Real Estate Market Update for Durango, CO - Updated June 2024!

The June 2023 Durango Real Estate Market UpdateThe Durango real estate market has been on the rise in recent years, with prices reaching all-time highs. Despite this, there are still many opportunities to find the right property at the right price. In this market update, we will take a closer look at the trends affecting both buyers and sellers in Durango. We will also explore some of the factors that are driving prices up and what buyers can do to get ahead in this competitive market.

The 2024 Durango Real Estate Market

Durango Real Estate Market Stats: May 2024

The real estate market in Southwest Colorado is approaching what is at least statistically a "balanced market." This means buyers and sellers have the same leverage when negotiating a contract. However, many buyers and sellers are telling us that their actual experiences are different. So what is going on? 

The issue continues to be housing affordability, and there are three main components to affordability that we cover in this month's update.

First, interest rates continue to impact housing affordability on a national level, with a more than 3% gap between the current rates available for home loans and the average existing rate on mortgages already in place. This has an impact on mobility as homeowners are reluctant to sell a home with a 4% mortgage, and open a new mortgage loan over 7%. 

Second, wage increases continue to lag behind cost of living in rural communities, especially resort areas, as local businesses are working to offset compressing margins from increases on materials, food, and gas. Currently the price for a gallon of gas in La Plata County is $3.69, while nearby cities such as Denver are hovering close to $3 per gallon. 

Lastly, we are still seeing home prices increase month after month, although at a much slower pace than in years prior. This is the best leading indicator we have that housing affordability may begin to improve in the come months. 

May 2024 Market Stats:

  • Median SFR Sales Price: $699.500, down .1% YOY
  • Active Listings: 360, Up 30.4% YOY
  • New Listings: 153, Down 9.5% YOY
  • Average Days on Market: 86 days
  • Properties Sold: 78, Down 3.7% YOY
  • Months Inventory SFR: 4.9 Months
  • Months Inventory Condo/TH: 5.2 Months
  • Percent of List Price Received: 99%

Let Us Help You Sell Your Home

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Durango Real Estate Market Stats: February 2024

The Durango Area real estate market update shows significant changes in February, with double-digit swings in nearly all the numbers. 

Each year, March typically ushers in the beginning of the Spring inventory, and by June of each year, we have seen the bulk of the seasonal new inventory that will come on the market. However, this February proved to be an early start to listing activity in the Durango area, which is a very good sign for buyers who have been waiting for the right house. 

Inventory in the most desired locations is still not keeping pace with buyer demand. Homes that are priced correctly are still selling quickly and for close to asking, which is good for sellers. If you are someone who needs to sell a home to buy, this market could be a sweet spot for people who are in a position to make a contingent offer

Market Update for February 2024:

  • Median SFR: $550,000, up 2.8% YOY 
  • Properties Sold: 37 Properties, down 17.8% 
  • Days on Market: 131 Days, up 19.1% 
  • Active Listings: 238 Properties, up 31.5% 
  • New Listings: 68 Properties, up 51.1% 
  • SFR Avg YTD: 56 sales YTD, average sales price $804,277 
  • Condo/TH Avg YTD: 28 sales YTD, average sales price $505,464

Durango Real Estate Market Stats: January 2024

Buyers finally had some relief in interest rates at the end of last year, and as we start 2024, we are seeing an increase in demand. The increased Buyer interest in January is a fantastic indicator of what we're going to see happen for sellers who are looking to put their homes on the market this spring.

If you’ve been on the sidelines observing the Durango real estate market and want to make sure you jump in at the right time to get the best price on a home purchase or sale, this is for you!

Here are the highlights from January 2024:

  • $706,000 median sale price for single-family residential homes
  • 33 single-family home sales year-to-date
  • 47 properties sold
  • Average days on market of 125 days
  • 241 active listings on the market, up 14.8% from this time last year
  • 57 new listings hitting the market, up 14%, as well. 
  • $465,000 average sales price for townhomes and condos
  • 14 townhome/condo sales year-to-date

When you pair this with 15% increased buyer demand, these numbers tell us to expect good news this spring for home sales and purchases. If you’re a buyer who’s been waiting for your chance, now is the time you want to get in! 

