Colorado home sales: Prices continue to climb, days on market drop
Colorado’s spring housing season began shortly in March because the single-family listings statewide elevated by practically 18%.
The Colorado Affiliation of Realtors’ newest housing traits report exhibits that statewide median gross sales costs and pending/under-contract listings climbed whereas the typical variety of days available on the market dropped from 63 to 56.
“We’ve got entered the spring shopping for and promoting frenzy. Properly-priced properties in good situation are being shortly bought, often with a number of provides. We nonetheless have a listing scarcity,” mentioned Sunny Banka, an Aurora-area realtor.
The median value for single-family properties hit $576,945, up 3.7% from February and 4.1% from final yr.
In March, the seven-county Denver metro space reported 4,411 new listings for single-family properties, a rise of greater than 16% in comparison with February however a decline of three.8% in comparison with final yr.
The pending/under-contract listings for single-family properties within the Denver space rose by 35.5%, whereas the variety of days available on the market dropped from 52 to 44.
“The month-to-month provide of properties on the market inside Denver has climbed greater than 15% because the starting of the yr to 2.2 months, but it surely doesn’t appear the market has shifted in favor of consumers fairly but,” mentioned Denver-area realtor Cooper Thayer.
The typical proportion of the listing value obtained by sellers elevated final month to virtually 100%, the best stage seen since final summer time.
Sellers nonetheless have sturdy bargaining energy in transactions, whereas consumers stay financially secure regardless of excessive costs and rates of interest.
Consequently, consumers proceed to spend extra on properties.
“Patrons appear to have acclimated to the brand new norm by way of rates of interest, and sellers are recognizing that their dwelling costs haven’t appreciated within the final yr and so they should be aggressive so as to promote. All in all, a very good time to be a purchaser on this spring market,” mentioned Kelly Moye, a Boulder/Broomfield-area realtor.
Banka recommends consumers not look forward to rates of interest to drop.
“With the low stock, dwelling costs proceed to rise, maybe not as a lot as we noticed two years in the past, however sufficient that being a house owner remains to be proving to be a sound funding,” she mentioned.
Regardless of the nationwide actual property market ready for a change in federal rate of interest coverage, Denver’s market stays sturdy, which is a testomony to Denver’s persevering with desirability.
“Regardless of current years introducing greater property taxes, greater mortgage charges, greater dwelling costs, and better upkeep prices, Denver’s compelling attractiveness and prime quality of life wards off struggles within the broader actual property market,” Thayer mentioned.
The information and editorial staffs of The Denver Publish had no position on this submit’s preparation.