June Housing Sales Strong Throughout the State
June sales of both single-family homes and condominiums-townhouses were strong throughout the entire State of Colorado compared to the same month in 2014, according to market statistics prepared for the Colorado Association of REALTORS® (CAR) by 10K Research and Marketing, a Minneapolis-based real estate technology company using data provided by all of the Multiple Listing Services (MLS) in Colorado.. Last month a total of 8,938 single-family homes and 2,798 condominiums-townhouses were sold statewide; up 8 percent and 19 percent respectively over June 2014.
The median price of a single-family home increased 12 percent to $316,000 and rose 17 percent to $218,500 for condominiums-townhouses (comparing June 2015 to June 2014). Though prices have risen in nearly all areas of the state each of the first six months of 2015, it appears that the rate of increase has slowed and even plateaued in some areas.
Inventory (the number of homes available for purchase) continues to be a problem throughout the state. New listings have not kept up with buyer demand and, as a result the number of months’ supply of inventory has dropped to historic low levels. 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) June sales were up 2 percent for single-family homes and 13 percent for condominiums-townhouses. A total of 6,369 properties were sold. The median price rose to $357,000 for a single-family home and $217,000 for a condominium-townhouse. The average number of days that properties stayed on the market before a sale dropped to 22 days for single-family homes and 14 days for condominiums-townhouses
Dave Kupernick, Metro Region spokesperson for CAR, reports that “sales continue to outpace year over year versus 2014. The dynamics of where the highest volume of sales are taking place have changed with the lower price range showing less volume due to lack of inventory and the higher ranges from $400,000 to $2,000,000 up over 20% year over year. There is evidence of some push back on unabated price appreciation as price reductions are being seen at a higher frequency that in the recent past. Inventory levels are still quite low, with a drop of over 30% in many areas.
In the Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit Counties) June sales increased 42 percent for single-family homes and 47 percent for condominiums-townhouses compared to the same month the previous year. The median price for a single-family home dropped 2 percent to $449,500 but increased 9 percent to $355,000 for condominiums-townhouses. Days on the market continued to drop, down 5 percent for single-family homes and 17 percent for condominiums-townhouses.
George Harvey who represents CAR as a spokesperson in our Mountain Region, reports that “for the first six months of 2015, Telluride sales are up 1% in the dollar amount and up 5% in the number of sales compared to the same period in 2014. There is some price resistance in the Town of Telluride this year, with buyers starting to gravitate to the Mountain Village for better values especially in home prices. The new Ajax Hotel in the Town of Telluride which has been approved for construction but has not yet broken ground, has several reservations for large penthouses in the $1400 per square foot range. Those are prices higher than the 2005-07 period.”
In the Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties) sales of both single-family homes and condominiums-townhouses increased 8 percent in June compared to the previous year. The median price of homes continued to increase in the region, rising 18 percent to $315,000 for single-family homes and 16 percent to $220,000 for condominiums-townhouses. Year-to-date the number of days homes are on the market before selling in this area has dropped 11 percent to 74 for single-family homes and 7 percent to 65 days for condominiums-townhouses.
Kelly Moye, one of CAR’s regional spokespersons for the Northeast, reports that in her are “we’re seeing more of the same. Prices are up about 15% over same month last year. Inventory is still down. Buyers are feeling a little less frenzied as our days on the market is getting longer only due to normal seasonal shifts. Historically, July and August are slow times for showings as people are away on vacations. Overpriced listings are not moving and may make the days on the market look longer than they really are for the rest of the homes for sale.
The Northwest Region of Colorado (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin and Rio Blanco counties) enjoyed strong sales improvement in June compared to the previous year. Sales increased 18 percent for single-family homes and 96 percent for condominiums-townhouses. The median price for homes remained about the same as a year ago – $194,100 for single-family and $136,500 for condominiums-townhouses. This region has not seen as much movement upward in housing prices as other parts of the state. It remains the most affordable area of the state. Days on the market dropped to 110 for single-family and 135 for condominiums-townhouses.
New listings have been particularly strong for condominiums-townhouses, up 21 percent in June (compared to 2014) and up 36 percent year-to-date. For single-family homes new listings still lag behind 2014 figures but are increasing each month. This region is the only one in Colorado that could describe itself as having a balanced market – one in which there is a 5-7 month supply of homes. In the Northwest there were 2,403 homes available for purchase at the end of June, representing just under a 7-month supply.
In the Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) sales of single-family homes increased 17 percent in June compared to the same month in 2014. Condominium-townhouse sales rose 57 percent during the same period. The median price for a single-family home increased to $230,000, a 13 percent increase since the first of the year. For the year, condominium-townhouse median pricing is up slightly (4 percent) and in June dropped 3 percent from the year’s high the previous month. Days on the market continued to drop, down to 80 for single-family homes and 68 for condominiums-townhouses.
Jay Gupta, one of our spokespersons in the Southeast Region reports that “the Colorado Springs market has been robust. During the first six months of 2015, the sales of Single Family and Patio Homes were up 20% and the sales volume was up 31.2% over the first six months of 2014. In June 2015, 97.4% of the sold properties were priced under $600,000. There is a shortage of inventory of properties priced under $500,000 and an oversupply of properties priced over $800,000.” And David Anderson, from the same region adds that “in the Pueblo area inventory is still short under $200,000. We are seeing more listings above $250,000. Sales units and dollars are up as is pricing.”
The Southwest Region of Colorado (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache and San Juan counties) experienced significant sales during June of this year continuing a pattern over the last 5-6 months. Single-family home sales increased 27 percent and condominium-townhouse sales rose 96 percent when compared to 2014. Median sales prices also rose year-to-year, up 15 percent to $265,000 for single-family homes and 16 percent to $227,000 for condominiums and townhouses. Even with rising prices, affordability in this area has increased during the first six months of 2015, especially for single-family homes.
According to Don Ricedorff, one of CAR’s Southwest Region spokespersons, “the first half of 2015 has set records for median price, with $350,000 for all homes in the County. This is the second best year in number of home sales going back to the record year of 2005.