Durango, CO Housing Market: A Complex Landscape in November 2024
The Durango, CO metro area housing market in November 2024 presents a complex landscape characterized by significant shifts in pricing and sales dynamics. The Median Sales Price has surged to $883,000, marking a substantial year-over-year increase of 35.8%. This sharp rise indicates a strong demand for homes in the area, despite broader economic uncertainties.
Conversely, the Median List Price has decreased by 5.4% year-over-year, settling at $799,000. This decline suggests that sellers may be adjusting their expectations to align with market realities, possibly influenced by the increased inventory and longer time on the market. The median Price Per Square Foot has risen by 4.1% to $446.42, while the Median List Price per square foot has increased by 4.6% to $467.82, reflecting a nuanced picture of pricing strategies in the region.
Sales activity has shown positive momentum, with 61 Homes Sold, representing an 8.9% increase from the previous year. Pending Sales have also risen by 13.0%, indicating a healthy pipeline of transactions. New Listings have grown by 4.4%, contributing to an inventory increase of 19.4%, which now stands at 240 homes. This rise in inventory has led to a 30.0% increase in the Months of Supply, now at 3.9 months, suggesting a shift towards a more balanced market.
The Median Days on Market have extended by 26.0% to 51 days, highlighting a slower pace in the sales process. The average sale to list ratio has decreased by 1.4% to 96.7%, indicating that buyers are negotiating more effectively. The proportion of Homes Sold above list price has dropped by 3.0% to 13.1%, further emphasizing the shift in buyer-seller dynamics.
Price Drops have become more common, with a 9.0% year-over-year decrease, now affecting 10.4% of listings. This trend suggests that sellers are becoming more flexible in their pricing strategies to attract buyers. Meanwhile, the percentage of homes going off the market within two weeks has remained relatively stable, with a slight increase of 0.7% to 23.0%.
Overall, the Durango housing market in November 2024 reflects a period of adjustment, with rising sales prices and increased inventory creating a more competitive environment. Buyers and sellers alike are navigating these changes, with pricing strategies and negotiation tactics playing a crucial role in the evolving market dynamics.
