Durango, CO Real Estate News

By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
2019 saw a very slight increase (2.4%) in the total dollar volume of residential sales in La Plata County. The number of units sold essentially stayed the same with 1,105 units sold in 2018 and 1108 units sold in 2019. The interesting number is the decline in total dollar volume for “all types of sales” which would be residential, vacant land, farm and ranch, and commercial. That dollar volume dropped by 2.42%. On the residential side, both average sales price and median sales price dropped this year at approximately 2.65% each. The single largest decline came in the $800,000 - $1 million price range where there were 16 fewer homes sold this year than last, which represents a decline of 32%. Average and median days on the market this year compared to last year are essentially unchanged,...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
Total Residential Sales volume year-to-date for this year increased by 5.17% over last year while the number of units sold increased by 9 homes which was only a 1.08% increase. That figure in number-of-units-sold continues the trend that began about three years ago of reasonably flat sales. For instance in 2015, 840 homes sold yet in 2019 there were 841 homes sold January through September of each of those years. 2016 actually saw a decline in units sold, while 2017 was the peak at 851 homes and then 2018 dropped down to the 832 figure. The “big bump” was from 2014 to 2015 when it went from 724 homes sold all the way up to 840 in 2015. I would characterize that as a pretty steady market with no huge spikes up or huge collapses downward either. A couple of other numbers jumped out at me....
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By inboundREM Market Updates
(InboundREM)
Eastlawn, Durango Neighborhood Information, and Market ReportThe Eastlawn, Durango NeighborhoodEastlawn is a neighborhood in La Plata County, Durango, Colorado. It is northwest of Downtown Durango just across the Animas River. This is a suburban neighborhood with ranch-style homes, many of which have been updated for modern living. You are a short commute from Downtown Durango and have easy access to several commercial, business, recreational. and educational establishments close to the neighborhood. If you are looking for a family-friendly community a short drive from the Downtown area then Eastlawn is an excellent place to consider.  Eastlawn, Durango AmenitiesEastlawn has several amenities available to residents in the neighborhood. There are several restaurants along Main Avenue and...
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By inboundREM Market Updates
(InboundREM)
Turtle Lake/Hidden Valley, Durango Neighborhood Information, and Market ReportThe Turtle Lake/Hidden Valley, Durango Neighborhood Turtle Lake and Hidden Valley are neighborhoods in La Plata County, Durango, Colorado. The community is northwest of Downtown Durango. Several nature preserves and mountain peaks like Animas City Mountain and Barnroof Point surround the region. The area has luxury residential properties that have large, beautiful homes with several acres per property. If you are to live in one of the wealthiest neighborhoods in Colorado, this place is perfect for you and your family.  Turtle Lake/Hidden Valley, Durango AmenitiesThe area is well-known for its properties with luxury homes and large acreage. Turtle Lake and Hidden Valley are some of the wealthiest regions of Dur...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
25% Increase in Average Sales Price since 2015Durango real estate prices have certainly seen some changes in the last couple of years. I recently did a study of Durango real estate sales statistics for Durango in-town homes sold during 2015 and 2016 and 2017 (not counting Three Springs Subdivision is that is all newer construction). Using the data from the Durango Association of Realtors MLS system, I learned that the average sales price in 2015 was $337,770 while in 2017 that average sales price was $423,301 which represents a 24.9% increase in average price over that timeframe. One of the interesting things to note is the fact that the number of homes sold has stayed pretty constant: 319 homes sold in 2015; 329 homes sold in 2016; and 316 homes sold in 2017. Remember these are just in...
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By inboundREM Market Updates
(InboundREM)
3rd Ave South Side, Durango Neighborhood Information, and Market ReportThe 3rd Ave South Side, Durango Neighborhoods3rd Avenue South Side is a neighborhood in Central Durango, Colorado. The area is the cultural heart of the city with many galleries and museums that tourists frequent. The area is perfect for people looking for a home in the middle of this growing city. Properties here are priced competitively with access to many amenities in the area. Houses here are beautiful, mostly single-family brick homes with Victorian Revival themes. The community is perfect for people looking for a new family home.Click here to search for properties in 3rd Ave South Side, Durango.3rd Ave South Side, Durango AmenitiesThere are many benefits that you have available if you move into the neighborhood...