The preparation you do now will put you ahead of market competition. March, April, and May are the months when buyers historically overpay for homes, and we are already starting to see a resurgence of multiple offer situations on listings that are priced right. 

If you're a seller, your advantage lies in listing your home in March, April, and May to introduce your property to a market with the highest pool of eager buyers and the opportunity to sell at list price.

If we continue to see interest rates go down in Q2 and Q3 of this year, we can anticipate even more buyer demand flooding back into the market. Overall, 2024 is a fantastic time for sellers to sell if you've been waiting. And as a buyer, don't wait any longer—you need to get off the bench and into the game to secure the right home for you!


The 2023 Durango Real Estate Market

2023 Year-End Review and 2024 Forecast

Don’t believe everything you heard about the real estate market last year! 2023 brought welcome stability to the real estate market in La Plata County. Although there were momentary hurdles with interest rates and inventory, the obstacles were nothing when compared to what we saw in 2022. Despite available housing inventory being suppressed, higher-than-average interest rates kept buyer demand at a reasonable level.

Residents of the Durango area who were renting, also began to see some relief as rental rates declined slightly for two- and three-bedroom units. However, vacancy rates remain low, and affordable housing units are still lacking. 

Many cities around the country are predicting increased building permits, however, with recent changes to the City of Durango’s cost of development, it remains to be seen if this will play out locally. 

2024 is forecasted to be an improved year for both Buyers and Sellers. Sellers who have been waiting to list will likely re-enter the market as unavoidable life changes, such as new jobs and expanding families, will drive change. Meanwhile, buyers will see improved affordability, with interest rates likely to continue to decrease and stabilize in the $600s by Q3 and Q4 of 2024.

If interest rates decline into the low 6%s or even drop into the 5% range, we may see an increase in multiple offer situations for homes priced between $500K and $800k, where buyer demand is the strongest. 

Sellers looking to sell in 2024 will need to be realistic when pricing their homes, and condition and upgrades will be a determining factor for days on market. 

December 2023 Market Statistics:

  • Median SFR Selling Price: $720,366, up 7.5% YOY
  • Properties Sold: 50 units, down 9.1% YOY
  • 2023 Average Days on Market: 103 days, up 15.7% YOY
  • Active Listings: 260 units, up 11.1% YOY
  • New Listings: 50 units, up 25% YOY

Durango Real Estate Market Stats: October 2023

Real estate in Southwest Colorado continues to trend up, but we are seeing some softening in home appreciation. So, if you've been thinking about selling, now is the time to start preparing so you don't miss the prime window to sell. 

Higher-than-average interest rates have kept buyer demand suppressed through most of the fall. Despite this, properties are priced well, and they are moving in 89 days on average, which is a decrease of 16% compared to last year. As long as higher interest rates persist, we expect to see similar activity in 2024.

The Mortgage Banker's Association is predicting some relief in mortgage rates as we head into the 2nd half of 2024. Unfortunately for buyers, if lower interest rates become a reality, it will mean more competition for desirable properties, and increased competition will drive property prices higher. 

Here are the most important real estate stats for La Plata County last month:

  • Median SFR Sales Price: $689,000, up 3% YOY
  • Properties Sold: 92, up 8.2% YOY
  • Avg Days on Market: 89 days, down 16% YOY
  • Active Listings: 338, up 18.2% YOY
  • New Listings: 85, down 3.4% YOY

Durango Real Estate Market Stats: September 2023

Real estate in La Plata County is a mixed story right now, with a lot of up but also a little bit of down. If you are considering buying or selling a home, it can be hard to take all the information out there and feel like you are making a good decision. So what exactly is going on locally, and what should you know about buying or selling a home right now in Southwest Colorado?

