You’ve heard of food deserts? Certain parts of Colorado might soon feel like real estate deserts. Across the state of Colorado, there are 30 percent fewer homes for sale than one year ago—and this is happening despite the fact that median home prices statewide are now at record highs.
According to a June 2017 report from the Colorado Association of REALTORS® (CAR):
- The median sales price for a single-family home in the Denver metro area hit a new high of $411,000 (see chart) and rose to $370,000 statewide.
- Active listings rose 13 percent statewide and 7 percent in the Denver metro over the past year—yet inventory is 30 percent lower than a year ago.
- There’s 2.4 months of inventory for sale statewide, and just 1.8 months of inventory in the metro region—a 33 percent drop from last year.
- Average days on the market continues to drop, with single-family homes in the metro region going from listing to closing in just 22 days on average.
Boulder-area REALTORS® note that the Boulder/Broomfield market remains strong for sellers, with a 12 percent year-over-year increase in sales price for attached dwellings and single-family homes. The usual summer slow-down has resulted in price reductions and longer sales cycles for some homes, but overall, the most affordable homes throughout the Boulder Valley continue to sell quickly while higher-end homes are staying on the market a bit longer.
To view local statistics or get details about your region, visit the CAR website here or give us a call.