DENVER (KOAA) — Home buyers in Colorado have more choices and still have time to shop around as the housing market in Colorado remains balanced, according to experts.
"The Colorado Housing Market is characterized by more inventory this year compared to last year," Cooper Thayer, a market spokesperson and a Realtor with the Colorado Association of Realtors, explained. "We see about 50 percent more active listings on the market. In fact, right now, there are about 24,000 or 25,000 homes active on the market in Colorado. This is one of the highest levels we've seen in a little over a decade."
New data from the Colorado Association of Realtors is expected to be released next week, featuring numbers from April. Based on seasonal trends, we can expect an increase in active listings and see the number of days on the market decrease. A report from the Colorado Association of Realtors does point out that while homes began to move a little faster from February to March, the overall pace has slowed significantly from just a year ago. In the seven-county Denver area, single-family and condo-townhome average days on market came in at 54, up more than 20% from where things stood in March 2024, 33 days for single-family and 37 days for condo-townhomes. Statewide, the 64 average days on market for single-family homes is up 12.3% from the 49-day average a year ago. For condo-townhome, the statewide average of 66 days is up nearly 14 percent from the 50-day average in March 2024.
"My advice to sellers right now is to focus on differentiating your listing," Thayer said with competition growing. "Work with a good, competent Realtor that knows how to address the challenges in the market and find success for your listing. For Buyers, patience is key. You have more time to make your decisions. You have more options out there in the market. And even though things are more expensive now, home ownership is still a very attainable goal for many, many Coloradans."
Thayer also pointed out that nearly one in three sellers had to drop their original listing price last month.
"We're seeing sellers take a lot more of a methodical approach to preparing their homes for the market, and you have to be quick and reactive if your home does not get the attention that you're expecting," Thayer stated. "Last month, we actually saw about 29 percent of active listings on the market reduce their price, which is in line with the rest of the country, but probably on the higher end, when compared to some of the other states that don't have quite as much excess inventory as Colorado does."
PIKES PEAK REGION APRIL NUMBERS
New numbers were released this week for the Colorado Springs area by the Pikes Peak Association of Realtors. Some highlights from the latest PPAR report, which pulls from PPMLS data, can be viewed below:
AVERAGE NUMBER OF DAYS ON THE MARKET: 49 in April, compared to 62 in March. In April of 2024 the average was 40.
NEW LISTINGS FOR SINGLE-FAMILY HOMES: 1,923, up about 15 percent compared to March.
TOTAL ACTIVE LISTINGS FOR SINGLE-FAMILY HOMES: 3,117, which is a 45.7 percent increase compared to April of 2024.
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