The real estate landscape in Durango has experienced fascinating shifts over the first quarter of 2024. Understanding these changes is crucial whether you’re a potential homebuyer, a property investor, or simply keeping an eye on local market trends. Let’s delve into the latest market report to uncover what’s driving the real estate dynamics in Durango.

Condos: A Surge in Demand and Prices

The condo market in Durango has seen a remarkable upswing. The median selling price for condos below $1 million soared by 82% to $481,000 in 2024 from $265,000 in 2023. This significant price increase is accompanied by a 6% rise in the average sales price per square foot. Despite the higher prices, the demand for condos doesn’t wane, as evidenced by a 160% increase in the number of properties sold. However, these condos are taking longer to sell, with the average days on the market rising by 39% to 117 days.

Homes: Faster Sales Despite Decreased Volume

Homes priced below $1 million have also experienced an increase in their median selling price, up 7% to $755,000. More notably, these homes are selling faster, with average days on the market dropping by 23%. However, there’s a notable decline in sales volume, with a 60% decrease in the number of properties sold. This suggests a tightening market where fewer homes are available, but those that are move quickly.

The Luxury Market: Slower Sales Amid Price Adjustments

The segment for homes priced above $1 million tells a different story. While the average sales price per square foot has risen by 22%, the median selling price has decreased by 12%. Additionally, these homes are lingering longer, with days on the market increasing by 87%. This slowdown indicates a shift in the luxury market, possibly due to pricing adjustments and changing buyer preferences.

Townhomes: Adjusting to Market Realities

Townhomes in Durango have not been immune to market changes. The median selling price has modestly increased by 5%, but the highest sales price and the number of properties sold have decreased. This market segment is stabilizing, with prices adjusting to meet buyer expectations and market conditions.

Expert Insights for Potential Buyers and Sellers

Buyers and sellers must stay informed and agile as the Durango real estate market evolves. The increased days on the market for more expensive properties suggest buyers in this segment may have more negotiating power. Conversely, sellers of less expensive homes may benefit from the faster sales pace but should be mindful of the overall decrease in market activity.

For those considering buying or selling property in Durango, consulting with experienced real estate professionals who understand the nuances of the local market can make a significant difference. As always, a personalized approach to real estate investment will yield the best results.

Are you looking to enter the Durango real estate market? Contact Legacy Properties West Sotheby’s International Realty today for more insights and guidance tailored to your needs.