Colorado’s real estate market is heating up as spring approaches.
“The spring market has brought optimism while everyone waits to see if the rates will adjust again. Those who need to move have adapted to the rates and have come off the sidelines,” said Kelly Moye, Boulder/Broomfield-area realtor.
According to the February Market Trends Housing Report from the Colorado Association of Realtors, new listings jumped statewide last month, with 6,361 new single-family homes and 2,174 new townhome/condo listings.
That’s up 18% and 26%, respectively, over January and 19% and 27% over a year ago.
“Buyers hope the mild winter and early spring weather will encourage sellers to enter the market earlier than usual, increasing competition and creating more buying options,” said Jarrod Nixon, Durango-area realtor.
Closings climb
Statewide, single-family home closings rose 34% in the past month and are up 5.7% from a year prior. Townhome/condo closings were up more than 38% month over month and are up 7% from February 2023.
“Is March really coming in like a lion? According to the latest numbers on housing sales in northern Colorado, March is shaping up to be a very active month, with no sign of lambs anywhere to be seen,” said Chris Hardy, Fort Collins-area realtor.
The number of pending/under contract single-family homes statewide increased 10% over January and 5% over a year ago. Townhome/condo pending sales increased 13% over January and .9% over a year ago.
“Overall, the market remains very strong. More inventory is coming on the market; however, it’s not enough, and therefore, buyers still have to be competitive and relatively quick with their offers,” said Sunny Banka, an Aurora-area realtor.
Prices increase
The statewide median sales price of $558,900 is up 4% from a year ago.
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The days on market dropped to 62 from 65 a year ago, while the percent of list price received inched up to 98.8% from 98.5% a year ago.
“While elevated interest rates continue to make headlines and create affordability pressures, they don’t seem to be curbing the massive demand for housing in Denver,” said Denver County-area Realtor Cooper Thayer.
“Growing demand has sparked a more competitive market and escalated the perceived scarcity of housing. If the market continues to follow these trends, we can expect sales prices to continue to increase, time on market to decrease, and more overall activity in the coming months.”
The news and editorial staffs of The Denver Post had no role in this post’s preparation.