Durango Real Estate Market Update – November 2024 Edition

Welcome to your Durango Area Market Update! Here’s a quick overview of November’s real estate stats and trends. Plus, don’t miss the interest rate commentary at the end for valuable insights into what’s happening in the broader market.

November Market Trends

November brought a mix of shifts in La Plata County’s housing market, reflecting ongoing adjustments as the real estate landscape evolves. Here are the highlights:

• Pricing Trends: The average sales price in November was $898,744, reflecting a 12.5% decrease compared to last year. Meanwhile, the median sales price rose 8.8% year over year to $800,000, indicating changing buyer preferences and activity in mid-range properties.
• New Listings: There were 51 new listings in November, a 4.1% increase from the same time last year but significantly lower than October. This pattern aligns with the holiday season and buyers’ anticipation of winter weather.
• Active Inventory: Active listings increased to 299 in November, a 17.3% rise compared to last year, but still below pre-Covid levels. This marks a steady return to a more balanced inventory environment.
• Days on Market: Homes stayed on the market an average of 93 days, up a significant 78% from last year. This reflects cautious buyer behavior, as many appear to be waiting for the spring market to make decisions.
• List-to-Sale Price Ratio: On average, homes sold for 97.6% of their list price, a slight 0.3% decrease from last year. This stability indicates that while demand has softened, sellers are not making substantial concessions.

Detailed Stats

Average and Median Sales Prices

• The average sales price in November was $898,744, down 12.5% year over year.
• The median sales price was $800,000, up 8.8% year over year, highlighting a shift in buyer focus toward mid-range properties.

New Listings

• November saw 51 new listings, up 4.1% from last year but down compared to October.
• Seasonal trends are in full effect, with fewer new listings as the holidays and snowfall approach.

Active Listings

• There were 299 active listings in November, a 17.3% increase from last year but about 50 fewer than October.
• This likely indicates that more homes sold than were newly listed, a common trend during slower market months.

Days on Market

• Homes averaged 93 days on the market, up 78% from last year.
• This trend suggests that many buyers are waiting for clearer signals from the market before committing.

Inventory Levels

• With a 4.2-month supply of inventory, availability increased 16.7% year over year and remains stable month over month.
• While inventory is growing, it’s still below pre-Covid levels, keeping the market from fully shifting into a buyer’s market.

Interest Rate Insights

What’s happening with interest rates? Recent fluctuations have had a significant impact on buyer affordability and market activity. Understanding these changes can help you plan whether you’re buying or selling. Feel free to reach out with any specific questions about how interest rates might affect your real estate goals!

Let’s Talk!

If you’re curious about the market or have specific questions, don’t hesitate to reach out. I’m always happy to discuss how these trends impact your real estate goals and help you navigate this ever-changing market. Stay tuned for more updates and insights!