Here are the numbers through Sept 30th, 2023:

Market Update for Durango, CO - September 2023

  • Median SFR Sales Price: $791,500, Up 28.7% YOY
  • Active Listings: 345, Up 9.9% YOY
  • New Listings: 120, Up 12.1% YOY
  • Average Days on Market: 103 Days, up 13.2% YOY
  • Properties Sold in September: 89, Down 21.9% YOY
  • Avg SFR YTD: 482 Sales, $722,183 avg sales price
  • Avg Condo/TH YTD: 183 Sales, $587,635 avg sales price

Durango Real Estate Market Stats: August 2023

Prices continue to hold steady in Southwest Colorado, and although we have not seen significant home value appreciation over the last 12 months, in most cases, we have not seen values decline.

The only exception to this is buyers who may have purchased last summer and paid well over the asking price due to multiple offer scenarios. But even then, losses should be very minimal.

Inventory is lower than in previous years at this same time, but so is buyer demand, and while you may have heard that there is an "inventory problem," the reality is that inventory is exactly where it needs to be to meet buyer demand and create a very well balanced market.

Here are the numbers through August 31, 2023:

  • Median SFR Sales Price: $691,500, Up 5.2% YOY
  • Active Listings: 331, Up 6.1% YOY
  • New Listings: 128, Up 5.8% YOY
  • Average Days on Market: 79 Days
  • Properties Sold in August: 112, Down 10.4% YOY
  • Avg SFR YTD: 419 Sales, $890,353 avg sales price
  • Avg Condo/TH YTD: 215 Sales, $528,250 avg sales price

Durango Real Estate Market Stats: July 2023

Resiliency is the name of the game when it comes to the Durango area real estate market. Even with recent increases in interest rates, all indicators point to a strong and stable market in Southwest Colorado.

While there still remains a gap between what Sellers believe their home is worth and what buyers are willing to pay, savvy sellers who price their home right the first time are still receiving 98–99% of the list price and are closing on average within 68 days.

It will be interesting to see what happens as we move into the fall, which historically has seen a higher number of luxury home sales (homes priced over $1 million). Higher price point homes are still seeing longer days on the market of over 100 days.

Here are the stats for July 2023:

  • Median SFR Sales Price: $701,450, up 18.4% YOY
  • Active Listings: 325, Down 3% YOY
  • New Listings: 144, Down 8.9% YOY
  • Average Days on Market: 68 Days
  • Properties Sold: 92, Down 23.3% YOY
  • YTD SFR Sold/Price: 337 Sales, $901,504
  • YTD Condo/TH Sold/Price: 128 Sales, $539,699

Durango Real Estate Market Stats: June 2023

June 2023 real estate statistics for the Durango area are full of good news. Inventory is increasing in a gradual way, giving buyers options, while still protecting property values for sellers.

This is the balanced market we have all been waiting a long time for.

Interest rates continue to be the most likely factor to impact the market in a dramatic way. Most real estate professionals believe, that if mortgage rates return to the 5's, we will see another boom in buyer demand, which will drive prices up, and bring back a highly competitive market for those looking to buy a home.

Here are the numbers for June 2023:

  • Median SFR sales price: $742,000, up 6.6% YOY
  • Active Listings: 308, up 6.2% YOY
  • New Listings: 176, Down 4.9% YOY
  • Avg Days on Market: 70 days
  • Properties Sold: 99, Up 3.1% YOY
  • YTD Avg SFR: 269 sales, avg price $905,624
  • YTD Avg Condo/TH: 104 Sales, avg price $538,050

Durango Real Estate Market Stats: April 2023

Home values continue to hold strong in the Durango area, and they're not forecasted to go down anytime soon.

Here are the numbers for April 2023:

  • Median Single-Family Residential (SFR) Sales Price: $732,000, up 15.3% YOY
  • Active Listings: 211, up 16.6% YOY
  • New Listings: 122, down 8.3% YOY
  • Average DOM: 119 days
  • Properties Sold: 52
  • YTD SFR Sales: 134, Average Price: $888,133
  • YTD Condo/Townhome Sales: 58, Average Price: $583,783

Homes priced correctly are still selling quickly and, in some cases, receiving multiple offers from interested buyers. If you're a buyer, this means that waiting to purchase could be a very expensive mistake.

