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Durango Market Update – January 2020

Commercial Real Estate sales volume of $34.9M with 51 transactions in 2019 is down 1% compared to sales in 2018 of 35 transactions worth $35.1M. Residential Real Estate sales of $513.5M in 2019 is up 4.5% compared to sales in 2018 of $491.3M. Sales Taxes are relatively flat in 2019 compared to taxes collected in 2018 of 23.8M. Commercial real estate development projects include a 198 unit residential apartment complex that is nearly complete. An increase in sales and property tax increase was shot down by voters in November.

DURANGO MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – CREN MLS)
Item:
2018:
2019:
% +/- :
Commercial Sales Volume
$35.1M
$34.9M
-1%
Item:
2018:
2019:
% +/- :
Commercial Transactions
35
51
46%
SALES TAX INDICATORS (Source – City of Durango/Business Improvement District)
Item:
2018:
2019:
% +/- :
All Sales Taxes
$23.8M
$23.8M
0%
Item:
2018:
2019:
% +/- :
Restaurant Taxes
3.3M
3.3M
0%
Item:
2018:
2019:
% +/- :
Lodging Taxes
$1.7M
$1.7M
0%
Item:
2018:
2019:
% +/- :
Weedtail Taxes
803K
803K
0%

RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales Volume
$491.3M
$513.5M
4.5%
Item:
2018:
2019:
% +/- :
Transactions
1,188
1,155
-3.8%
Item:
2018:
2019:
% +/- :
Residential Average Price
$426,999.00
$444,600.00
4.1%
Item:
2018:
2019:
% +/- :
Residential Days on Market
132
127
-3.8%
Item:
2018:
2019:
% +/- :
Residential Listed For Sale
559
PUBLIC POLICY CHANGES
  • An increase in sales and property tax increase was shot down by voters in November
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.