According to April’s Market Trends Housing Report from the Colorado Association of Realtors, the state’s housing market is experiencing a shift toward more buyer opportunities.
This report reveals that new listings have increased by 18% statewide, leading to a higher median sales price and a more balanced market.
Boulder-Broomfield-area realtor Kelly Moye said the market is shifting in buyers’ favor.
“What has been a seller’s market for the past five years is showing signs of adjusting to the other direction. Sellers who waited for interest rates to come down have finally decided it’s time for a move, regardless of today’s rates,” she said.
Fort Collins-area realtor Chris Hardy said the market is nearing a balanced market.
“Buyers are rarely in the driver’s seat during the height of the spring and early summer selling season but once again, due to the volatility in the mortgage rate market, we are quickly reaching parity where a near-balanced market also balances negotiation dynamics between seller and buyer,” Hardy said.
Prices continue to climb
Sold properties and those pending or under contract rose in April, increasing the median sales price.
Statewide, the median sales price for all properties rose 6% from $530,000 in April 2023 to $559,980 last month.
The percentage of list price received continued to hover around 99%.
“The newest data shows homes are still receiving near-asking price offers on average,” said Denver-Douglas County-area realtor Cooper Thayer.
“While activity is not outpacing the previous three years, the Douglas County real estate market is showing impressive resilience as economic and political uncertainty remains a prominent concern of the industry.”
The average days on market increased 4% to 48 from 46 in April 2023.
Housing market stays hot
Colorado’s housing market continues to be strong, said Denver County-area realtor Cooper Thayer.
“Elevated interest rates, rising insurance costs, and higher property taxes haven’t appeared to faze buyers and sellers here in the Mile High City,” Thayer said.
“Last month, the Denver-metro area remained one of the hottest housing markets in the country, fueled by financial stability, economic resiliency, low housing supply, and an unwavering attraction to Colorado’s high quality of life. The significant mismatch between our limited supply and excess demand has continued to perpetuate a moderate-to-strong seller’s market so far this year.”
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