Interest rates have adjusted up and down slightly, but overall changes to rates have slowed. Buyers who are considering purchasing a home shouldn't wait for declining home prices or interest rates before pulling the trigger.


Durango Real Estate Market Stats: February 2023

The real estate market in the Durango area continues to shift toward a more balanced market for buyers and sellers. However, savvy sellers are still selling now. 

Here are the numbers for February 2023:

  • SFR Median Sales Price: $525,000, down 21.3%
  • Active Listings: 173 listings, up 16.1% YOY
  • New Listings: 41 listings, down 55.9% YOY
  • Average Days on the Market: 93 days
  • Properties Sold: 47
  • SFR YTD Average Sales Price: 55 sales, $643,503
  • Townhome/Condo YTD Avg Sales Price: 25 sales, $503,775

The new inventory increase we typically see in March appears to be a bit delayed this year, and that may be a reflection of the above-average snowfall we received over the winter. The good news is that temperatures are warming up, and homeowners should be able to dig out now and get their homes ready for the market.

However, with an impending interest rate increase incoming at the end of March, savvy sellers should consider listing now to capture a motivated buyer market that may lose some steam if mortgage rates increase further. 

Durango was also voted the #1 most-loved city in Colorado for tourists, so sellers should expect an active spring break crowd that may bring to town out-of-area buyers who are looking to relocate or for a second home. 


2022 Year-End Data

Real estate in the Durango area continues to be in flux as economic conditions, interest rates, and consumer confidence continue to wobble. However, we are not seeing declines in property values as inventory is still not sufficient to meet buyer demand.

Here are the numbers for December 2022:

  • Median SFR Selling Price: $675,000, up 14.4% YOY
  • Active Listings: 225 properties, up 37.2% YOY
  • New Listings: 38, Down 38.7% YOY
  • Average DOM: 89 days
  • Total Residential Properties Sold: 55 sold, down 43.3% YOY

So what are our predictions for 2023? 

First, interest rates will likely stabilize and may improve slightly. However, property values in the Durango area are expected to stay flat or appreciate slightly.

This means buyers may not benefit from waiting on rates to improve if home values continue to increase, and we don't foresee rates declining dramatically. Buyers should start to analyze whether or not they can be comfortable with homeownership at 6% interest rates(which is still a great rate compared to historical averages), and weigh the cost of renting versus owning and the intangible value of improvement in lifestyle. 

Second, the mass exodus we saw from urban areas during the pandemic and after is likely to begin shifting. There will be remote workers who moved to rural areas post-pandemic who decide the lifestyle change isn't something they want long-term. Some will put their homes on the market to move back to urban areas that are more convenient for them. This means if you are a homeowner in a rural area, and you have been considering selling, now may be the time to beat the inventory increase we're predicting in the next 12–24 months. Although this may not dramatically impact home values, it will undoubtedly impact days on the market and the speed at which you may be able to sell.

The 2022 Durango Real Estate Market

The real estate market has been booming in Durango, Colorado, for the past few years, and 2022 is no exception. Keep reading to get the latest updates on the Durango real estate market in 2022.


Durango Real Estate Market Stats: September 2022

With interest rates on the rise and buyer demand falling what can you expect in the Durango Area real estate market as we head into 2023? Watch this video to see whether or not now is the time to buy or sell. And what you should consider when making this important decision.

September Market Highlights:

  • Median Single Family Residential Selling Price was $615,000, .50% increase YOY
  • Active listings were 305, + 49.5% YOY
  • New Listings coming on the market in September were 107, down 17.1% YOY
  • Average days on market was 92 days
  • Properties sold in September were 114 properties, down 19.1% YOY
  • YTD Average Single Family Residential sales price was $849,086, with 635 sales
  • YTD Average Townhome/Condo sales price was $541,629, with 267 sales

What to Consider For the Rest of 2022

Inflation will be the most important factor to keep an eye on over the next few months. The Federal Reserve released new inflation data on October 13, which shows the Consumer Price Index (CPI) rose 8.2% in September. This increase is higher than economists' predictions and will have an impact on the Fed's decision to further increase rates in November and December.

