Prices for Homes in Colorado Continue to Rise
The median price for a single-family home in Colorado reached a new high of $345,000 in June, a 3 percent increase over May and 9 percent higher than one year ago according to market statistical reports released today by the Colorado Association of REALTORS®. For condominiums and townhouses, the June median of $246,000 was just slightly higher ($1,000) than in May but 12 percent better than June 2015. Year-to-date, prices for single-family homes were up 8 percent compared to the first six months of 2015 and condominium-townhouse prices were 12 percent higher.
News listings of both single-family homes and condominiums/townhouses improved throughout much of the state from May to June. The market added 12,526 single-family homes and 3,331 condominiums/townhouses to the mix in June, a 9 percent increase in single-family and +7 percent in condominium/townhouse listings over the previous month.
June is usually a strong month for home sales in Colorado. Sales of single-family homes (8,781) were 7 percent better than in May and condominium/townhouse sales (2,435) were up 2 percent month-to-month. Compared to June 2015, however, single-family sales were down 3 percent and condominium/townhouse sales were down 14 percent.
The number of days a single-family home stays on the market before selling (DOM) decreased to 45 days in June, 10 percent lower than in May and 15 percent lower than a year ago. Condominiums/townhouses averaged 42 DOM, 5 percent lower than in June 2015 but up 5 percent from May of this year.
A total of 25,217 properties were available for purchase statewide last month, 20 percent fewer than June 2015. That represents a 3-month supply of single-family homes and a 2-month supply of condominiums/townhouses, both well below the 5-7 months that REALTORS® identify as a “balanced-market,” favoring neither buyers nor sellers.
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 of single-family homes increased to 4,339, an 11 percent improvement over May though 9 percent lower than the same month in 2015. The 1,459 condominiums and townhouses sold last month were slightly less than a 1 increase over May and 18 percent behind June 2015.
The median price of a single-family home sold in this region during June was $390,000, unchanged from May but up 9 percent from last year. At $247,000, the median price of a condominium/townhouse was $2,000 higher than in May and 13 percent better than June 2015.
Single-family new listings rose 14 percent from May to June and were 12 percent better than a year ago. New listings of condominiums/townhouses rose 11 percent from May to June but lagged 1 percent behind 2015.
The average DOM for single-family homes dropped to 21 days, down 19 percent from May and -9 percent from last June. Condominium/townhouse DOM fell to 16 days, down 6 percent from May but 14 percent higher than in June 2015.
Despite month-to-month improvement common to the summer months in Colorado, inventory continues to be a challenge in this region. There were 6,661 single-family homes available for purchase in June,
14 percent below the same month last year and 1,578 condominiums and townhouses, 21 percent less than a year ago. These figures convert to a 2-month supply of single-family homes and a 1-month supply of condominiums and townhouses.
Inventory of Active Listings
In the Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit Counties) June sales of single-family homes increased to 314, a 12 percent improvement over May though also 12 percent lower than the same month in 2015. The 312 condominiums and townhouses sold last month represent a 6 increase over May and 6 percent behind June 2015.
The median price of a single-family home sold in this region during June was $560,750, up about $114,000 over May and 27 percent higher than last year. At $343,000, the median price of a condominium/townhouse was $32,000 lower than in May and 3 percent less than June 2015.
Single-family new listings rose 23 percent from May to June and were 4 percent better than a year ago. New listings of condominiums/townhouses rose 5 percent from May to June but lagged 5 percent behind 2015.
The average DOM for single-family homes dropped to 133 days, down 8 percent from May and –1 percent from last June. Condominium/townhouse DOM rose to 129 days, up 6 percent from May but 3 percent lower than in June 2015.
Despite some month-to-month improvement common to the summer months in Colorado, inventory in this region continues to be a challenge in this region. There were 2,858 single-family homes available for purchase in June, 15 percent below the same month last year and 2,021 condominiums and townhouses, 25 percent less than a year ago. These figures convert to an 11-month supply of single-family homes and a 7-month supply of condominiums and townhouses.
In the Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties) June sales of single-family homes increased to 1,461, a 4 percent improvement over May though also 8 percent lower than the same month in 2015. The 332 condominiums and townhouses sold last month represent a 12 percent increase over May and also 12 percent behind June 2015.
The median price of a single-family home sold in this region during June was $344,950, up about $15,000 over May and 10 percent higher than last year. At $265,000, the median price of a condominium/townhouse was about $2,000 higher than in May and 20 percent more than June 2015.
