Home News Colorado housing market’s drop wasn’t limited just to the Front Range

Colorado housing market’s drop wasn’t limited just to the Front Range

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The severe freeze that hit the housing market in October was not Limited to the Denver subway, according to Last week’s monthly update from the Colorado Real Estate Association.

Statewide, single-family home listings fell more than 20% between September and October, but it wasn’t as severe as the 25% drop experienced in the Denver metropolitan area. New listings for the year are down 21.6% statewide and 22% in the Denver metropolitan area. This is comparable when it comes to the decline in seller activity.

Single-family home sales are down 32.1% year-over-year in the Denver metropolitan area and 34% statewide. Inventory of available listings in October is up about two-thirds in the Denver metropolitan area compared to October 2021, and statewide he’s up 56%. The median sales price of homes sold in October rose 4.5% year-over-year in Metro Denver to $595,792. Statewide, it rose nearly 5% to $550,000.

Measured against the April peak, median single-family home prices are down 10% in the Denver metropolitan area and 9% statewide.

Boulder-area real estate agent Kelly Moyet said in comments accompanying the report that the market is “stuck” in multiple ways.

“Sellers are stuck in past prices and buyers are stuck in fear of what the future holds,” said Moe. “Sellers are learning to price to his 2021 figures and buyers are learning to take advantage of willing sellers by demanding concessions to lower interest rates. appears to be working to keep the market moving late in the season.”

So where has homebuying activity cooled most rapidly? Excluding counties with fewer than four sales last month, Huerfano County saw the steepest drop in single-family closures, down 76.5%. did. Gilpin fell 63.6%. Summit decreased by 52.9%. Other counties with sales that are lower than the statewide average include Root, Park, Jefferson, Boulder, Otero, Denver and Douglas.

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