The real estate market in Colorado has been a hot topic in recent years, with strong growth attracting both homebuyers and sellers1. Fueled by a vibrant economy and stunning natural scenery, the state has seen steady price increases and competitive bidding wars1. However, recent shifts indicate a potential cooling off, offering a window of opportunity for buyers1.
Current State of the Market
In April 2024, there was a surge in new listings statewide, which has given buyers more opportunities to find a home1. The median sales price also increased in April, but not as quickly as it has in recent months1. These trends suggest that the Colorado housing market may be starting to become more balanced1. However, it is still a seller’s market, with homes receiving near asking price offers1.
Key Trends
The median price in the Colorado housing market (statewide) was $559,980, up 5.7% year-over-year1. The percentage of list price received has increased to 99.3%1. Average Days on Market Until Sale = 48, up 4.3% year-over-year1. Closed sales were up by almost 0.1% from last year1. Pending sales were up by 4.4% from last year1. Months supply was up by 25% to 2.5 months, which is a sign that Colorado is a seller’s real estate market1. New Listings increased by 17.9% year-over-year1.
A Shift Towards Buyers
The recent increase in available homes is a welcome sign for buyers who have been struggling to compete in the hot seller’s market1. With more homes on the market, buyers are no longer facing bidding wars and are able to take more time to find a home that meets their needs1.
Increase in Listings
The number of new listings in Colorado increased significantly in April1. This is likely due to a number of factors, including the seasonal increase in home sales that typically occurs in the spring and summer months1. Additionally, some homeowners who may have been waiting to sell their homes in order to take advantage of the high prices may be deciding to list their homes now that the market is starting to cool down a bit1.
Median Sales Price
The median sales price of homes in Colorado also increased in April1. However, the rate of increase has slowed down compared to recent months1. This suggests that the market may be starting to stabilize1. Statewide, the median sales price for all properties rose 6% from $530,000 in April 2023 to $559,980 last month1.
Experts’ Outlook
Real estate experts predict that the Colorado housing market will continue to favor sellers in the near term1. However, buyers may start to see more options in the coming months1.
In conclusion, the Colorado real estate market in 2024 is showing signs of becoming more balanced. While it remains a seller’s market, the increase in new listings and a slowdown in price increases suggest that buyers may soon have more options and less competition. As always, potential buyers and sellers should consult with a real estate professional to understand the specific dynamics of their local market.
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