If you tried to buy a home in Colorado in the past year, you can attest to the tight inventory, which has been declining since 2011 and still sits at historic lows. However, new data from the National Association of REALTORS® (NAR®) suggests that the bottom may have been reached in January 2021. Since then, inventory nationwide has increased from 1.9 to 2.5 months’ supply, a 31.6 percent increase.
Although we’re still in a sellers’ market—6 months’ supply is considered a balanced market—the NAR data brings hope to homebuyers, especially in Colorado, where the inventory of homes for sale increased 17.8 percent in June. For buyers, it means your dream home may be closer than you think. And for sellers, it means the window of super-heated selling may finally be drawing to a close.
