In a year of uncertainty, home buyers and sellers became the watchers
Insurance concerns join the list of challenges facing consumers
ENGLEWOOD, CO – The waiting game continued in December as it did throughout much of 2024 for both home buyers and sellers thanks to the prolonged uncertainty surrounding mortgage interest rates, a presidential election, geo-political unrest and the resulting impact on the economy and financial markets as a whole, according to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR) and analysis from the Association’s spokespersons across Colorado.
The results pushed new listings higher for the year in both the seven-county Denver metro area and statewide for all property types. Sold listings also rose for single-family homes both metro and statewide however, attached property (condos/townhomes) solds were down more than 15% in Denver metro and 9.6% statewide.
The additional inventory pushed the average days on market up across the state as well. Single-family homes and condo/townhomes in the Denver metro area took an average of 58 and 62 days to sell in December 2024 compared to 50 and 48 a year ago, respectively. Statewide, single-family and condo/townhomes average days on market were 68 and 76 days in December 2024 compared to 62 and 61 in December 2023, respectively.
“Buyers and sellers were forced to take a slower, more methodical approach to the market in 2024, as buyer demand was curbed by a lack of motivation,” said Denver County-area REALTOR® Cooper Thayer. “Throughout the year, 30-year mortgage rates fluctuated between 6.5%-7%, struggling to make significant improvements amidst persistent inflationary pressures. With the slowdown in buyer activity, inventory on the market consistently remained over 3 months’ supply throughout most of the year, and homes took longer on average to sell…however, the slower market was not necessarily unhealthy and provided cost-conscious buyers with relatively more options and more time to find a home. There’s work to be done to create more entry-level homebuying opportunities, such as removing barriers to condominium development and addressing rising insurance and HOA costs.”
The combination of factors helped keep pricing up for single-family homes across all markets. In the Denver-metro area those properties closed the year at a median of $625,000, up 2.1% from a year ago. Statewide, median pricing for single-family properties closed the year at $580,000, up 2.7% from December 2023.
On the other side, condo/townhome median pricing fell 2.4% closing the year at $410,00 in the Denver metro area. Statewide, condo/townhome median pricing finished the year at $422,500, down 0.6% from December 2023.
“During the brief 2024 moments when interest rates fell into the low sixes, buyers rose to the occasion and made purchases,” said Fort Collins REALTOR® Chris Hardy. “These mortgage rate drops were never long-lived, and inventory continued to accumulate to levels not seen in at least five years. The 12-month average available inventory for the Fort Collins metro area was up just over 22%. With the vast majority of first-time homebuyers on the sidelines (nearly 30% of potential buyers by some estimates), active buyers have been move-up buyers which is likely what drove median prices higher throughout the year. These active buyers may be less influenced by interest rates.
“The general consumer’s uncertainty has made it difficult for sellers to price their homes appropriately which has led to an overall increase in the days on market metric (up to nearly 3 months to list, sell, and close),” added Hardy. “Nearly half (45%) of all listings sold in 2024 had a price reduction of some sort.”
Insurance access and affordability joins list of concerns for consumers and REALTORS® alike
Joining the list of challenges and contributing to the overall uncertainty of homeownership in the past year are issues of insurability and costs. The 2021-22 Marshall Fire in Boulder County drastically changed the public awareness of the destruction caused by more urban wildfires and the resulting insurance issues. Those same concerns are currently playing out on a magnified scale in Los Angeles County.
According to the Rocky Mountain Insurance Association, Colorado is second in the nation for wildfire risk, as well as hail risk/claims. These factors are contributing to a growing number of homeowners across Colorado faced with canceled insurance and/or premiums so high they cannot afford to purchase or continue owning the home. Insurability for homeowners across Colorado has been named a top legislative priority for CAR in the 2025 legislative session.
“Last year brought higher insurance premiums and even unexpected special assessments to some multi-family developments,” said Steamboat Springs-area REALTOR® Marci Valicenti. “Challenges finding homeowners insurance coverage and the cost are becoming a true affordability factor not only for homeownership but its impact on rental fees.”
Seven-County Denver Metro
Statewide
LOCAL MARKET SUMMARIES
Taking a more in-depth look at some of the state’s local market data and conditions, the Colorado Association of REALTORS® Market Trends spokespersons provided the following assessments:
AURORA
“Perception is not always reality however, the numbers are. The inventory of single-family homes for sale in Aurora increased substantially however, inventory ended 2024 up only slightly from 2023. We closed 2023 with 1,837 single-family homes on the market. In 2024, we closed the year with 1,801 homes on the market, a year-over-year inventory decrease. Sold numbers for Aurora were up 20% over 2023. The median home price ended the year at $540,000 for single-family and $359,500 for townhomes and condos.
“The 80010-zip code led the appreciation numbers once again. Year over year the median price was $430,000 up 11.7% over 2023. This is an area of major growth given the CU Health Science center, Children’s Hospital, and the CU Hospital.
