Glenwood Springs, CO Metro Area Housing Market Analysis - November 2024
The Glenwood Springs, CO metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in this region stands at $1,200,000, reflecting a slight decrease of 0.2% year-over-year. This marginal decline suggests a stabilization in home prices, despite significant fluctuations in other areas of the market.
Interestingly, the Median List Price has surged by 55.0% year-over-year, reaching $1,100,000. This substantial increase indicates a strong seller's market, where homeowners are optimistic about the value of their properties. Similarly, the median Price Per Square Foot has risen by 48.4% to $669.98, while the Median List Price per square foot has increased by 38.0% to $575.31, further emphasizing the upward pressure on property values.
In terms of sales activity, the number of Homes Sold has increased significantly by 42.4% year-over-year, totaling 121 homes. However, Pending Sales have decreased by 6.0%, with 94 transactions currently in the pipeline. This decline in Pending Sales could indicate a potential slowdown in future sales activity.
The Inventory of Homes Available for sale has decreased by 9.3% year-over-year, with 411 homes currently on the market. This reduction in inventory, coupled with a 25.8% decrease in New Listings, suggests a tightening supply, which could contribute to the rising list prices. The Months of Supply have dramatically decreased by 190.0% to 3.40 months, indicating a highly competitive market environment.
Homes are spending a median of 56 days on the market, which is a 17.0% increase from the previous year. This longer duration could reflect buyer caution or the impact of higher list prices. The average sale to list ratio has slightly decreased by 0.7% to 95.7%, suggesting that homes are selling closer to their list prices, albeit with some negotiation.
The percentage of Homes Sold above the list price has decreased by 4.0% to 6.6%, indicating fewer bidding wars compared to the previous year. Additionally, the rate of Price Drops has decreased by 4.0% to 14.4%, suggesting that sellers are adjusting their expectations in line with market conditions. The percentage of homes going off the market within two weeks has also decreased by 8.0% to 16.0%, further highlighting a potential cooling in buyer urgency.
Overall, the Glenwood Springs housing market in November 2024 is characterized by a mix of rising list prices and a decrease in sales velocity, with a notable reduction in inventory and New Listings. These dynamics suggest a market in transition, where sellers are optimistic about pricing, but buyers are exhibiting caution amid changing economic conditions.
