# of Properties Sold

0

2

25%

0%

96%

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 2nd quarter of 2021.

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HOMES CORTEZ/DOLORES AREA Below $1M

2020

2021

% Change

$195,000

$235,000

17%

$150.72

$172.52

13%

100

83

-20%

Highest Sales Price

$595,000

$424,900

-40%

# of Properties Sold

37

55

33%

97%

98%

1%

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

Sale Price vs. List Price

* No properties in the Cortez/Dolores area have sold for over $1M for the 2nd quarter of 2021.

18261 Road G Arguably one of the nation’s last hidden gems and perhaps its next Napa Valley, property here is ripe for the picking. 1,705 SF | 2 BR, 2 BA | 58 Acres | MLS 784526 | Offered at $1,499,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


SOUTHWEST COLORADO LAND Market Snapshot

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NUMBER OF LAND LISTINGS SOLD 2020 VS. 2021

29 Nature Trail Court Build on the last available lot in Homestead Trails! This flat lot is ready to build on with Water and Sewer tap fees paid. Homesite | .24 Acres | MLS 782811 | Offered at $95,000 Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


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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.

Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


Company Snapshot 2021 | Southwest Colorado

DURANGO MARKET SHARE BY VOLUME 2021 7%

16%

17%

17%

Sales Volume by Price Category

42

7%

Under $1 Million

16 %

Over $1 Million

17 %

Over $2 Million


Q2 MARKET REPORT | L EG AC Y P R O P E R T I E SW E STS I R .C O M


Go confidently in the direction of your dreams. Live the life you’ve always imagined. Henry David Thoreau

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2nd Quarter Market Report for 2021  

2nd Quarter Market Report for 2021  

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