DENVER — The Colorado housing market closed out the 2010s with 10-year record and near-record lows in several key inventory categories despite a growing number of homes coming onto the market and snowy weather in February, according to the Colorado Association of Realtors (CAR).
An anticipated single-digit rise in new listings and snowy weather in the Denver metro region and the rest of Colorado were not enough to offset an even larger increase in the number of listings sold, pending or under contract in February, according to CAR.
> In the video above from March 9, Lane Lyons talks through the current real estate market and how to get what you’re looking for despite the competitive market at certain price points.
CAR said active inventory decreased 12% from January 2020 to February 2020, pushing the month’s supply of inventory to the lowest levels seen since it started tracking the data in 2010.
The median price for single-family homes in the Denver metro area is up to $451,000, a year-to-year increase of 7.5% from February 2019. During the same period, median prices for townhomes and condos in the Denver metro area are up to $314,000, a 5% year-over-year increase.
Statewide the current median price of $410,134 for single-family homes represents a 6.5% year-over-year increase, and the median price of $314,000 for townhomes and condos represents a year-over-year increase of more than 5%.
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According to CAR, a balanced housing market needs a four to six month supply of single-family homes, which has not been the case in Colorado since the early 2010s.
The year-to-year active inventory of single-family homes in the Denver metro area is down more than 33% from February 2019 to a 1.5 month supply. Townhome and condo inventory is down 31% year-over-year to a 1.7 month supply.
Statewide, single-family home inventory is down 28% year-over-year compared to February 2019 for a record-low 1.5 month supply. Townhome and condo inventory is down 25% for a record-low 1.7 month supply.
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