The historic mid-March “bomb cyclone” coupled with epic winter snow accounted for a slow start to the spring housing market in Colorado. But according to the Colorado Association of REALTORS® (CAR), the forecast is mostly sunny for Front Range sales.
Here are highlights from CAR’s Q1 market analysis.
New listings are up slightly, but prices are flat or even with what they were last year. Even the more affordable townhome market is showing lower appreciation from this time last year. Inventory remains tight, and average time on the market is less than 55 days.
New listings are up 35 percent and prices are holding at or a little above what they were last year. The townhome/condo market leads in sales and actual appreciation of about 6 percent since last year. Quick sales—under 41 days for houses and 21 days for townhomes—are in line with a typical spring market.
- New listings for single-family homes and condos/townhomes rose 23 percent from February to March.
- Total active listings dipped for singlefamily homes (down 6 percent) and condos/townhomes (down 7.2 percent) from February to March, but there were nearly 21 percent more condos/townhomes on the market over the prior year.
- Year-over-year sold listings were down 3.4 percent for single family and 4 percent for condos/townhomes in March.
- The median sales price of single-family homes rose 3.5 percent from February to March, and is nearly 2 percent higher than this time last year. The median price for condos/townhomes rose about a half percent from February to March and is 1.7 percent higher than this time last year.
- Sellers of single-family homes and condos/townhomes received more than 99 percent of the list price.
- Days on market fell to 36 days for single-family, 32 days for condos/townhomes.
- New listings for single-family homes rose more than 22 percent from February to March but remain down nearly 11 percent from March 2018. New listings for condos/townhomes also rose 23 percent for the month and are 3.4 percent above last year.
- Statewide inventory of active listings fell 6.5 percent from February to March with just shy of 13,200 single-family homes and more than 4,500 condos/townhomes. That’s nearly a 7 percent decline for singlefamily homes compared to this time last year, and a nearly 7 percent gain in condos/townhomes.
- Single family home sales were down nearly 6 percent from March 2018, condo/townhome sales slipped almost 3 percent from a year prior.
- Pending/Under Contract properties increased 2.4 percent for single-family homes and 13.7 percent for condos/townhomes.
- The median price of a single-family home ticked up 2.1 percent from February to March 2019 to $393,088 and is up 3.2 percent over last year. For condos/townhomes, the median price remained flat month-over-month but is up 1.8 percent from March 2018 at just over $275,000.
- Single-family homes stayed on the market for 52 days in March. Condos/townhomes averaged 47 days on the market in March, a more than 20 percent improvement over this time last year.