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Durango Market Update – November 2019

Commercial Real Estate sales volume of $13.6M with 21 transactions YTD in 2019 is down 53% compared to sales YTD in 2018 of 39 transactions worth $28.7M. Residential Real Estate sales of $395M YTD in 2019 are up 5.5% compared to sales YTD in 2018 of $374.3M. Sales Taxes are up 3.6% YTD in 2019 compared to taxes collected YTD in 2018. Commercial real estate development projects include a 198 unit residential apartment complex that has been completed.

DURANGO MARKET UPDATE

Item
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – CREN MLS)
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$28.7M
$13.6M
-53%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Transactions
39
21
-46%
SALES TAX INDICATORS (Source – City of Durango/Business Improvement District)
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$11.8M
$12.3M
3.6%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Use Taxes
721K
816K
13.2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxes
$751K
$816K
8.9%

RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales Volume
$374.3M
$395M
5.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Transactions
871
888
2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Average Price
$429,668
$444,849
3.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days on Market
124
124
0%
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.