Colorado’s Winter Heats Up With Red-Hot Market

Colorado homebuyers faced slim pickings in December with only 9,000 properties up for sale—in a state of 5.8 million, reports the Denver Post. Last month, the state’s single-family housing inventory dropped 60% compared to December 2019 while condominium and townhome inventory decreased by 52%. This resulted in the increase of home prices and a sharp decline in how long a listing lasts. El Paso County, where Colorado Springs is located, saw the average listing lasting 17 days, down from 33 days a year prior. And with just 555 single-family properties for sale last month, home prices advanced 15.2% to $380,000.

“2020 will go down as the most unpredictable year many of us have ever experienced,” said Colorado Springs-area Realtor Patrick Muldoon in comments accompanying the report.

In Larimer County, including Fort Collins, the inventory of single-family homes fell from 985 to 414, a decline of 58% from December to December. Although the inventory tightened a similar percentage amount as it did in Colorado Springs, median price gains were tamer, going up only 4.6%, or from $425,550 to $445,000.

“Record numbers of transactions were completed for the year with effectively nine-and-a-half months to sell them. Brokers, lenders, appraisers, inspectors, title insurers, contractors all made up for slowed times of March, April and May by doing more business in 2020 than 2019,” said Fort Collins Realtor Chris Hardy in his comments.

Read More