Interest rates, affordability, economic uncertainty may have driven early end to spring housing season
ENGLEWOOD, CO – Despite what the calendar says and a housing inventory that continues to build across the Denver metro area and state, the typical spring housing season may have come and gone a little early this year. Higher interest rates, economic uncertainty, and pricing that remains stubbornly high is keeping a more selective pool of buyers waiting out what has become a challenging market to define according to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR) and analysis from the Association’s spokespersons across Colorado.
In the seven-county Denver-metro area, 8,713 new listings (6,666 single family/2,047 condo-townhome) hit the market, up nearly 20% from the same time last year. The nearly 15,500 active listings (single family and condo/townhome) across the Denver-metro area in April reflect a nearly 37% increase over April 2024. Statewide, the more than 14,000 new listings (10,981 single family/3,131 condo-townhome) were up more than 17% from a year prior and the more than 27,000 active listings signal a 33% increase over April 2024.
Challenging an already selective buyer pool, median pricing for single-family homes in the seven-county Denver area rose 1.2% from March to April to $632,500 and 1.3% for condo/townhomes to $395,000.
Statewide, the median price of a single-family home rose 2.8% from March to April at $599,000. For the condo-townhome market, pricing slid 0.5% between March and April to $407,000, down 5.1% from a year ago.
“Despite the influx of listings, buyers remain cautious. Concerns about interest rates and the broader economy are causing many to pause. This feels like a typical spring market in terms of inventory, but consumer hesitation is putting a damper on activity. If mortgage rates decline and the economic outlook improves, we may see a delayed spring market unfold this fall,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
“Is the housing market stagnant? It feels that way to many clients and REALTORS® alike. With listings up 30% across all properties and the median price remaining unchanged, many sellers are finding a lack of buyer demand. And this is a trend in other areas across the state and the country. Total housing inventory was up 8.1% month over month in April nationwide and 20% year over year, yet house prices remain elevated,” said Colorado Springs-area REALTOR® Patrick Muldoon.
“The fear factor is real. Buyers are worrying about prices and what’s next, while sellers are lowering their prices and wondering how many showings before they receive an offer. It’s obvious that, unless the home is well priced, very clean, and in good repair, it may experience a longer shelf life on the market,” said Aurora REALTOR® Sunny Banka.
“With more homes for sale this spring than we’ve seen in over 12 years, one might expect buyers to be eager to jump into a market filled with plentiful options. However, finding motivated buyers in April wasn’t exactly an easy task…unrelenting interest rates, economic uncertainty, and overall inflationary pressures have kept buyer motivation low across the country this spring,” said Denver County-area REALTOR® Cooper Thayer.
“That’s the thing about a balanced market. They’re kind of boring. Compared to the heyday of post pandemic purchase pandemonium, buyers now have the luxury to look at multiple houses for sale in just about any price range; they also have more time to make a decision since more homes are available and only buyers with the stoutest of hearts (and pocketbooks) are actively buying. Negotiations for things like seller concessions for interest rate buy-downs and inspection items to have repairs completed before closing have once again become commonplace,” said Fort Collins-area REALTOR® Chris Hardy.
Total Market Overview – Seven-County Denver Metro
Total Market Overview – Statewide
ACTIVE LISTINGS – DENVER METRO AREA
ACTIVE LISTINGS – STATEWIDE
MEDIAN PRICE – DENVER METRO AREA
MEDIA PRICE – 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
“Without a doubt, 2025 is proving to be one of the more disappointing housing markets for a great number of sellers. The fear factor is real. Buyers are worrying about prices and what’s next, while sellers are lowering their prices and wondering how many showings before they receive an offer. It’s obvious that, unless the home is well priced, very clean, and in good repair, it may experience a longer shelf life on the market. The inventory is up more than 35% in the Aurora, Adams County, and Arapahoe County areas. Sellers are getting creative with the incentives they are offering so they may move on to their next place in life. I am seeing landlords who cannot get out of the rental business soon enough with all the new landlord/tenant regulations.