“Zip codes 80015 and 80016 experienced a slight decrease in year over year pricing with a median in 80015 of $550,000 and $797,000 in zip code 80016 (Southeast Aurora). Another fast-growing zip code; 80018 (east central) saw a 1.8% price increase in 2024 and a median price of $575,000.
“Looking to zip code 80111 in Englewood/Greenwood Village, we experienced a larger decrease in price with the median price in 2023 at $1.14 million and ending December 2024 at $950,000. Centennial ended the year with 14.6% less inventory than 2023, solds were up 29% and pricing was down slightly with a median of $665,000.
“It’s important to realize that these numbers do not necessarily include the new, for sale by builder inventory. There is tremendous new building going on in Aurora’s north, south, and east communities. Builders were offering tremendous incentives at the end of the year to move inventory as they ended their fiscal year.
“While some properties sit on the market others, that are clean and updated, will experience multiple offers. It appears from the numbers of sold properties and the year-over-year inventory that buyers are adjusting to the more normal interest rates and are not waiting for unreasonable or unexpected major drops in interest rates.
“Looking ahead, based on my 46 years as a REALTOR® in Aurora, it’s going to be more of the same. I don’t believe that we will see the crazy price increases or interest rate drops of 2020 and 2021. Buyers are now able to purchase in a fairer market. Most sellers are adjusting to the probability that they will have to negotiate. I expect to see more inventory on the market in the next couple of weeks as we move into the spring selling season,” said Aurora REALTOR® Sunny Banka.
BOULDER/BROOMFIELD COUNTIES
“The 2024 year ended like that awkward, quiet week between Christmas and New Year – buyers and sellers are there, but no one is doing anything. The pleas of REALTORS® to their buyers to take advantage of lower prices and some great deals, fell on deaf ears as buyers continued to wait for lower interest rates.
“Inventory was slightly up but prices remained flat, or even down, from the previous year. The promise of a renewed market in the spring has kept many buyers and sellers on the sidelines. The buyers who did jump in the market were rewarded by lower sales prices and nearly two thirds of the transactions had the seller covering the buyer’s closing costs and adding money to the pot to buy down their interest rate. Fast-moving homes were few and far between, and those that did go quickly sold right at list price—proof that proper pricing is key.
“Prices in Boulder County dropped 3% and average days on market climbed to 58 days. Broomfield’s sales are moving a little quicker with an average of 37 days on the market. Still, the subdued last half of 2024 was obvious to buyers and sellers and the promise of a new year looked appealing.
“Heading into 2025, it appears the wait for lower rates will continue and as most buyers and sellers realize this, they will progress with their moving plans and not continue to sit and wait for something better. If the first weeks of 2025 are any indication, the first half of the year may bring the promise of renewed energy in the market that we are all hoping for,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
COLORADO SPRINGS
“And the year comes to an end much where it began. Median prices were up, active listings remained higher, yet we did sell more homes year over year. Which was a nice little holiday treat for many sellers who struggled much of the year. Despite mortgage rates increasing throughout the month, December was actually better than it could have been. But the struggle for home buyers remains.
“The overall market paints a little drearier picture. Overall, U.S. existing home sales for 2024 were on track for 4.04 million, the worst since 1995. This would put overall home sales below the great financial crisis of 2008. REALTORS®, sellers and buyers were all aware of the housing market struggles. Buyers cannot easily afford homes at these rates, and this led to a 24.4% increase in days on market in our local region and a dramatic increase of homes being withdrawn from the market when they did not sell.
“As we head into 2025, things to watch include inflation, job openings, unemployment, and debt. If inflation begins to take off again, the Federal Reserve rate cuts will end and maybe even reverse. If job openings begin to slow, we can probably expect unemployment to go up. All of this is a balancing act for both the Fed and the incoming president, and it all affects housing. I believe the 2024 struggles will continue into 2025. I’m not optimistic that Washington can get our debt under control and that is going to be key to getting the economy back on track. It also seems that mortgage rates are going to stay higher for longer, putting pressure on all the ‘marry the house and date the rate’ homeowners that bought in 2022 and have been waiting for rates to drop to refinance. The Fed seems to have itself painted into a corner now and I am not sure they know how to fix the mess this has now created. But our resilient industry will find a way to help both buyers and sellers navigate this ever-frustrating real estate market,” said Colorado Springs-area REALTOR® Patrick Muldoon.
CRESTED BUTTE/GUNNISON
“At the beginning of 2024 there was a lot of talk about interest rates going down and inventory going up. Neither of these predictions came to be and that helped to make the real estate sales in the Crested Butte regional area in 2024 very similar to 2023. The total number of overall sales was down slightly (588 vs. 609), but the dollar volume was up slightly ($543M vs. $538M). Average prices continued to increase, but the number of price reductions also went up indicating that sellers were reaching for the stars initially rather than looking at comparable sales to guide them.