What's this mean for Durango? Experts agree that interest rates are likely to increase again by the end of Q4, which will impact consumer confidence. People interested in selling should consider working quickly with a creative agent that can connect them with motivated, qualified buyers.


Durango Real Estate Market Stats: August 2022

The real estate market continues to improve for buyers, although slowly. Many economic indicators are impacting this slow trend, but the good news is it doesn't look like the bottom will drop out of the real estate market anytime soon. 

August Market Highlights:

  • Median Single Family Home price was $609,500, +13.4% YOY
  • 300 active residential listings, with 116 new listings
  • The average days on market was 90 days
  • 125 residential properties sold, down 2.3% YOY

How it Affects You

Condos and townhomes continue to be big winners, as well as rural Durango and outlying communities like Bayfield. This is due to buyers seeking more affordable home prices outside of in-town Durango.

Watch our market update video to hear our thoughts on the numbers and the major economic factors impacting the slow shift in the local market.

Thinking about buying or selling a home? Call us at (970) 946-0601 or fill out our contact form to get in touch with agents who can help you make the best choice in today's market.


Durango Real Estate Market Stats: July 2022

The real estate market in Durango continues to evolve with the changing landscape of buyer demand and new inventory added to the market. 

July Market Highlights:

    • The median sales price for a single-family home was $595,000, down 7% YOY.
    • We saw 316 active listings, with 154 new listings entering the market.
    • Days on market increased to 86 days on market, and we saw 119 properties sold.
    • YTD 470 single-family home sales with an average price of $826,456. 
    • YTD 192 townhome/condo sales with an average price of $539,107.

What This Means for Buyers and Sellers

So what does this all mean? ShowingTime reported that buyer interest declined in July by approximately 15%. This number isn't the only indicator of buyer demand, as it's relative to the number of showings per home. However, it does suggest that we're headed into a much more stabilized market where supply and demand are more balanced. 

Months supply of inventory is still below the average supply for the last decade at only three months' supply of available homes. Typically, six months is a balanced market, so sellers still have the upper hand, but buyers' bargaining power is increasing over time. 

Stabilization in the market is critical for long-term equity and wealth for homeowners in our community. Trying to flip a home for a big profit doesn't seem like a safe bet right now. Sellers need to be strategic when pricing their homes to sell. It's still a good time to sell, but sellers should prioritize finding an agent with a strategic pricing strategy.

Let Us Help You Buy and Sell

The good news for buyers is that you don't have to go into a home and wave all your contingencies. You now can go in with more confidence and comfort that you're getting a home for a fair price. If you have any questions, call us at (970) 847-2929, and we would be happy to talk about how the market may impact your plans to buy or sell.


Durango Real Estate Market Stats: June 2022

The first half of 2022 has brought a lot of changes to the real estate market in La Plata County, much of it very welcome for buyers as inventory continues to increase and competition for homes is declining.

June Market Highlights:

      • The median single-family residential selling price in June was $675,000, a 20% YOY increase
      • Active listings rose to 276, a 25% increase YOY
      • New listings are still lagging a little bit at 177, down 8.3% YOY

These numbers reflect mortgage rates, which have jumped almost 3% from Q4 of 2021. And because of this, we're seeing homes sit on the market longer than we had in the past.

If you're considering selling or buying, La Plata County still only has approximately a three-month supply of inventory. A six-month supply typically equals a balanced buyers-sellers market. So at this point, sellers still have the upper hand. This will be a figure we'll watch closely to monitor if it continues to trend in this direction.

Days on market in June was low at only 58 days. And probably not a normalized trend. Historically, we've seen days on market hover between 75 and 90, and I expect that we'll see it return there in July and for the months coming for the rest of the year.

We saw 94 properties sold in June, which is down just under 50% from June of 2021. The average YTD sales price for single-family homes was $820,000 with 382 sales so far, and townhomes and condos are staying pretty consistent in the low $500Ks at $539,000 with 160 sales.

What's In Store for the Durango Real Estate Market?

The market is shifting, and there are some upsides to the buyers in our market. However, in most cases, a home in good condition and in a desirable area can still plan to see property appreciation going forward.

