I don't think anyone who's been watching Atletico Madrid since the start of the season in the Spanish La Liga will want to downplay their chances of winning the league title this season. They've been exceptionally impressive so yeah I agree that they're a strong contender for the league title.
That said, I still think Real Madrid are favorites to win the Spanish La Liga this season regardless of the fact that they're currently a point behind league leaders Atletico Madrid. Last weekend Madrid lost the Spanish Super Cup trophy to Barcelona so you should expect them to do everything within their strength to win as many trophies as possible.