The immediate Crested Butte area saw a slight increase in both the number of sales (295 vs. 275) and the dollar volume ($367M vs. $337M). The Town of Crested Butte was almost exactly the same from 2023 to 2024 with 38 or 39 sales and a total dollar volume between $74 – 79M. The Town of Mt. Crested Butte had an increase in sales in 2024 with 109 sales vs. 94 in 2023 and a dollar volume of $106M vs. $95M in 2023. This area is still attractive for potential buyers looking for vacation homes and their buying power is more related to the stock market than to the interest rates.
The area around Gunnison tends to have lower prices and more primary residents than Crested Butte. Sales in that area in 2024 were down 22-25% with 174 transactions vs. 231 in 2023 (25% decrease) and the dollar volume was down from $141M to $110M (22% decrease). The things that effect other, primary markets in Colorado are certainly influencing the real estate market in the Gunnison area – high interest rates for new buyers, low interest rates that existing homeowners don’t want to give up, etc.
As we head into 2025, we are starting the year with almost exactly the same number of properties for sale as we had in January 2024, so buyers need to work with a REALTOR® to help keep them updated as new properties come up for sale because the competition for well-located, nicely finished and well-priced properties is strong. Pricing is important for sellers to pay attention to as properties can sit on the market if not priced correctly. There continues to be a lot of building activity in the valley and the time and expense involved in building a custom home is a factor to consider when determining how to achieve your goal of having a dream home in the area. One more thing that will affect the cost of owning a property in the area, insurance. Condominium complexes and individual homeowners have been receiving notices of non-renewal or premium increases throughout Colorado. This is not across the board, but the increasing costs and challenges with coverage will need to be considered by sellers when determining their asking price since it will go into the buyer’s calculations for carrying costs. These increases will directly affect HOA dues for condominium complexes especially as a homeowner can make their own choices related to coverage.
I believe 2025 will be similar to 2024 in terms of the number of transactions and probably dollar volume unless we see an increase in properties for sale to satisfy the pent-up buyer demand that has built up over the last two years due to the low number of properties to choose from. Prices should stay solid and possibly even increase slightly (again),” said Crested Butte -area REALTOR® Molly Eldridge.
DENVER COUNTY
“Denver’s real estate market displayed healthy resilience in 2024, despite facing challenges in mortgage rates, inventory levels, and other key affordability factors. Over $7 billion worth of homes exchanged hands during the year, representing a $266 million (+3.9%) increase in total sales volume compared to 2023, while the number of closed sales remained nearly identical to the prior year at around 9,100 transactions. The single-family segment exhibited an encouraging level of stability and moderate appreciation, as the median close price rose 6.1% year-over-year to $700,000. Townhomes and condos proved to be more sensitive to the tricky market environment, enduring a 4.6% decline in median sales prices year-over-year to just under $415,000.
“Buyers and sellers were forced to take a slower, more methodical approach to the market in 2024, as buyer demand was curbed by a lack of motivation. Throughout the year, 30-year mortgage rates fluctuated between 6.5%-7%, struggling to make significant improvements amidst persistent inflationary pressures. With the slowdown in buyer activity, inventory on the market consistently remained over 3 months’ supply throughout most of the year, and homes took longer on average to sell. The rolling 12-month average time on market reached 39 days in December, its highest level in nearly a decade. However, the slower market was not necessarily unhealthy and provided cost-conscious buyers with relatively more options and more time to find a home.
“With significant decreases in mortgage rates unlikely in the year ahead, we’re likely to see similar market conditions in Denver in 2025. Spring should bring the typical annual spike in activity as buyers and sellers enter the market between February and July. Many buyers and sellers have stayed on the sidelines waiting, and this pent-up supply and demand is expected to move in the first half of the year. Of course, many economic unknowns persist, bringing uncertainty to how the market will react following the spring selling season. There’s work to be done to create more entry-level homebuying opportunities, such as removing barriers to condominium development and addressing rising insurance and HOA costs. If we make strides on these challenges this year, we could come one step closer to returning to the ultra-hot, competitive market in Denver we’ve become accustomed to in the past decade,” said Denver County-area REALTOR® Cooper Thayer.
DOUGLAS COUNTY
“Homes in Douglas County continue to be a hot commodity, and the local real estate market’s performance in 2024 is a testament to the high desirability of the area. While active inventory on the market grew to 11-year highs, sellers refused to let the more buyer-advantaged market conditions dissuade them from reaching for top-dollar sales on their listings. Median sale prices climbed 3% throughout the year, peaking in May near all-time record high levels of $730,000. A total of 6,261 homes sold during the year within the county, representing a 4.2% increase in closed listings over 2023 and a total transaction volume of over $5.1 billion.
“The luxury market, characterized by sales over $1 million, performed as strongly as the middle- and entry-level markets throughout the year as well. Luxury homes spent a median time on market of 22 days, just one day longer than the median time on market for homes priced under $1 million. While the pace of luxury sales matched the rest of the market, relative inventory was nearly double that of the sub-$1 million market at 4.2 months throughout the year. This resulted in more negotiating power in the hands of luxury buyers, and luxury listings on average closed for just 97.8% of list price, while homes under $1 million received 99.2% of their list price on average.