Forbes, Zillow, Realtor.com, and most national economists are still predicting property appreciation throughout 2022 and 2023, and in most cases, they've actually adjusted their predictions up from previous estimates. In 2021, at the end of the year, many economists were predicting property values to only appreciate 1% to 2% in 2022. However, we're seeing adjustments from these same economists saying that property values might appreciate 5% or more.


Durango Real Estate Market Stats: February 2022

The February real estate market in Durango ended as a repeat performance of months prior, but current events happening around the world will undoubtedly have an impact in future months.

February Market Highlights:

      • Single-Family Residential Median Sales Price was $665,000
      • 120 active residential listings, with 81 new listings in February
      • Average days on market was 90 days, with 69 residential sales
      • Average YTD sales price for single-family homes was over $800K
      • Average YTD sales price for condos/townhomes was $559,688

What We are Monitoring in the Coming Months:

The Federal Reserve meets next on March 15–16. They had previously indicated aggressive interest rate hikes in 2022 to combat inflation. However, this may be tempered as they respond to the conflict in Ukraine.

Gas prices have increased by 20% on average nationally. However, historically, gas price increases have not impacted property values.

Gas prices could impact out-of-area buyer demand as travelers to resort towns like Durango reconsider spring break and summer break plans. Fewer buyers competing may help stabilize prices some.

We will be closely watching as events unfold locally with the city's ADU analysis, decisions at a national level, and the global economic impact of the war in Ukraine.

Keep an Eye on the Durango Real Estate Market

With tight inventory and continuing demand, sellers are still in a very good position in the Durango real estate market. Buyers may be able to take advantage of slowing interest rate increases to access loans at attractive prices. Keep an eye on trends throughout March, as we expect greater impacts to show themselves in April and May.


Durango Real Estate Market Stats: January 2022

The median residential selling price for a single-family home rose to $664,000; a stable 20% increase that we saw year over year throughout the entirety of 2021.

Active listings and inventory continue to be an issue. 117 active listings in La Plata County, with 74 new listings in January, are down 36.8% from January 2021.

Days on the market continue to be low at 99 days. When you think about 45 days to finance, this means most homes are going under contract in about 30 days.

The number of properties sold is still very low, with only 64 units selling in January. This number represents a lack of inventory even as buyer demand continues to stay strong.

What Do the Durango Property Prices Look Like?

The average single-family sales price for January was $692,000. This price point is slightly more stable than what we saw at the end of last year; however, fall tends to be a luxury selling season, so this shouldn't come as a surprise that we saw this increase at the end of 2021.

Townhomes and condos had an average sales price that rose over $500,000. That is a number that we have not seen before. Of course, there were a few months in 2021 where it crept over $500, but to see it end in January, which is not our typical high selling season, over $500,000 is pretty impressive.

Single-family homes will continue to be a priority as families seek more significant properties and upgrade size and features. 

Prices have continued to increase to a level where the average family may not be able to afford them. This fact represents what we're seeing happen with days on the market and the median selling price for single-family homes. However, we have noticed increased days on the market for single-family homes over the last three months. Perhaps this is a stabilization?

Condos and townhomes continue to see a decline as inventory has shrunk and that price point between $400,000 and $600,000 tends to be where the majority of our buyer demand is.

What's the Strategy for Durango Buyers and Sellers?

Buyers: Make sure that your offer is clean and that you are pre-qualified. Talk to your real estate professional on a strategy to win in multiple offer situations.

Sellers: It's still a fantastic time to sell. Before interest rates increase, which we expect to happen in Q2 and Q3. You want to get on the market because this is your time to cash out. 

A 1% increase in interest rates equates to a reduction of 10% in buying power for our average buyer; that's going to impact everybody.


The 2021 Durango Real Estate Market in Review

The Durango real estate market had a banner year in 2021, with record-breaking sales transactions and prices. Median sales prices hit an all-time high, while inventory hit an all-time low. This drove many buyers out of the market, as they found it increasingly difficult to find a property that met their needs. Despite this, sellers still enjoyed strong demand and were able to get top dollar for their homes.

