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Durango Market Update – January 2019

Commercial Real Estate sales volume of $34.8M with 51 transactions in 2018 is down 1% compared to sales in 2017 with 35 transactions worth $35.1M. Residential Real Estate sales for $513M in 2018 are up 4.5% compared to sales in 2017 of $491M. Sales Taxes are up 1.2% YTD compared to taxes collected in 2017. Commercial real estate development projects include a 198 unit residential apartment complex that is nearly complete.

DURANGO MARKET UPDATE

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – CREN MLS)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$35.1M
$34.9M
-1%
Item:
2017:
2018:
% +/- :
Commercial Transactions
35
51
28%
SALES TAX INDICATORS (Source – City of Durango/Business Improvement District)
Item:
2017:
2018:
% +/- :
All Sales Taxes
$17.5M
$23.8M
36%
Item:
2017:
2018:
% +/- :
Retail Taxes
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$3.3M
Item:
2017:
2018:
% +/- :
Lodging Taxes
$791K
$1.7M
115%
Item:
2017:
2018:
% +/- :
Weedtail Sales
803K

RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales Volume
$491.2M
$513.5M
4.5%
Item:
2017:
2018:
% +/- :
Transactions
1,188
1,155
-2.7%
Item:
2017:
2018:
% +/- :
Residential Average Price
$426,999
$444,600
4%
Item:
2017:
2018:
% +/- :
Residential Days on Market
132
127
-3.7%
Item:
2017:
2018:
% +/- :
Residential Listed for Sale
559
DEVELOPMENTS
  • 198 Unit Residential Apartment Complex Nearly Complete

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About The Author

Max Hutcheson, The Durango Team

Max Hutcheson is a Colorado native and has been a commercial real estate broker in the Durango, Colorado, area since 2007. Max is a strong presence in the local real estate market leading sales in new construction and consistently ranking among the top brokers in the area. He has a long record of successfully guiding clients in their commercial and residential real estate acquisitions, sales and leases.