Single-family new listings rose 6 percent from May to June but were 4 percent less than a year ago. New listings of condominiums/townhouses rose 9 percent from May to June and 6 percent over last year.
The average DOM for single-family homes dropped to 65 days, down 3 percent from May but unchanged from last June. Condominium/townhouse DOM rose to 58 days, up 4 percent from May but 13 percent lower than in June 2015.
Despite some month-to-month improvement common to the summer months in Colorado, inventory in this region continues to be a challenge. There were 2,250 single-family homes available for purchase in June, 15 percent below the same month last year and 319 condominiums and townhouses, 22 percent less than a year ago. These figures convert to a 2-month supply of single-family homes and a 1-month supply of condominiums and townhouses.
In the Northwest Region of Colorado (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin and Rio Blanco counties) June sales of single-family homes increased to 469, a 1 percent improvement over May and increase of 8 percent over the same month in 2015. The 51 condominiums and townhouses sold last month represent a 28 percent increase over May and 4 percent better than June 2015.
The median price of a single-family home sold in this region during June was $220,000, up about $13,500 over May and 14 percent higher than last year. At $162,500, the median price of a condominium/townhouse was about $2,500 higher than in May and 20 percent more than June 2015.
Single-family new listings fell 3 percent from May to June but were 2 percent more than a year ago. New listings of condominiums/townhouses dropped 44 percent from May to June and down 42 percent over last year.
The average DOM for single-family homes rose to 109 days, up 8 percent from May but unchanged from last June. Condominium/townhouse DOM fell to 110 days, down 5 percent from May and down 19 percent compared to June 2015.
Despite some month-to-month improvement common to the summer months in Colorado, inventory in this region continues to be a challenge. There were 2,102 single-family homes available for purchase in June, 15 percent below the same month last year and 167 condominiums and townhouses, 20 percent less than a year ago. These figures convert to a 6-month supply of single-family homes and a 5-month supply of condominiums and townhouses.
In the Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) June sales of single-family homes increased to 1,936, an 8 percent improvement over May and increase of 14 percent over the same month in 2015. The 207 condominiums and townhouses sold last month were just one less than in May and 8 percent fewer than June 2015.
The median price of a single-family home sold in this region during June was $246,000, up about $4,000 over May and 7 percent higher than last year. At $170,000, the median price of a condominium/townhouse was about $5,000 higher than in May and 12 percent more than June 2015.
Single-family new listings were the same in May as in June and about 1 percent more than a year ago. New listings of condominiums/townhouses were up 2 percent from May to June and +27 percent over last year.
The average DOM for single-family homes fell to 43 days, down 16 percent from May and down 46 from last June. Condominium/townhouse DOM rose to 28 days, and increase of 22 percent from May but 59 percent lower than in June 2015.
Despite some month-to-month improvement common to the summer months in Colorado, inventory in this region continues to be a challenge. There were 4,238 single-family homes available for purchase in June, 33 percent below the same month last year and 276 condominiums and townhouses, 48 percent less than a year ago. These figures convert to a 3-month supply of single-family homes and less than a 2-month supply of condominiums and townhouses.
In the Southwest Region of the state (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache and San Juan counties) June sales of single-family homes increased to 201 a 34 percent improvement over May and increase of 18 percent over the same month in 2015. The 38 condominiums and townhouses sold last month represent a 12 percent increase over May but 14 percent fewer than June 2015.
The median price of a single-family home sold in this region during June was $310,000, up about $33,000 over May but 6 percent lower than last year. At $267,000, the median price of a condominium/townhouse was about $5,400 lower than in May but 18 percent more than June 2015.
Single-family new listings dropped 6 percent from May to June but were 13 percent better than a year ago. New listings of condominiums/townhouses fell 39 percent from May to June and were 29 percent lower last year.
The average DOM for single-family homes rose to 140 days, 1 percent higher than May and 15 percent higher than last June. Condominium/townhouse DOM fell to 126 days, 9 percent lower than May and 22 percent lower than in June 2015.
Despite some month-to-month improvement common to the summer months in Colorado, inventory in this region continues to be a challenge. There were 1,587 single-family homes available for purchase in June, 3 percent better than the same month last year and 227 condominiums and townhouses, 15 percent fewer than a year ago. These figures convert to a 12-month supply of single-family homes and 7-month supply of condominiums and townhouses.
For the full reports on each region, please visit: www.coloradorealtors.com/real-estate-statistics/