The Glenwood Springs, CO metro area housing market is currently experiencing a notable shift, characterized by declining prices and fluctuating sales dynamics. The Median Sales Price has decreased to $785,000, marking a significant year-over-year decline of 12.8%. This downward trend is mirrored in the Median List Price, which has plummeted by 35.3% to $809,000. Such reductions suggest a market correction or adjustment in response to broader economic conditions or local market saturation.

Despite the drop in prices, the market's activity levels present a more complex picture. The number of Homes Sold has decreased by 30.6% year-over-year, with only 77 Homes Sold in February 2025. However, Pending Sales have increased by 30.3%, reaching 172, indicating a potential rebound or increased buyer interest that may not yet be reflected in completed transactions.

New Listings have risen by 14.6% to 149, contributing to an overall inventory increase of 7.9%, now totaling 478 homes. This rise in inventory, coupled with a substantial 220% increase in Months of Supply to 6.2 months, suggests a shift towards a more balanced or even buyer-favorable market. The Median Days on Market have slightly increased by 3% to 57 days, indicating that homes are taking longer to sell compared to the previous year.

The pricing dynamics reveal further insights into the market's current state. The median Price Per Square Foot has decreased by 14.2% to $428.57, while the Median List Price per square foot has surged by 30.4% to $704.16. This discrepancy may reflect sellers' attempts to maintain higher asking prices despite the overall market downturn.

The average sale to list ratio has remained relatively stable, with a slight increase of 0.4% to 96.3%. Interestingly, the percentage of Homes Sold above list price has risen by 3.2% to 10.4%, suggesting that while overall prices are down, certain properties are still attracting competitive offers. Conversely, the proportion of Price Drops has increased by 7% to 19.9%, indicating that many sellers are adjusting their expectations to align with current market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 4.4% to 22.1%, further highlighting the slower pace of sales activity. This trend, combined with the other data points, underscores the evolving nature of the Glenwood Springs housing market as it navigates through these transitional times.