Colorado houses on the market are at their highest ranges in over a decade.
In accordance with the October Market Developments Housing Report from the Colorado Affiliation of Realtors, with 3.5 months’ provide within the seven-county Denver metro space, energetic dwelling listings are up 14% year-over-year. Statewide, with 3.8 months’ provide, energetic listings are up practically 17%.
“Whereas Denver has persistently been characterised as a vendor’s market all through current years, present developments point out a average shift towards a purchaser’s market this winter season,” mentioned Cooper Thayer, a dealer affiliate with the Thayer Group in Fortress Rock.
Regardless of the elevated stock, costs stay close to file highs, with the median worth for single-family houses at $583,000 and condos/townhomes at $425,000.
The proportion of listing worth acquired continues to hover round 98% statewide.
With extra houses accessible, Thayer encourages sellers to focus on options that set their properties aside of their listings.
“Right this moment’s homebuyers have rather more time to make selections and negotiate and are spending a better share of their earnings on housing prices, driving them to be rather more cost-conscious,” he mentioned.
“Essentially the most profitable listings at this time are these which are extra distinctive and/or put in additional preparation work than comparable properties in the marketplace. Sellers ought to focus not solely on addressing potential areas of concern earlier than itemizing, but in addition take into account going ‘above and past’ to make their itemizing stand out extra.”
“Purchaser demand continues to be subdued, main many sellers to scale back their costs in an effort to draw curiosity,” mentioned Kelly Moye with Compass.
“Whereas there have been preliminary hopes that market exercise would decide up after the election, it’s nonetheless too early to attract any conclusions, because the anticipated surge in purchaser engagement has but to materialize. Whereas some patrons are profiting from the scenario, others proceed to attend.”
She mentioned most realtors anticipate the primary quarter of 2025 can be busy.
Thayer agreed.
“With election uncertainty now behind us, it appears like we could also be setting the stage for a busy spring,” he mentioned.
“Nevertheless, rates of interest, insurance coverage premiums, and HOA prices are nonetheless challenges for patrons to beat, and spring exercise will possible be contingent upon some aid in these areas.”
The information and editorial staffs of The Denver Put up had no function on this submit’s preparation.
