Edwards, CO Metro Area Housing Market: November 2024 Analysis

The Edwards, CO metro area housing market in November 2024 presents a complex landscape with significant shifts in pricing and sales activity. The Median Sales Price has decreased to $1,130,000, marking a 9.3% decline year-over-year. This downward trend is mirrored in the Median List Price, which has seen a substantial drop of 30.3% to $784,500. Despite these declines, the median Price Per Square Foot has increased by 2.4% to $729.47, indicating a nuanced picture of value retention in certain segments.

Sales activity in the region has experienced a notable upswing. The number of Homes Sold has surged by 68.9% year-over-year, reaching 125 units. Pending Sales have also increased by 50.0%, totaling 102. This heightened activity is supported by a 25.5% rise in New Listings, bringing the total to 118. Inventory levels have grown by 11.2% to 554, suggesting a more robust market supply compared to the previous year.

The Months of Supply have dramatically decreased by 230.0% year-over-year, now standing at 4.40 months. This significant reduction indicates a faster-paced market, despite the Median Days on Market increasing by 37.0% to 62 days. The average sale to list ratio remains relatively stable at 96.5%, with a slight year-over-year decrease of 0.1%. The proportion of Homes Sold above list price has declined by 2.3% to 11.2%, reflecting a more balanced negotiation environment.

Price adjustments continue to play a role in the market dynamics, with 10.3% of listings experiencing Price Drops, a slight decrease of 1.0% from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.9% to 20.6%, indicating a slight slowdown in rapid transactions.

Overall, the Edwards, CO metro area housing market in November 2024 is characterized by declining prices but increased sales activity, suggesting a market in transition with opportunities for both buyers and sellers.