“It seems that many of my sellers are looking at states that are pushing through fewer regulations or states that might be more affordable and less eager to put a tax or fee on many goods and services. Wyoming, Tennessee, Florida, Utah, and Idaho are states that all appear more inviting than Colorado right now, and are locations many of my sellers are moving – or are 1031 exchanging their rental properties – to. I have to wonder if that is where the buyers are going as well.
“Inventory is up 38%. Closed sales are up about 4%. Clearly the inventory is not being absorbed. This is a fantastic opportunity for buyers. They have more choices, and a longer time to make the decision. Days on the market is approximately 35 days, which is also an increase over this time last year. The median home price varies depending on the location. The median price in zip code 80011, (near CU Health Science Center and Children’s Hospital) is $451,000. Moving south to the 80013-zip code, which is more central Aurora the median price is $498,000. The south section of Aurora, zip code 80015 the median price is at $538,000 and the southeast area, zip code 80016 is at a median price of $799,000, which is down considerably from one year ago. To the west, zip code 80111 has a median price of $1,249,500. There is truly something for everyone,” said Aurora REALTOR® Sunny Banka.
BOULDER/BROOMFIELD COUNTIES
“Spring has arrived in Boulder and Broomfield counties, bringing with it the long-anticipated boost in housing inventory. New listings are up 17% compared to earlier in the year, giving buyers more options to explore. However, increased selection hasn’t translated into increased sales—closings in both counties are down approximately 4%.
“The Boulder market is seeing only modest appreciation, with the median sales price ticking up 1.5% since the beginning of the year. Meanwhile, Broomfield is showing stronger momentum with a 7.2% increase in median prices, outperforming its neighbor to the west.
“Historically, much of our annual home appreciation occurs between January and July. Unless the market picks up pace, Boulder could be facing a relatively flat year in terms of price growth. Homes that are properly priced continue to sell close to asking, but market timing varies by location. In Boulder, homes are averaging 68 days on the market, while Broomfield properties are selling faster, at an average of 48 days.
“Despite the influx of listings, buyers remain cautious. Concerns about interest rates and the broader economy are causing many to pause. This feels like a typical spring market in terms of inventory, but consumer hesitation is putting a damper on activity. If mortgage rates decline and the economic outlook improves, we may see a delayed spring market unfold this fall,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
COLORADO SPRINGS
“Is the housing market stagnant? It feels that way to many clients and REALTORS® alike. With listings up 30% across all properties and the median price remaining unchanged, many sellers are finding a lack of buyer demand. And this is a trend in other areas across the state and the country. Total housing inventory was up 8.1% month over month in April nationwide and 20% year over year, and yet house prices remain elevated.
“U.S. home prices are slowing down. There was an increase of just 4.5% year over year in the first quarter of 2025, which was the smallest increase since Q3 2023. Are we beginning to see that flip now? We are in April, what would typically be the start of the spring selling season, and homes are sitting. Sellers in certain price ranges go weeks without a single showing. Key indicators may now be at play. Q1 2025 showed negative GDP growth, and the New York Empire State Manufacturing index fell 8.1 points in April, recording the third negative reading in 2025. Are the trade wars being felt by consumers, or is this a carryover from last year when economic weakness started to creep into the economy and tariffs are beginning to now show that weakness?
“As a veteran agent of 30 years, I can honestly say I have never seen a housing market like this. We continue to be able to sell the upper-end homes and yet, the entry level homes are sitting and often withdrawing from the market. The NED (Notice of Election and Demand) list locally is beginning to increase dramatically. Showing that economic pressures are beginning to be felt by consumers. And as of the writing of this report, we have over 100 short sales on the MLS. Something that was just a myth 18 months ago. Sellers will have to be serious about price and condition to stick out among this added competition, and even then, may find that buyers opt to rent than buy until everyone is more secure about what the economy is doing,” said Colorado Springs-area REALTOR® Patrick Muldoon.
CRESTED BUTTE/GUNNISON
“This time of year in Crested Butte and Gunnison is when we focus on moving out of the winter and preparing for the summer. The snow is melting, hiking and biking trails are starting to open, things are turning green, and we know that a busy summer will be here before we know it. Many sellers took properties off the market for the off-season, and we are starting to see new or renewed inventory come up for sale. Summer is our busiest time for showings, contracts and closings and we are hopeful that this summer will bring some exciting new properties to the market for buyers to consider.
