Colorado’s housing market in April sees surge in available homes
In accordance with April’s Market Developments Housing Report from the Colorado Affiliation of Realtors, the state’s housing market is experiencing a shift towards extra purchaser alternatives.
This report reveals that new listings have elevated by 18% statewide, resulting in a better median gross sales worth and a extra balanced market.
Boulder-Broomfield-area realtor Kelly Moye stated the market is shifting in patrons’ favor.
“What has been a vendor’s marketplace for the previous 5 years is exhibiting indicators of adjusting to the opposite path. Sellers who waited for rates of interest to come back down have lastly determined it’s time for a transfer, no matter at the moment’s charges,” she stated.
Fort Collins-area realtor Chris Hardy stated the market is nearing a balanced market.
“Consumers are not often within the driver’s seat through the top of the spring and early summer time promoting season however as soon as once more, as a result of volatility within the mortgage price market, we’re rapidly reaching parity the place a near-balanced market additionally balances negotiation dynamics between vendor and purchaser,” Hardy stated.
Costs proceed to climb
Bought properties and people pending or below contract rose in April, rising the median gross sales worth.
Statewide, the median gross sales worth for all properties rose 6% from $530,000 in April 2023 to $559,980 final month.
The share of checklist worth obtained continued to hover round 99%.
“The most recent knowledge reveals houses are nonetheless receiving near-asking worth provides on common,” stated Denver-Douglas County-area realtor Cooper Thayer.
“Whereas exercise will not be outpacing the earlier three years, the Douglas County actual property market is exhibiting spectacular resilience as financial and political uncertainty stays a distinguished concern of the business.”
The common days on market elevated 4% to 48 from 46 in April 2023.
Housing market stays scorching
Colorado’s housing market continues to be sturdy, stated Denver County-area realtor Cooper Thayer.
“Elevated rates of interest, rising insurance coverage prices, and better property taxes haven’t appeared to faze patrons and sellers right here within the Mile Excessive Metropolis,” Thayer stated.
“Final month, the Denver-metro space remained one of many hottest housing markets within the nation, fueled by monetary stability, financial resiliency, low housing provide, and an unwavering attraction to Colorado’s prime quality of life. The numerous mismatch between our restricted provide and extra demand has continued to perpetuate a moderate-to-strong vendor’s market thus far this 12 months.”
The information and editorial staffs of The Denver Publish had no function on this publish’s preparation.