Housing Prices Continue to Rise Throughout Colorado

Inventory Slowly Improving During First Five Months of 2015

Housing values continue to rise throughout the state according to statistics reported today by the Colorado Association of REALTORS®. Highlights of the Association’s May statistical reports include:

• The median price for a single-family home increased to $310,000, up 13 percent from a year ago and for a condominium or townhouse it rose 16 percent to $220,000
• Homes are selling on the average in as few as 15 days (in Metro Denver)
• There is less than a 3-month supply of homes for sale in Colorado, well below the goal of at least 6 months’ supply for a balanced housing market
• The first five months of 2015 show signs that inventory may be improving but in most places there are simply not enough homes on the market to meet demand

REALTORS® continue to report a highly competitive housing market in which multiple offers, price wars, all-cash purchases and over-asking-price sales are quite common.

Here are brief snapshots of select housing indicators in each of CAR’s six regions in Colorado. For the full reports on each region, please visit:  www.coloradorealtors.com/real-estate-statistics/

In the Metro Denver Region (Denver, Jefferson, Adams, Arapahoe, Broomfield and Douglas counties) the median sales price rose 15 percent to $355,000 on 3,968 sales of single-family homes and 19 percent to $215,900 on 1,481 sales of condominiums and townhouses, comparing May 2015 to May 2014.  Median sales prices have enjoyed steady growth in this region since the second quarter of 2012.  Condominium/townhouse prices generally outpaced the growth rate for single-family homes.

Metro Denver Region:

In the Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit Counties) the median sales price in May fell 17 percent to $449,000 on sales of 253 single-family homes and rose 2 percent to $385,000 on sales of 303 condominiums and townhouses.  From a buyer’s perspective, homes in this region were somewhat more affordable when compared with a year ago.

Mountain Region:

The Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties) witnessed significant increases in the median sales price for all types of homes in May.  Single-family homes rose in price to $309,150 on 1,334 sales, an increase of 15 percent compared to 2014.  For condominiums/townhouses, the growth rate was 23 percent to $231,295 on 322 sales.  Since January 1 of this year the median price on properties in this region has jumped more than $25,000. Lender-mediated properties (those marked in an MLS as a Foreclosure, REO, Short Sale or other distressed sales type) are the lowest in the state at 1.5 percent of sales, down from a high of 33 percent in January 2010.

Northeast Region:

The Northwest Region of Colorado (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin and Rio Blanco counties) is one of only two regions in the state to experience both increased sales and median prices across the board in the month of May.  The median price for a single-family home in this area rose 8 percent to $199,450 on sales of 405 properties (up 8 percent over May 2014).  For condominiums and townhouses, median prices grew 18 percent to $146,000 on 43 sales (up 72 percent over last year).  Sales have been steadily improving each month this year and are now at their highest point in five years.

Northwest Region:

In the Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) the median sales price for single-family homes rose to $227,500, up 14 percent compared to May 2014 on sales of 1,658 properties.  The condominium/townhouse median price hit $153,577 (up 4 percent) on 226 sales. This was one of only two regions in the state experiencing increases (compared to 2014) in both median price and sales during the month of May.  Overall, sales were up 21 percent on 1,884 properties and are now at their highest level in five years.

Southeast Region:

The Southwest Region of Colorado (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache and San Juan counties) was one of only two regions (the Mountain Region being the other) to experience a drop in median sales price for single-family homes compared to May 2014.  The median sales price for a single-family home dropped 12 percent to $236,500 on sales of 195 properties.  Condominium/townhouse prices rose significantly (+25 percent) to $274,900 on 29 sales.

Southwest Region:

To see regional and statewide reports, visit www.coloradorealtors.com/real-estate-statistics/