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By inboundREM Market Updates
(InboundREM)
Downtown Durango Neighborhood Information, and Market ReportThe Downtown Durango NeighborhoodsDurango is a city in southwestern Colorado. The town is an excellent tourist destination and is primarily known for its Railroad Museum. The area has magnificent landscape and beautiful views. If you enjoy the outdoors, you can try several activities including hiking, biking, fishing and many more. The city is not only great to visit but a beautiful place to reside. Durango has many housing options ranging from single-family homes, mid-sized apartments and Condominiums. You can choose a new home that suits your needs.Click here to search for properties in Downtown Durango.Downtown Durango AmenitiesDurango is a beautiful city with many attractive destinations to visit. The area has many recreati...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
We just held our 14th annual Team Lorenz Client Appreciation Party a little over a week ago at the Allen theaters here in Durango. As usual, it was a "food drive" for the Durango Food Bank and we raised nearly 1400 pounds of food and $325 in cash donations for those who so often need help getting food on the table. This year's movie was Star Wars-The Last Jedi and the only price of admission was canned goods donations. We also had a drawing for prizes at three of our local restaurants plus a gift certificate for the movie theater. Since the movie was so long, we had to start extra early the day after the movie came out. It was plenty cold but at least it wasn't a blizzard like we had for last year's movie. We even had a few people come in costume. My client appreciation party is open to...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
In today’s Durango real estate market, there are several possibilities for people with little or even no down payment. FHA loans are available with just 3.5% down payment. Some loans require only 1% down payment. Through the HomesFund of Southwest Colorado, there is even some money available to make/help you with your down payment and have no monthly payments on that obligation; you simply pay it off when you sell the home. The Durango area also qualifies for no down payment loans through the USDA Rural Housing program and of course, VA loans are available with no down payment for veterans. Like every loan, there are conditions and limitations, so for additional information contact us or check out this link: https://homesfund.org/
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
Wells Group Real Estate Forecast-You’re InvitedFor the 15th year, the Wells Group Real Estate Brokerage will be putting on our annual Real Estate Forecast. This year’s date is Wednesday, March 22 and it will be at 6:00 PM at the Fort Lewis College Concert Hall. Typically, 300-400 people attend this event which lasts about 1 ½ hours. We do a thorough and in-depth analysis of what happened in the real estate market last year and make some predictions/forecasts as to where we think it will be headed.Wells Group personnel have been working on this presentation for several months and will be aided in that presentation by Bob Allen of Allen Associates, a local real estate appraiser who is often hired by the banks and economic groups to provide his in-depth analysis for them.There is no charge...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
Comparative La Plata County Residential Sales Statistics 2015 vs 2016 first 9 months.  As many of you know I do a very thorough analysis of the residential real estate sales statistics in La Plata County (that would include Durango, Bayfield, Ignacio and the unincorporated portions of La Plata County) and have done so for a number of years. Whether you are a buyer or a seller you will want to look at these figures because I have the analysis broken down by roughly $200,000 sales price increments. You can look at days on the market, number of units sold, number of units available, sales to list price ratio, contracts currently pending and so much more. In addition, where people purchased (Durango in town, and Durango rural, Bayfield in town, Bayfield rural, Purgatory area) by each of the...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
As is my custom 4 times per year, I have compiled the Durango comparative real estate statistics for 2016 vs 2015 for the 1st 6 months of each year. Overall sales volume is almost unchanged this year compared to last but the 2 price brackets with increases in number of units sold this year are the $200,000-$400,000 and the $400,000-$600,000 price ranges. Unfortunately that is also where the largest decrease in available units has occurred consequently I would expect to see rising prices in those 2 "sweet spots". It is hard to believe that there are actually 200 less units available for sale this year compared to last year in spite of the new construction going on out in 3 Springs, Trimble Crossing and Estancia.Here is a link to my more detailed electronic newsletter that also has a link...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
A Seller’s Biggest Mistake When Putting a Home on the MarketIn 38 years of selling real estate and thousands of closed transactions, there is one rule that I have learned (actually I have learned several more than that) and I want to share that with you today. By way of illustration, let’s suppose that you bought 500 shares of XYZ stock six years ago and paid $9 per share. Since that time the market has gone up and down and today that stock is selling at $6.75 per share. The owner of that stock doesn’t argue and insist on receiving what he paid for it; or that he needs to get $8 per share when he sells because that’s how much he needs in order to buy his boat, or car or pay for his kid’s college education. The market price of the stock is set by the market.Putting a home on the market i...
