Low inventory continues to define the local market. Compared to 2018, the overall supply of inventory in 2019 for both single-family homes and townhomes/condos in the Denver metro region fell 27 percent to just 1.4 months, and fell 25 percent statewide to just 1.8 months.
Despite tight inventory, the Colorado Association of REALTORS® Housing Affordability Index (HAI)—which calculates interest rates, median sales price, and median income—improved from 87 to 90 in Denver over the past year, and remained at 95 statewide. Higher HAI reflects greater affordability.
Here's how local markets fared:
Boulder County
Pricing in 2019 remained flat compared to 2018. New listings were up 9 percent, and sales were up 4 percent from the previous year. With homes selling in under 48 days at 98 percent of asking price, the Boulder area shows all the signs of a healthy, sustainable market that is well-positioned for the long run.
Denver
Denver City and County are in a holding pattern. Compared to the previous year, December 2019 saw nearly identical metrics in terms of new listings on the market, days on market, and months supply of inventory. Affordability is improving and tends to fluctuate wildly at times—for example, the median price of a single-family home plummeted $20,000 from November to December 2019. The broader metro area is active, with December sales up 18 percent over 2018, and up 6.4 percent for the year. The number of listings in December was up 9.3 percent compared to 2018.
Golden/Arvada
Jefferson County remains a strong sellers' market with a nearly 36 percent decline in available inventory. New listings are down 8 percent for both single-family homes and condos/townhomes. Average days on market ended the year at 40 days for single-family homes and 34 days for condos/townhomes. Median price jumped 6.5 percent to $481,500 for single-family homes, and increased 5.3 percent to $300,000 for condos/townhomes. Most homes are selling at asking price.
Fort Collins
Numbers in Fort Collins and Larimer County are mostly flat with some hot spots. Median price increased 3.4 percent to $423,500. Months supply of single-family inventory remained flat at just over 2 months while available inventory increased by 11.5 percent compared to 2018. Inventory of townhomes/condos jumped 20 percent for the year. Sales in the affordable $300,000 range dropped 13.5 percent, while sales jumped 6.5 percent in the $400,000 range and 5.2 percent in the $500,000 to $600,000 range. As in other Front Range markets, the tempered rate of appreciation is seen as welcome and sustainable, a sign of longterm health after the frenzied run-up of recent years.