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Durango Market Update – November 2018

Commercial Real Estate sales volume of $30.5M with 43 transactions YTD in 2018 is up 5% compared to sales January-October 2017 with 31 transactions worth $29M. Residential Real Estate sales for $431M YTD in 2018 are up 4.4% compared to sales January-October 2017 of $412M. Sales Taxes are up 8.1% YTD compared to taxes collected January-October 2017. New commercial real estate development projects include 198 unit residential apartment complex near completion.

DURANGO MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – CREN MLS)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$29,060,000
$30,579,000
5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
31
43
28%
SALES TAX INDICATORS (Source – City of Durango/Business Improvement District)
Item :
2017 YTD :
2018 YTD :
% +/- :
All Sales Taxes
$17,742,089
1.2%
Item :
2017 YTD :
2018 YTD :
% +/- :
Retail Taxes
Item :
2017 YTD :
2018 YTD :
% +/- :
Restaurant Taxes
$2,457,772
Item :
2017 YTD :
2018 YTD :
% +/- :
Lodging Taxes
$751,591
-5.3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Weedtail Sales
$610,494
VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
VACANCY RATE
CAP RATES
2017 YTD :
2018 YTD :
% +/- :
CAP RATES
RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales Volume
$412,140,000
$431,289,000
4.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Transactions
1,014
1,000
-1.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$406,449
$446,885
9%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
128
124
-3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
723
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.