No Town Snow Heats Up Real Estate

03/05/2020

The pace of in-town real-estate sales was far higher than the same time last year. Could it be that’s because buyers and sellers haven’t been struggling with massive amounts of snow this year?

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WELCOMEBACK TO THE DURANGO REAL ESTATE UPDATE, I’M YOUR LOCAL LA PLATACOUNTY REALTOR, DAN KORMAN, OWNER/BROKER OF ALPENGLOW PROPERTIESRIGHT HERE IN DURANGO, CO. 


WE’REALMOST THROUGH THE FIRST QUARTER AND BOY DID FEBRUARY HAVE SOMEMOVEMENT IN MARKET. IN-TOWN DURANGO SINGLE FAMILY HOME SALES SAW MORETHAN TWO TIMES THE AMOUNT OF HOMES SOLD THIS FEBRUARY THAN THE SAMEMONTH LAST YEAR. LOOKS LIKE THE LACK OF SNOW IN TOWN HAS BEEN HEATINGUP THE MARKET A BIT. BOTH DURANGO AND LA PLATA COUNTY AS A WHOLE SAWINCREASES IN THEIR AVERAGE AND MEDIAN SOLD PRICES WHEN COMPARINGFEBRUARY’S NUMBERS TO LAST YEAR AND THE NUMBER OF ACTIVESINGLE-FAMILY HOMES CURRENTLY LISTED IN DURANGO IS UP BY 33%.


THEDURANGO MOUNTAIN AREA HAS HAD QUITE A BIT OF SNOW THIS YEAR WHICHHELPED THE AREA SELL THREE SINGLE FAMILY HOMES IN FEBRUARY, A 200%INCREASE FROM JUST THE ONE SOLD IN FEBRUARY OF 2019. CONDOS ANDTOWNHOMES IN THE DURANGO MOUNTAIN AREA SAW A DECREASE IN VOLUMECOMPARED TO FEBRUARY 2019 BUT SAW A SUBSTANTIAL UPTICK OF 150% IN THEAVERAGE PRICE MAKING THE AVERAGE PRICE OF AN ATTACHED UNIT JUST OVER$400,000 COMPARED TO THE AVERAGE PRICE TAG OF $160,000 LAST YEAR… THE MEDIAN SALES PRICE REMAINS SLIGHTLY ABOVE LAST YEAR’SMEDIAN AT JUST OVER $140,000.


IT’SIMPORTANT TO REMEMBER THAT ONE MONTH STATISTICS DON’T TELL THEWHOLE STORY BUT IT SEEMS THAT JANUARY’S OUTLOOK OF A POTENTIALSOFTENING IN THE RESIDENTIAL MARKET HAS GIVEN WAY TO AN EARLY SPRINGFRENZY. IT WILL BE INTERESTING TO SEE HOW Q1 SHAKES OUT AT THE END OFTHIS MONTH.


ONTHE LAST EPISODE OF THE DURANGO CO REAL ESTATE UPDATE WE SPOKE ALITTLE BIT ABOUT THE COMMERCIAL REAL ESTATE MARKET, SPECIFICALLYTOUCHING ON THE COMMERCIAL SALES NUMBERS. THIS MONTH I’D LIKE TOTELL YOU A LITTLE BIT ABOUT THE COMMERCIAL LEASING MARKET AND WHATTYPES OF AVAILABILITY THERE IS FOR ACTIVE COMMERCIAL RENTALS.


ASOF THIS TAPING, DURANGO HAS 49 COMMERCIAL UNITS AVAILABLE FOR LEASEON THE MLS. THESE PROPERTIES RANGE IN PRICE FROM $300/MONTH FOR ASINGLE OFFICE SPACE, TO $9,280/MONTH FOR MY NEW LISTING AT 1316 MAINAVENUE, A 8,500 SQ FT RETAIL SPACE NEXT TO AUTOZONE IN HISTORICDOWNTOWN DURANGO. SO FAR IN 2020, THERE HAVE BEEN 11 COMMERCIALSPACES LEASED ON THE MLS WHICH IS ALMOST TWICE AS MANY UNITS LEASEDIN THE SAME TIMEFRAME AS LAST YEAR. LEASED RENTAL RATES ARE RANGINGBETWEEN $13 AND $37 DOLLARS PER SQUARE FOOT PER YEAR IN TOWN, WITH ANAVERAGE LEASE RATE OF $21/SQUARE FOOT PER YEAR. THESE NUMBERS DON’TTAKE ITEMS LIKE LOCATION, NNN LEASE, CAM FEES OR OTHER ADDITIONALRENTS INTO ACCOUNT SO WHEN YOU’RE LOOKING FOR THE RIGHT SPACE FORYOU AND YOUR ORGANIZATION, BE SURE KEEP THESE EXTRA COSTS IN MIND.


IT’SBEEN A PLEASURE SHARING SOME OF THE FEBRUARY 2020 DURANGO CO REALESTATE HIGHLIGHTS WITH YOU, IF YOU’D LIKE MORE INFORMATION PLEASEVISIT ME ON MY WEBSITE AT ALPENGLOWPROPERTIES.COM OR FIND ME SOCIALMEDIA @DURANGOBROKERS. IF YOU’D LIKE TO RECEIVE THE DURANGO CO REALESTATE UPDATE WHEN IT COMES OUT, YOU CAN SIGN UP FOR MY NEWSLETTER ONMY HOME PAGE. THANKS AND SEE YOU NEXT MONTH.




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