November 22nd 2024.
In Colorado, the housing market is buzzing with activity as homes for sale have reached their highest levels in over a decade. This exciting news comes from the latest October Market Trends Housing Report by the Colorado Association of Realtors. The report reveals a 14% increase in active home listings year-over-year in the seven-county Denver metro area, with a 3.5 months' supply. Statewide, there is a 17% increase in active listings, with a 3.8 months' supply.
Cooper Thayer, a broker associate with the Thayer Group in Castle Rock, commented on the current trends, stating, "While Denver has been known as a seller's market for years, we are now seeing a moderate shift towards a buyer's market this winter season." This shift is a result of the increased inventory, providing buyers with more options.
Despite the rise in available homes, prices remain at record highs. The median price for single-family homes is $583,000, and for condos/townhomes, it is $425,000. The demand for homes is still high, with sellers receiving an average of 98% of their list price statewide. To stand out in this competitive market, Thayer advises sellers to highlight unique features and put in extra effort to make their listings more attractive to buyers.
Kelly Moye, from Compass, shared her perspective on the current market, saying, "Buyer demand is currently lower, resulting in many sellers reducing their prices in hopes of attracting interest." However, it's too early to draw any conclusions, as the expected surge in buyer engagement post-election has yet to happen. Some buyers are taking advantage of these lower prices, while others are still waiting.
The news of the booming housing market has sparked conversations among realtors, who are predicting a busy first quarter of 2025. Thayer also believes that the recent election results have brought more certainty to the market and could pave the way for a bustling spring season. However, buyers still face challenges with interest rates, insurance premiums, and HOA costs. Thayer believes that the level of activity in the spring will depend on any relief in these areas.
In conclusion, the Colorado housing market is currently experiencing a shift towards a buyer's market, with increased inventory and record-high prices. Sellers are advised to make their listings stand out, while buyers can take advantage of lower prices. The first quarter of 2025 is expected to be busy, but the level of activity will depend on certain factors such as interest rates and insurance premiums.
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