Colorado’s Housing Market in Just One Word – INVENTORY !!
High demand and a continually shrinking supply of homes available for sale across Colorado pushed active listing and overall inventory to all-time lows across the state and driving land sales in numerous markets, according to the latest monthly housing data from the Colorado Association of REALTORS® (CAR) which began tracking these figures in 2010. The 7,235 single-family homes and 3,266 townhomes/condos available in November statewide are down more than 60% and 46%, respectively from this time last year. In the seven-county Denver metro area, there were less than 3,000 single-family active listings in November, down nearly 70% from a year prior, while the 1,923 active townhome/condo listings were off 48% from November 2019.
Our homes have evolved to be the nexus of everything – from work, to school, to a gym, and beyond. Buyers are looking to capitalize on great mortgage rates and search out the ‘new and perfect’ home for their changing needs. However, this doesn’t come without some cost.
The conditions have pushed the months supply of inventory to record lows as well creating continuing and longer-term challenges for eager buyers statewide. Single-family inventory is down 64% across Colorado from a year ago and fell below a one-month supply for the first-time in November. In the Denver metro area, the months supply of single-family homes dipped to 0.6 months, down 72.7% from November 2019.
While the median price ticked down from their October record highs – down 1% for single-family homes and down 2.8% for townhome/condos statewide – they remain up more than 13% and 9.5%, respectively, from one year ago.
“With winter on the horizon and temps falling, Larimer County’s real estate market remains hot,” said Estes Park-area REALTOR® Abbey Pontius. “COVID undoubtedly has put a crimp on the ease of showings, open houses, daily field work, and how we can close transactions, but these are just small speed bumps in the big picture. As we spend more time in our homes this year the desire and awareness of where we live and its total satisfaction has become front and center. Our homes have evolved for everything from work, school, athletics and beyond. Buyers are looking to capitalize on great mortgage rates and search out the ‘new perfect’ home for our changing needs.
However, this doesn’t come without some cost. Inventory is extremely low, and demand is high. New listings are down 13.2% for single-family homes, with a median sales price of $435,000.Townhouse/condos have added to the new listings in November with an increase of 36.5% helping ease the tension. Inventory overall is down even with the increase in townhouse/condos, -55.2% for single-family homes and -34.9% in townhouse/condos. This equates to just 142 townhouse/condos and a total of 350 single-family homes on the market throughout all of Larimer County. Townhouse/condos are fetching an average of $327,945, an increase of 4.8% from November last year. Single-family homes are reaching an average sales price of $498,047 an increase of 6.8% from November 2019. Days on market has been slashed with single-family homes closing in an average of 53 days, a 22.1% decrease from last year. Townhouse/condos are getting to close much faster as well at 80 days on the market compared to 93 in November 2019. It will be interesting to see how the typically slower time of the year pans out with this continued momentum carrying into 2021.”
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