“Following the trends of the greater Denver metro area, the townhouse/condo market in Douglas County faced challenges, with affordability at the forefront of buyer concerns. More than 20% fewer units sold in 2024 compared to the prior year, and median sales prices in the segment declined 4.9% to just over $475,000. Time on market, however, remained in line with the single-family segment, upheld by the inherently constrained supply of townhouse/condo units and the growing entry-level workforce in the county. With the potential for more entry-level development on the horizon across the state in the next few years, it will certainly be interesting to watch and see how Denver’s suburban markets respond to the growing demand for such products,” said Douglas County-area REALTOR® Cooper Thayer.
DURANGO/LA PLATA COUNTY
“Overall, La Plata County residential sales in 2024 were stable and like 2023 sales in number and price. However, different areas of our county have different markets; the big picture often doesn’t tell the entire story.
“La Plata County is very diverse, encompassing the urban Durango center, smaller towns of Bayfield and Ignacio, a bustling Purgatory Resort, along with various rural regions. Overall residential sales totaled $712 million with 886 sales, similar to 2023’s $720 million and 880 sales. The single-family median price rose 2.1%, sales were down 2.1% in number, with 4.5% more listings on the market for a 3.4-month supply of homes – a stable number in neither buyer or seller’s market territory. It took a bit longer for the homes on the market to find a buyer in 2024. Days on market increased 6.3%. Condos and townhomes make up a smaller portion of the market with an increase of 23.9% in listings entering the market and 14% more sales for a total of a 3.4-month supply. It also took those homes longer to sell with days on market up 23.8%.
“Digging into the overall markets, Durango in-town still finds itself as the epicenter of desirability within La Plata County. Despite extreme price increases, there was a 19% increase in the median price of single-family homes and even less inventory (2-month supply of homes) than last year, bucking the overall trend. The median, in-town, single-family home price is $925,000. Condos and townhomes experienced a 29.2% sales decrease, the median fell 3.7% and there is only a 1.7-month inventory supply. Owners may well be the most challenged in moving from their homes with the mortgage rates and prices of in-town Durango keeping people in their current homes and inventory from growing.
“Moving into rural Durango, the $845,000 median price of a single-family home is down 2.9%. There was less inventory at year’s end than in December 2023 but, in rural Durango, condo and townhome sales jumped 63.6% leaving an inventory of only 2.4 months, or 51% less than last year.
“Things are most tricky in our current insurance markets because of wildfire risk. Many of the Durango rural, multifamily subdivisions were experiencing a lack of available insurers for their associations from 2023. The 2024 numbers increased, but only to what was normal before 2023 when they experienced a slow year of sales due to the insurance issues.
“The Town of Bayfield saw its single-family inventory end the year down 54.8% (condos and townhomes were down 13.3%) leaving inventory at an extreme low of just over 1 month of homes available. This will change rapidly in the next year as a myriad of residential projects and inventory come online. Bayfield has approved enough units to double the city’s size, especially helping our affordable housing market.
“Rural Bayfield saw its inventory rise and, outside of our resort market, has the highest inventory supply at 4.1 months. The median price of $539,450 was stable from 2023.
“Resort market sales dipped 26.5% in 2024 for single-family and 21% for condos and townhomes. This market would most likely have been affected more by pre-election jitters of buyers since it depends more on discretionary purchases and second homeowners than our other area markets. We expect this might bounce back this winter.
“Our smaller area markets of Ignacio and San Juan County, including condos north of Purgatory and the town of Silverton, are often ignored in stat writeups only because the number of sales are too few to draw conclusions from. For example, San Juan County residential sales amount to just 2.2% of La Plata County sales. That said, Silverton had significantly less sales this year, down 37.5% from 2023. Ignacio, on the other hand, will be bringing a dozen new homes online this year intended to ease our affordable housing crunch.
“We anticipate sales to continue on the trends we have experienced in 2024. It’s probable that buyers who were waiting and hoping for rates to lower in 2024 will be as they decide their current homes have become more untenable than the current rates – which aren’t expected to change in 2025. If this happens, we expect to see more inventory free up and more sales as a result. Will this be counteracted by the all-time highs of the in-town Durango prices, keeping people from making a move? These are things we look forward to finding out in our new year,” says La Plata County-area REALTOR® Heather Erb.
FORT COLLINS
“The year of uncertainty is driving the housing market in northern Colorado. In the beginning of the year, it was uncertainty around mortgage interest rates and whether they would meaningfully drop as inflation data appeared to be favorable. Then jobs numbers remained strong, and the Federal Reserve didn’t lower its benchmark rate until September. As the year wore on, uncertainty surrounding the presidential campaign, the economy, and conflicts in Ukraine and the Middle East had much of the nation (and the financial markets) on the fence when it came to making a decision about buying or selling a home or lowering interest rates.
“As the sales data for December illustrates, there was a discernible bump up in overall home purchases following the election. December 2024 purchases outpaced the previous December 46% year over year. Whether that burst of post-election enthusiasm is sustainable as the new administration takes office and implements its stated foreign, domestic, and economic policies remains to be seen.