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Enjoy the quiet life with a vista of mountains to greet your eyes. As you enter the gracefully curving driveway you are greeted with Pinon and Juniper trees that surround your property. Step through the gate and a beautiful courtyard awaits you. As you enter into this elegant, southwest style home, you are immediately greeted with the views, bringing the outside in. A sense of peace and tranquility will wash over you as you wander into this home where a flood of light streaming through the bank of windows invites you inside. Relax in the Living Room where beamed ceilings, a bank of windows giving you a view to the La Plata Mountains and the serene mesa below. Continue to meander through and you will notice the Dining Room on your left with access into the courtyard and Kitchen open on y...
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Beautiful and private home in the highly desirable Timberline View Estates. This home includes three bedrooms, an office, separate family room which has potential to be converted to an in-law suite, two and a half baths and a hard to beat setting.The living room includes warm, vaulted T&G wood ceilings accented by wooden beams, a wood burning fireplace with tiled hearth and finally, a bank of windows letting in natural light and the beauty of the outdoors.The dining area has sliding glass doors leading out to a private, flag-stoned patio deliciously wrapped by a boulder retaining wall and a canopy of trees. Separately winged, large master suite includes en-suite master bath, plus a balcony offering serenity under the canopy of trees overlooking the side yard. Attached 2 car garage has p...
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    Are you are planning to move to Durango Colorado and you want a Local Agent that really knows the area? Visit Durango Colorado Homes for sale if you're looking for the latest homes for sale, land for sale, condo for sale in the area.  Please visit www.samanthagallant.com ****** Samantha Gallant The Gallant Real Estate Team Your Durango Real Estate Connection 970.375.3299 (Cell or text message) 970.335.8225 (Office)E-mail:samanthagallant@kw.com   //  
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Great find, near Durango with the tranquility and privacy of country living and National Forest 200 yards away! This 2 bedroom/2 bath 1416 sq. ft. home has custom woodwork including hand carved counter top and hand carved window trimming. Several pieces of hand carved furniture are included in the sale - entertainment center in living room & TV, as well as 2 bedroom sets. Large jetted tub adds to the cozy retreat atmosphere you will find in this home. Just bring your linens and dishes and you will be set! There is a large shop (nearly 2000 sq. ft.) included with this home that is 2 stories and heated. Perfect for the woodshop it is currently being used as or make it into whatever pleases you!   CLICK HERE TO VIEW MORE INFORMATION AND IMAGES FOR THIS PROPERTY! Call 970-335-8225  for more...
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Own a piece of Downtown Durango! This coveted condo is 2 bedroom/2 bathroom located at The Boulevards and is perfect for those looking to be downtown without the fuss of maintenance. Fully furnished and tastefully designed, all you need to do is bring your toothbrush! The floor plan is open making it perfect for entertaining and spending time with family & friends. A gas fireplace in the living area makes for a warm and inviting ambiance. Beautiful Maple flooring throughout with carpeting in the bedrooms. A first floor unit with street access and your own entrance. One assigned garage parking space is included with ample storage for outdoor equipment. CLICK HERE TO VIEW MORE INFORMATION AND IMAGES FOR THIS PROPERTY! Call 970-335-8225  for more details.  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~...
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By Rick Lorenz, REALTOR Emeritus, CRS, ABR, CyberStar, CNE, E-Pro
(Team Lorenz)
Year-end Durango Real Estate Statistics are now complete for 2014 and the residential sales volume shows an increase of 7.59% over 2013's year-end number. The number of residential units sold increased only slightly ... 1.23%... from the year before. Obviously, that means that the average sales price increased.For those of you that have been following my analysis of Durango real estate statistics over the years, you are aware that I break down the sales in $200,000 increments and then analyze each increment by 13 different factors. Number of units sold, average and median days on the market, sales to list price percentage, absorption rate and then whereabouts in the county where people purchased (five categories for this) are just some of the items examined. I also do a "total market" f...
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Newly remodeled home on a beautiful 5 acre lot. A unique covered entry welcomes you into this bright and open, 4 bedroom, + office, 3 bath dream home. Many custom accents throughout the home including slate-backed stairs and a branch handrail. The kitchen is spacious with all stainless steel appliances and granite counter tops. The master bedroom boasts a large walk in closet, cathedral ceiling, and large master bathroom.   CLICK HERE TO VIEW MORE INFORMATION AND IMAGES FOR THIS PROPERTY! Call 970-335-8225  for more details.  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Are you are planning to move to Durango Colorado and you want a Local Agent that really knows the area? Please visit www.samanthagallant.com ****** Samantha Gallant The Gallant Real Estate Team Your Durang...
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