Durango Colorado Market Update: January 2024
As a seasoned real estate expert, I’m excited to bring you the latest statistics for the real estate market in the Durango area of Colorado for the month of January 2024. In this report, we will dive into the year-over-year comparisons of key indicators to provide valuable insights for both buyers and sellers. Let’s explore how the Durango Colorado market has evolved in this beautiful corner of Colorado.
Average Sales Price:
In January 2024, the average sales price in La Plata County continued to show strength, with a year-over-year increase of 17.2%. This indicates sustained demand for homes in the area, potentially driven by its natural beauty and quality of life. The average sales price for homes in La Plata County during January 2024 was $793,351, compared to $676,852 in the same month of the previous year.
Number of New Listings:
Year over year, with 45 new listings, La Plata County experienced an increase of 2.3% in January 2024. While this very small increase may suggest a slight tightening of inventory, it’s essential to keep in mind that the winter months typically see a slowdown in new listings. Nevertheless, this trend might contribute to increased competition among buyers in the coming months.
Number of Active Listings:
The number of active listings in La Plata County also increase compared to the previous year, with a 9.4% increase. This increase can be partly attributed to the increase in new listings, resulting in a larger pool of available homes for buyers to choose from. We have also had significantly less snow this month than a typical January, which could result in more sellers willing to list their homes rather than waiting until spring.
Number of Days on the Market:
Properties in La Plata County continued to move at a slightly slower pacee in January 2024, with a year-over-year increase of 4.1% in the number of days on the market. On average, homes spent 102 days on the market, up from 98 days in January 2023. This trend suggests that homes may still be overpriced in some cases and therefore not selling as quickly.
Months Supply of Inventory:
The months supply of inventory, a crucial metric indicating the balance between supply and demand, stood at 2.8 months in January 2024. This figure is slightly higher than the 2.3 months reported in the same month of the previous year. A higher months supply of inventory typically favors buyers, as it suggests a less competitive market.
Percentage of Listing Price to Selling Price:
Sellers in La Plata County continued to see strong returns in January 2024, with homes selling at an average of 97.4% of their listing price. This represents a slight increase from the previous year, where the percentage was 95.5%. This indicates that, on average, sellers are negotiating less and getting closer to their asking price.
In summary, the Durango Colorado market, for January 2024 is characterized by a higher average sales price, an increase in new listings and active inventory, slightly slower-selling homes, and a favorable percentage of listing price to selling price. While the market may be showing signs of inventory tightening, it continues to be somewhat competitive. This makes it essential for both buyers and sellers to stay informed and work with experienced real estate professionals.
As always, local market conditions can vary, so it’s crucial to consult with a knowledgeable real estate agent who can provide accurate market insights. La Plata County’s stunning landscapes and vibrant communities continue to attract buyers and make it a unique and desirable place to call home.