“During the brief 2024 moments when interest rates fell into the low sixes, buyers rose to the occasion and made purchases. Recently, homebuyers took advantage of the lower rates and re-financed their mortgages that had been over 7%. These mortgage rate drops were never long-lived, and inventory continued to accumulate to levels not seen in at least five years. The 12-month average available inventory for the Fort Collins metro area was up just over 22%. With the vast majority of first-time homebuyers on the sidelines (nearly 30% of potential buyers by some estimates), active buyers have been move-up buyers which is likely what drove median prices higher throughout the year. These active buyers may be less influenced by interest rates. We’ve seen substantial upticks in the year-over-year purchases of homes in the top 10% of purchase prices which, in our market, are homes priced over $1 million. Sales over $1 million were up 30% and sales over $2 million nearly doubled from the previous year, while most other lower-tier price points were in negative growth territory.
“The luxury detached home market notwithstanding, the general consumer’s uncertainty has made it difficult for sellers to price their homes appropriately which has led to an overall increase in the days on market metric (up to nearly 3 months to list, sell, and close). Subsequently, price reductions or listing terminations occurred when the seller was unable to secure a contract at the original list price. Nearly half (45%) of all listings sold in 2024 had a price reduction of some sort. Homes taking longer to sell led to an increase in absorption rate, aka months’ supply of inventory. Through December, the average months’ supply of inventory for the year stood at nearly 3 months. Considering that in 2022 there were often less than two weeks of inventory in a highly competitive seller’s market – 3 months of inventory is certainly leaning into a more buyer-friendly dynamic. Closed prices remained fairly consistent at roughly 98% of list price. However, this metric does not include homes that were sold with a seller concession as part of the deal. Nearly 45% of homes sold in 2024 had a seller concession to the buyer ranging anywhere from just $200 to as high as $120,000 (on a $910,000) sale. Across all price points, the average concession paid by sellers was nearly $9,000.
“As mentioned above, supply is increasing but only incrementally. Sellers are still bound to their ultra- low interest rates and not prepared to give them up with new mortgage purchase rates near 7%. The need for housing is great but the affordability issue puts many who would otherwise buy on the sidelines. Therefore, pent-up demand for housing continues to grow, waiting for a time when mortgage interest rates stabilize. It seems buyers expect rates to fall and will wait to make their purchase until that time comes. Should mortgage rates drop to the low sixes and stabilize there for a sustained period, pent-up demand will release. Buyers will shift to high gear and quickly absorb any built-up inventory (as evidenced in December).
“New construction is chugging along but at a slower pace. Given how quickly market dynamics change these days, new construction will inevitably be playing catch-up should rates drop and buyer activity increase.
“Right now, buyers who can afford to take on a higher rate mortgage have the upper hand in negotiations with sellers. Seller concessions remain a consistent negotiation tool in addition to inspection items, price reductions, and buyer broker compensation. Sellers who need to sell, need to price aggressively to entice buyers to compete for top-notch homes in great condition and desirable locations.
“Fort Collins and the surrounding metro area has enjoyed a robust and balanced economy with a diverse and highly educated workforce across the primary employment hubs of healthcare, energy development, agriculture, high-tech, construction, and education. According to the Bureau of Labor Statistics, Fort Collins unemployment rate sits at 3.9%. With the continued rise in home prices and decreased affordability, Fort Collins proper has seen its population growth slow to just 0.2% in 2024. That’s not to say that the surrounding areas are seeing the same. According to an article in the Coloradoan published this past May, Windsor, just a few miles to Fort Collins’ southeast, has seen a tremendous growth spurt of over 23% in the last three years making it one of the fastest growing cities in the state and the U.S. as a whole. Many of Windsor and other adjacent communities’ workforce drive to Fort Collins for work, making transportation infrastructure, construction and maintenance a political hot-potato. Although Fort Collins’ population growth has slowed somewhat, the demand for housing within the city limits remains high due to the desirable quality of life and amenities offered here. Great schools, parks, open space, robust infrastructure, access to the foothills and mountains, continue to act as catalysts for growth into the foreseeable future,” said Fort Collins-area REALTOR® Chris Hardy.
GRAND JUNCTION/MESA COUNTY
“December was a surprising month in Mesa County moving statistics for both the month and the year into positive territory. Comparing December 2023 to December 2024, new listings were up 19% for the month and 10.8% for the year. Pending sales were up 25.4% for the month and 4.8% for the year, and sales were up 37.3% and 3.4% for the year. However, looking back at 2021 and 2022, we still have a long way to go. Active listings were at 627 at the end of December, a 2.6-month supply. Days on market were up for the month at 98 days.
“Median price closed at $400,000 and average price $457,820. The most active price ranges were between $400,000 and $700,000. Single-family sales were up 3.3% for 2024, and condo/townhomes sales were up 3.5%,” said Grand Junction-area REALTOR® Ann Hayes.
