Labor Day typically signals the start of cooler temperatures—and a cooling real estate market on the Front Range. This year holds true to form. According to the Colorado Association of Realtors® (CAR®), single-family home sales dropped 14 percent statewide from August to September but remain up 5.3 percent statewide and 9.1 percent locally compared to September 2018.
Similarly, listings are down seasonally and inventory remains tight, but buyer demand has kept prices relatively flat. Median price for a single-family home in the metro area fell $4,100 to $439,900 from August to September but remains up 6.0 percent from last year. Median price of a condo/townhome increased slightly to $315,000 locally and
statewide, and is up 3.3 percent from last year.
Average days on market was 35 days in September, nearly 10 percent longer than August and 16.7 percent longer than this time last year. Condo/townhome sales cycles are flat, taking an average of 34 days to sell in September versus 35 days in August. Statewide, single-family homes and condos/townhomes were on the market an average
of 47 days in September, up 6.8 percent compared to August.
In general, buyers are a bit more patient and sellers are having to adjust their price or make concessions to close a sale. But as always, conditions on the ground are hyperlocalized. Here’s how local markets compare.
Boulder/Broomfield
Boulder County may have found the sweet spot between a buyer’s and seller’s market. Compared to last year, inventory is up 9.4 percent, prices are relatively flat, and homes are selling in under 45 days. Accurate pricing remains key with buyers who are being a bit more careful due to economic uncertainties. Broomfield is
active with 14 percent more listings and 19 percent more sales than last year. Median home
price in Broomfield is 3.4 percent higher than neighboring counties, and condo/townhome
prices are up 4.4 percent
Denver
Increased inventory is now impacting home appreciation and days on market. In September, the gap between new-home inventory and the number of homes sold was 248. In September 2018, the gap was even greater at 265, up from 195 in 2017 and 162 in 2016. Average days on market—unchanged from 2016 to 2018—lengthened by 45 percent in the past year, suggesting that Denver has reached the tipping point and is becoming a buyer’s market.
Golden/Jefferson County
While still a seller’s market, Jefferson County is cooling along with other Front Range markets. New listings for single-family homes dropped slightly while condos/townhomes were off 12.5 percent. Sold listings increased 13.4
percent while days on market increased by 25 percent. Median sales price now sits at $465,000 for a single-family home and $295,000 for a condo/townhome. Well-priced homes with nice upgrades and great locations are still selling quickly while others in the same neighborhood with average amenities are sitting on the market for months.