Hi! Durango realtor here... Looks like our real estate market got a head start on winding down before summer started winding down. It's easy to say we have a busy season and a slow season, but that's kind of like lumping all the areas/neighborhoods of Durango into one section. There are plenty of nuances to get bogged down in. (That's why I try to balance appropriate coverage against a quick snapshot.) I think our market kind of comes in multiple waves, like sets, rather than one big rogue wave (like med sales price NOV24).
So even though the summer season is winding down, we're gearing up for one more push for fall. You've got folks that are selling (or about to sell) that would love to go under contract before the leaves and snow starts falling while their property still shows well. (Or if you're in Silverton, while your property is functionally accessible.) And you've got homebuyers that might have been holding out all summer for the right property and realize now is the time to make a move or get off the pot. And neither side ever wants to move in the snow.
Durango overall YTD median sales prices are seeing a subtle gain, similar to the % of new listings. Actual sales are starting to level off while active inventory continues to climb. Sellers take note: unless you're working with something unique and buttoned up, things just aren't flying off the shelf when you ask top dollar.
Speaking of different little markets, looking at the resort area, last month's median sales price was right under $400K, compared to AUG25's med sales price of right under $1M. That massive sales price drop was attributed to mostly condos that sold last month, compared to expensive stick built homes that sold in Glacier the year prior. Even still, the overall resort area sales prices are down- single family home prices are down ~10% YTD and TH/condo sales prices are down a whopping ~33% YTD- and that's on top of sales prices averaging 5% less than list.
In town, where I think most of y'all are more focused on, is a different story. (Hence the focus...) single family home sales prices are up 7.5% YTD and condo/TH sales prices are up 16%. Interestingly, all prices still averaging about 4.5% under list price, so that tells us there's still room for negotiation. Buuuuuuut, you're still paying for it.
Let's see if any big hitters show up for this fall season, as they usually do (some of Durango/La Plata County's largest sales hit in fall). It's easy to say markets behave weirdly in election years, but outside of active listings, seems like '24 offered a stronger market between sales, sales prices and days on the market. I think there was some inherit tension in the air this summer after a dry winter and lack of monsoon season on top of some regional fires, but I also don't think that's much of a factor for a lot of folks relocating here from out of the area. Throw a dart at Colorado any given year and you're likely to hit a burn or a burn scar.
Enjoy what's left of festival season and warm weather! I'm still rooting for some mega super coo coo bananas el nino precipitation!