PAGOSA SPRINGS
“Despite high mortgage rates, home sale crawled forward in 2024 with just two additional homes sales (390 homes) from the slowdown in 2023. With distractions including high interest rates, elections, inflation, changes in real estate market practices affecting the buyers, it’s amazing the local market held strong. Rising inventory, up 15%, created longer average days on market (up 52.3%) at 124 days. For the first time in my 14-year history as a real estate broker, there were no homes (typically studio condos) sold under $100,000 and more homes were sold at $1 million and higher than ever before. Most price-point categories sold over or about the same as in 2023, apart from homes priced in the $400,000-$600,000, as home inventory was slim throughout the year. The skewed current home inventory levels indicate a 5.8-month supply. This is not true for homes priced $500,000-$800,000, as inventory averages 2.5 months. Homes under $500,000 are at about a month or less. Homes priced $2-million plus are at a two-year inventory. Throughout 2024 and into 2025, selling prices remain strong, even though some homes are taking longer to sell.
Median sale price $589,500 (up +7.2%)
Average sale price $750,723 (up 12%)
“While some potential buyers wrestled with the elevated mortgage rates and rising home prices, the reality is demand in the market remains strong with cash buyers. As aging second homeowners have significant equity built up in their homes, 2025 positions an upward pressure on home prices to persist in the 2025 market. This is their year to sell while prices are strong. As the lock-in effect softens over time and more inventory builds, this will likely motivate move-up buyer activity and second home purchases in the coming year, even with tighter short term rental regulations.
“Affordability concerns remain a key factor for local buyers. For those that are skilled in making the finances work, this could translate into more sales activity in the coming months. Spring may bring homes on the market earlier (April versus May) if mother nature continues its low snow pattern in southwest Colorado. Last year’s market drew fewer home builders as new construction (labor and supplies) and infrastructure prices climbed. We’ll see if local home builders bring new construction in 2025 and add any significant numbers to home inventory.
“Land buyers in 2024 had their own struggles as prices also continued to climb. New county assessments inflated pricing and new water infrastructure fees escalated. We had four fewer land sales (283) last year than in 2024. Quarter-acre lots in the water district were flat in sales numbers which attributed to less new construction and purchases. So far in 2025, land prices are holding; however, most price points have close to a year of inventory. Land sellers are experiencing a trend of longer days on market like the pre-pandemic period. With lower inventory in the median sales price, land prices will continue to hold, if not increase in the coming spring months. Land buyers historically purchase with the intent of building in a 5–7-year window.
“Overall, continued rising demand to live in rural Pagosa Springs and anticipated more active listings will lead to higher levels of housing inventory and will likely keep market activity prompt in 2025 relative to 2024. Sellers who desire to sell quickly will need to place homes on the market early and aggressively price their homes, especially with the current 166 active listings likely increasing in the spring,” said Pagosa Springs REALTOR® Wen Saunders.
PUEBLO
“The Pueblo real estate market got a little better for buyers in December as listings rose 23.8% and are up 3.2% for the year. Pending sales were down 11% in December and down 9.7% year to date. Solds were also down 4.1% compared to December 2023 and down 8.9% for the year. The median price ended the year up 3.35% to $316,500.
“The percent-of-list-price received ended the year at 98.2%. Sellers have been reducing their prices to get properties sold. For buyers, the biggest problem has been interest rates. Now in the low 6% range, some special opportunities can bring rates under 6%. Looking to our average days on market, we’re holding steady at about 90 days. Our seller’s market has turned slightly more toward a buyer’s market.
“We don’t anticipate things changing much in the first quarter of 2025. Buyers are getting used to the interest rates and sellers understand that they will need to be careful how they price their home. More businesses are coming into Pueblo and more housing, including two large housing projects and a 300-unit apartment complex on Pueblo Blvd. is going to help. Local home builders are still cautious about building spec homes and would prefer pre solds.
“Overall, there is a positive attitude in Pueblo and Pueblo West. People are looking for 2025 to be a better year than we’ve seen in the past several,” said Pueblo-area REALTOR® David Anderson.
SAN LUIS VALLEY
Looking at markets across the San Luis Valley, REALTOR® Megan Bello shared the following summaries:
“Alamosa County experienced a nearly 10% decrease in new listings and a 5.4% drop in sold listings. The median sales price rose from $299,500 to $311,250.
“Conejos County saw no change in new listings compared to last year but recorded a 25% decrease in sold listings. The average sales price increased from $298,063 to $319,638.
“Costilla County showed significant growth, with new listings up 10% and sold listings up 43% compared to last year. The median sales price increased by 15.9%, rising from $220,000 to $255,000.
“Rio Grande County saw a slight decline in new listings but a 14.2% increase in sold listings. The median sales price grew nearly 20%, from $283,500 to $340,000.
“Finally, Saguache County experienced a nearly 30% increase in new listings and a 16% rise in sold listings. However, the median sales price declined slightly from $347,000 to $336,000.”
