The super-heated Colorado real estate market saw record-high prices in May, then cooled in June, bringing a bit of relief to potential home buyers. Although the year-over-year numbers in June were still higher than previous years according to the Colorado Association of Realtors® (CAR®), the slight cooling in median sales price and inventory levels created more opportunities for buyers while keeping asking prices competitive.
Statewide, new listings of single-family homes dipped 6.7 percent from May to June, but were still up 1.7 percent from the same period last year. Condos and townhomes dipped 6.4 percent but were up 5 percent compared to last year. CAR data shows that inventory levels were relatively flat statewide from May to June, but inventory in the Denver metro region was up 19 percent in June compared to a year ago, and up 7 percent statewide in the same period.
Median price in Colorado is now $407,000 for a single-family home and $310,000 for a condo/townhome. Based on CAR’s Housing Affordability Index, which takes into account interest rates, median sales price, and median income by county, Colorado got slightly more affordable over the past year.
Here’s how local markets stack up:
Aurora | Centennial
Overall, Aurora has been stable year-over-year, with median price ($385,000) and inventory levels up just 1 percent from this time last year. But individual neighborhoods tell their own story. For example, the 80016 zip code saw an 11 percent jump in both inventory and median price ($606,750) in the past year. Centennial has seen a 7.6 percent jump in inventory and 7.8 percent increase in median sales price.
Boulder | Broomfield
Buyers in Boulder County are relieved to find a 9.4 percent increase in new listings and a 1.6 percent drop in median sales price since the beginning of the year. Homes feel more affordable and bidding wars have receded. Sellers are also being treated well in the Boulder market, with homes selling within 46 days and getting 99 percent of asking price on average. Condos are not faring quite as well, with a 3.7 percent drop in price year-over-year, and taking 57 days on average to find a buyer. Broomfield remains brisk with a 21 percent increase in listings, 18 percent of which sold in less than 32 days. Median home price is flat, having increased about 1 percent since the beginning of the year.
Median price for single-family homes has risen 3 percent in Adams County and 4.1 percent in Weld County over the past year. In the hyper-active Brighton area, active listings are down 23.6 percent while the number of sold listings is up 37.3 percent year-over-year.
New listings rose 17 percent from April to May this year, then retreated 21 percent from May to June. This is consistent with prior years, where peak activity typically hits in the month of May, then declines steadily. In June, Denver’s single-family home price was 22.6 percent higher than the metro area as a whole. Last year the differential was about 10 percent higher at 24.3 percent, which suggests that cooling trends across the metro area might be getting closer to the city’s core.
The total number of sales year-over-year were around 15 percent lower in June 2019 compared to a year earlier. Median sales price is higher due to the numer of houses selling for more than $500,000. Sales of single-family homes between $300,000 and $400,000 are down 21 percent while inventory is up 15 percent in that same range. Sales in the $500,000 to $699,000 and $700,00 to $999,000 ranges are up 9 and 14 percent respectively. An increase in inventory citywide and lower interest rates are creating opportunities for first-time buyers to get a foothold in the market.
Golden | Jefferson County
While still a seller’s market, Jefferson County is cooling along with other Front Range markets. Single-family listings are up 2.5 percent while condo/townhome listings are up 5.8 percent over the past year. Despite rising inventories, median sales price for a single-family home has risen to $485,000, up 4.3 percent. Average time on market increased slightly to 20 days, up from 19 days a year ago. Most homes are selling for asking price or a bit lower, with few selling for more than asking price.