Over the course of 2021, median single-family sales prices increased to $587,000, a 20% increase over 12 months. Meanwhile, monthly supply of inventory ended the year at 1.2 months, representing a 600 home deficiency to meet current buyer demand. The average days on market stayed consistent at 87 days.

What to Expect From the Durango Real Estate Market in 2022

The Fed announced plans in December to increase interest rates sooner than later. A 1% increase in rates will decrease buying power for the average buyer by approximately $50,000, which will help cool the market down and curb inflation.

Widespread inflation continues to increase across the country, while property appreciation is projected to slow down as interest rates rise.

How Home Buyers & Sellers in Durango Should Prepare for 2022

Sellers should pay attention to the tipping point between inflation and appreciation and may want to consider selling sooner if inflation increases faster than appreciation on the value of their home.

Buyers, meanwhile, should monitor interest rates and may benefit from purchasing earlier in the year when their buying power is at its highest.

Start Your Home-Buying Journey in Durango Today

The Durango real estate market is on the rise, with prices reaching all-time highs. Despite this, there are still many opportunities to find the right property at the right price.

If you're in the market for a new home, be sure to check out the latest listings on the Durango real estate market. Contact a local real estate agent today with the Colorado Property Group to get started!


Durango Real Estate Market Stats: November 2021

While Durango is a small, somewhat remote mountain town, this La Plata County, CO community is far from a secret. Many students move to attend the local college, adventure seekers flock here for mountain fun, and professionals from various industries come to participate in the local economy. Keep reading to find a full update on the Durango real estate market in 2021.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

A Look at Durango's November Real Estate Market

November was a month that finally gave both buyers and sellers something to be thankful for. Sellers continue to benefit from market appreciation, and buyers are finally not finding themselves in multiple offer situations on every home.

      • The median residential sales price for a single-family home is back over $700,000 YTD. However, even more impressive is the median price for a single-family home in the month of November alone, which was over $1 million.
      • Lack of inventory continues to be the biggest factor supporting the seller's market, as demand to live in Southwest Colorado continues to increase.
      • Days on market increased slightly and will likely stay slightly higher through the winter season.
      • 2022 is predicted to be more stable but still remain as a strong seller's market. Buyers will want to be prequalified and prepared to have the best chance at winning homes in popular areas and price points.

The Durango Seller's Market is Staying Strong

Going into the end of the year, buyers should bring their best offers to the table, as competition is still high, though not as hectic as it has been. Sellers continue to enjoy the benefits of Durango real estate's desirability.


Durango Real Estate Market Stats: October 2021

After the rollercoaster that has been real estate in 2021, are we finally starting to see the market stabilize?

October was a mixed bag when it comes to the stats:

      • The median home price for Single Family Residential was $582,500. After hitting a high point in July 2021, median prices appear to have stabilized, hovering close to $600K for the last 3 months.
      • Active listings continue to be down 54.3% year-over-year, and new listings are down 28.7% when compared to October 2020, causing further compression in inventory for buyers.
      • All of this leads to a persisting seller's market, with the average days on market being 75 days. This means most homes are going under contract within the first 30 days of listing.
      • Although properties sold in October are down 37.9% YOY, this is more a reflection of limited inventory than buyer demand.
      • Showings per listing were up over 30% in October.
      • The average sales price has skyrocketed for both single-family homes and townhomes/condos as prices have continued to increase and the quantity of sales has decreased.
      • Units sold in La Plata County >$500,000 is up 60% YOY.

It's a Great Time to Be a Seller in Durango

Durango homes, especially Durango luxury homes, are being rapidly snapped up by buyers, fueling a strong seller's market as demand outstrips supply. Though there are some great deals to be had for Durango homebuyers, the high demand has resulted in prices stabilizing at high values.

Want To Learn More About Durango Real Estate?

Durango properties are in demand and getting asking prices. While the market is currently short of properties for sale and current situations have resulted in slower construction of new abodes, this has resulted in excellent returns for selling owners and has great promise for investors.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Post a Comment