STEAMBOAT SPRINGS/ROUTT COUNTY
“The number of new listings for single-family homes in Steamboat Springs totaled 238 for the year, 18.4% more than 2023 and about the same as 2022. Out of the 157 homes that sold, only 19 sold under $1 million and the median sales price $2.16 million. The highest 2024 sale occurred in the first quarter, a 7,215-square-foot, single-family home on five acres, constructed in 2023 that closed for $12 million or $1,940 per square foot. The largest ranch sale in Routt County occurred in the Clark area; a 712-acre ranch with Elk River frontage closing for $14 million.
“The multi-family segment of the Steamboat Springs market saw a 40% increase in new listings for the year. There was a slight 3.1% increase in transacted sales to 334; 144 of those units sold below $1 million with a median sales price at $855,000. The highest multi-family sale occurred in mid-November with a newly constructed side of a duplex at the base area, consisting of 4,380 square feet with a two-car garage for $8.475 million, $2,054 per square foot. The second highest sale was a ski-in/out condo consisting of 3,889 square feet for $7.9 million, $2,186 per square foot. These two sale prices per square foot are indicative of the realm of what buyers can expect for new construction for upscale ski-in/out, base area, walk-to-ski properties- especially if it is new construction.
“The Hayden community had 21 more single-family homes on the market in 2024 than the year prior but realized eight less sales. The average sales price for the year was $571,913, which was up 4.9%. Hayden has limited multi-family development, and the year brought 14 new listings. Seven sales rivaled that of 2023; however, the average price went up 27.5% to $449,643. In Routt County, Hayden currently has the longest months’ supply between 4.5 – 5 months.
“Single-family new listings in the Clark area increased a tad last year. With 33 listings, 26 sold at a median price of $1.09 million. In addition to the $14 million ranch sale, a 17,209-square-foot luxury log home sold for $9 million. Clark is home to Steamboat Lake and is considered by many to be a recreational paradise.
“Oak Creek (Stagecoach) was the only area in Routt County that experienced fewer listings for houses for the last two years running, resulting in fewer properties sold than last year. The average sales price dropped 20.6% to $944,120. Condos and townhome activity doubled in new listings and the market responded with the same number of sales, delivering an average sales price of $498,923 – up 35.9% over last year. The area of Oak Creek that looks to have the most activity for expansion is Stagecoach with two large developments going through the planning process.
“A notable event in 2024 was the failure of the annexation of the Brown Ranch into city limits by Steamboat Springs city voters. The proposal was for 2,264 housing units that would house 6,000 people by 2040. Constituent concerns were scale, environmental, budgetary, traffic/transit, lack of city parks and an inadequate plan for inclusion of free market homes. A new proposal is not expected until 2026 with the city and housing authority focusing on engagement with the community over future development for the property.
“Less than two weeks into 2025, Coloradans flashback to the devastating Marshall fire where 1,000 homes and businesses were destroyed as the fires in Los Angeles bring devastation 10-fold. Last year brought higher insurance premiums and even unexpected special assessments to some multi-family developments. Challenges finding homeowners insurance coverage and the cost are becoming a true affordability factor not only for homeownership but its impact on rental fees,” said Steamboat Springs-area REALTOR® Marci Valicenti.
SUMMIT, PARK, AND LAKE COUNTIES
“2024 ended as an odd year for mountain properties. Odd because the basic economic principle of supply vs demand did not hold true. It took longer to sell a property, there were more listings and basically flat sales, yet both median and average prices went up. For Summit and Park counties, 44% of the sales were over $1 million, with single-family homes in the $5 to $9 million range and multi-family homes in the $2.5 to $5 million range showing the biggest growth for the number of sales. The frustrating part is, there was not an identifiable trend happening throughout the year. Each month saw ups and downs and at times it felt very slow, which would be accurate when comparing sales as far back as 2015. The last two years (2023 and 2024) had the fewest sales in that timeframe.
Still, the numbers tell a story of remarkable market strength:
- Total sales volume in Summit, Park, and Lake Counties reached an impressive $2 billion.
- Summit County saw a 16% increase in single-family home average prices and an 11% increase for multi-family residences.
- Single-family homes moved at a similar pace to 2023, multi-family homes took about 45% longer to sell in 2024.
Average price of a Single-Family Home sold for 2024:
Summit County $2,444,258 367 sold
Park County $ 631,836 214 sold
Lake County $ 654,229 35 sold
Average price of a Multi-Family Home sold for 2024:
Summit County $ 926,294 877 sold
Among the 513 active residential listings in Summit, Park and Lake counties, the most affordable listing is a mobile home in Park County priced at $147,500, while the most expensive is a luxurious single-family home in Breckenridge, listed at nearly $19 million.
December saw 102 sales with a wide range of price points:
· Lowest Sale: A single-family home in Park County for $240,000.
· Highest Sale: A stunning Breckenridge single-family home for $7.85 million.
High-end buyers remained active — 44% of sales exceeded $1 million — and nearly 46% of transactions were cash purchases.
