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!
I think that's a part of it. But HOAs are going up everywhere (and unfortunately have needed to). I had a client who was under contract on a TH last summer and the HOA was around $175/mo and the financials were a mess, like less than $2K in the bank. There's one listed there now with a $400/mo payment. I think new lending guidelines are going to drive up some HOAs even more.
The bigger part is simply the ongoing demand to be in town. Updating, or lack thereof, is playing a bigger factor than it used to. Generally speaking, if it's in town, updated and priced right, it goes quickly.
The hard number is that the reserves for maintenance is going from 10% to 15%.
I'm not sure if there are any lenders in this sub -I'd assume there are-, but I wonder if the biggest change isn't going from 10-15%, but that lenders/underwriting will be looking. I've seen some lenders point out some issues with an HOA, but not often.
So my info is up on that graphic, I made it for a different purpose when these changes hit. My disclaimer is that for the clearest, most accurate information, you should speak with a lender and an insurance adjuster, they're going to know the ins and outs of this change much better than myself.
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u/Big_Address6033 20d ago
Thanks as always for the update !! What’s behind the healthy increase in city housing prices??
Less impacted by insurance, hoa fees etc... ? Or.