“It’s been an interesting year, full of twists and turns. With rising prices and shifting timelines, this dynamic market continues to offer great potential for savvy investors and mountain dreamers alike,” said Summit-area REALTOR® Dana Cottrell.
*These numbers exclude time share, deed restricted, land and commercial properties.
TELLURIDE
“The Telluride regional real estate market sales for 2024 came in at just over $1 billion. There were 483 transactions, a 16% increase in dollar volume with a 9% increase in the number of sales compared to 2023. December saw $55.26M in the dollar amount of sales with 36 the number of sales.
“The 2024 sales were the fourth highest in San Miguel County’s history, underscoring the region’s desirability as a luxury resort lifestyle destination. The average sales price rose 7% to $2.08 million, supported by limited supply and strong buyer interest.
“An analysis of these numbers show that the town of Telluride and the town of Mountain Village each recorded 24 single-family home sales in 2024. However, Telluride’s sales totaled $155.5 million with the town of Mountain Village seeing $235.5 million in sales. Homes in the Mountain Village can be two to three times larger than the homes in Telluride due to much bigger lots.
“Furthermore, the 2024 analysis of the market saw a 39% increase in the total dollar volume for the town of Telluride and a 49% increase in the total sales volume for the whole county, compared to 2023. The Mountain Village saw a sales volume decrease due to less available inventory. There are very few sellers wanting to put their properties on the market, unless they have decided to ‘cash out’ and leave the regional market for good.
“Lastly, there is a new variable that I’m not sure I’ve seen in my 40-plus years as a Telluride real estate broker. Many high-net worth individuals are a bit nervous about the frothiness of the global stock markets and the significant amount global political turbulence. Historically, a hedge against or defense against potential economic troubles have been buying gold, precious metals, or art. With the extremely limited supply of luxury real estate in places like Telluride and Aspen, high net worth buyers scrambling to ‘protect’ their overall portfolio. There is not a way to significantly increase the inventory in the Telluride region for years to come. The last subdivision in San Miguel County was approved more than 25 years ago. The Telluride regional real estate market looks particularly good for years to come in my opinion,” said Telluride-area REALTOR® George Harvey.
VAIL
“The year finished with mixed results across the Vail market. Closed sales were down 16.5% for the month however, year-to-date sales were up 6.6% in units and dollars were up 24%. This trend has been consistent the past few months and is driven by changing sales percentages in pricing niches and stability in market pricing. Months supply of inventory is stable at 4.6 months versus 4.7 months in 2023. Inventory is 3.8% higher than 2023 but still dramatically lower than the pre-COVID inventory. The inventory is skewed toward the sales price niches driving the market. The decline in the lower price niches is a factor of land limitations and construction costs. The land mass of the county is predominately Federal and State land which is approximately 85% owned by the government entities. Hence, a limiting factor in development across the valley for the lower price niches. In adapting to the land situation, we had a strong year in condo/townhome sales up 16.1% compared to a negative 3.9% for single family/duplex sales.
“Per the attached chart, we see the change in market share by niche and the impact it has on total transactions. Macro-economic factors tend to impact the second home market, and we will be watching the inflation rate and the interest rates along with volatility over the next few months to get a sense of what the 2025 market may bring. Our market is impacted differently with mid valley east more focused on the resort market and second homeowners, while the western market is focused more on full-time residents and addressing the lower price niches more aggressively. There are several new developments in the approval and startup phase for this market segment and should begin positively impacting the market in 2025.
“The market seems to have found its space and the comparison of 2020 and 2024 markets reflect similar dollar generation with dramatic swings in units and market share of niches. I believe we will find a balance in the market that follows the 2024 pattern in the foreseeable future,” said Vail-area REALTOR® Mike Budd.
The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by Showing Time, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The December 2024 reports represent all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction. CAR’s Housing Affordability Index, a measure of how affordable a region’s housing is to its consumers, is based on interest rates, median sales prices and median income by county.
The complete reports cited in this press release, as well as county reports are available online at: https://www.coloradorealtors.com/market-trends/
###
CAR/SHOWING TIME RESEARCH METHODOLOGY
The Colorado Association of REALTORS® (CAR) Monthly Market Statistical Reports are prepared by Showing Time, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services (MLS) in Colorado. These reports represent all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction. Showing Time uses its extensive resources and experience to scrub and validate the data before producing these reports.
The benefits of using MLS data (rather than Assessor Data or other sources) are:
Accuracy and Timeliness – MLS data are managed and monitored carefully.
Richness – MLS data can be segmented
Comprehensiveness – No sampling is involved; all transactions are included.
Oversight and Governance – MLS providers are accountable for the integrity of their systems.
Trends and changes are reliable due to the large number of records used in each report.
Late entries and status changes are accounted for as the historic record is updated each quarter.
The Colorado Association of REALTORS® is the state’s largest real estate trade association representing over 25,000 members statewide. The association supports private property rights, equal housing opportunities and is the “Voice of Real Estate” in Colorado. For more information, visit https://www.coloradorealtors.com.