“The Crested Butte area continues to see sales slightly ahead of 2024 with 74 sales through April vs. 67 last year and dollar volume is up slightly from $89 million last year to $94 million this year. Inventory numbers are almost identical, but it has shifted with about 10% less single-family homes for sale than this time in 2024 and there are 7% more condos and townhomes for sale.
“The Gunnison market has seen more sales than last year (48 vs. 43), but with the dollar volume down about 28%, it is clear that lower priced properties are driving those sales ($33.8 million in 2024 vs. $24.1 million in 2025). If you have been waiting to buy something in the Gunnison area, you should be looking at the market because the inventory is up 50% from this time last year and this is especially true for single-family homes. We will see if the inventory is going to continue to increase as we head into the summer or if people just put their homes on the market earlier this year than last year.
“We continue to see very different attitudes from buyers and sellers. Buyers are cautious and patient, but also thinking that a 2008 style correction is coming. Sellers are bullish and seeing dollar signs thinking that the post-Covid market frenzy is still possible. Neither of these views are correct. The reality is that sellers should be paying close attention to recent sales and active listings that may be sitting on the market. Properties that are well located, move-in ready ,and priced correctly are selling quickly and sometimes with multiple offers. So, if you are looking at listings that are sitting on the market, that is a sign that buyers are not thinking the price is justified and you should price yours accordingly. ‘You never get a second chance to make a first impression’ is a phrase that sellers should keep in mind so they don’t miss out on a sale by pushing the envelope.
“With the uncertainty in our economy, buyers have reason to be cautious, but there is no sign that a huge correction is coming, and they could find themselves waiting for years for a change that may never happen. Real estate in our area has appreciated over time so, if you are looking to buy a place to enjoy in the valley, there is no time like the present. ‘The best time to plant a tree was 20 years ago, the second-best time in now’ also applies to buying your Crested Butte or Gunnison home,” said Crested Butte-area REALTOR® Molly Eldridge.
DENVER METRO (11-County)
“With more homes for sale this spring than we’ve seen in over 12 years, one might expect buyers to be eager to jump into a market filled with plentiful options. However, finding motivated buyers in April wasn’t exactly an easy task in the Denver-metro area. Year-to-date through last month, nearly 30,000 new listings hit the market, a 22.5% jump compared to the same time period last year. That inventory has been much slower to leave the market than usual, as the number of sold listings increased by just 1.2% year-to-date versus last year. The resulting spike in inventory has forced intense competition between listings, pushing median sales prices down a slight 0.5% last month, as 3.6 months of supply of listings remain on the market awaiting buyers.
“Unrelenting interest rates, economic uncertainty, and overall inflationary pressures have kept buyer motivation low across the country this spring. Home sellers today are faced with the difficult reality of a slowing market, but Denver-metro area real estate is far from being in trouble. More than $3.2 billion worth of homes exchanged hands last month, continuing a three-year trend of increasing sales volume in the Mile High City. Naturally, for the listings that find a buyer, average time on market has plummeted since the beginning of the year – down to 37 days in April from January’s peak of 60 days.
“Patience is not only a virtue in today’s real estate market, but a necessity for sellers seeking to find success. While buyers have more time, more options, and less motivation than in recent years, there is certainly not a lack of demand in the Denver Metro Area. Creativity and ingenuity thrive in tougher markets, and we’re seeing home sellers and REALTORS® take unique approaches to differentiate their listings and incentivize buyers to continue pursuing homeownership in inclement conditions. Stay patient, stay positive, and stay realistic, and you can still thrive as we enter the summer,” said Denver County-area REALTOR® Cooper Thayer.
DURANGO/LA PLATA COUNTY
“La Plata County had a phenomenal April for residential sales, with an 18.9% increase in sales and a 15% increase in inventory over April 2024-both spurred on by an extremely light winter as buyers got a jump on spring. This said, the median price is more than 11% lower than in April 2024.
“Breaking it down, the single-family market has had a 21.6% increase year to date in new listings and 16% in sold listings, with the median up year to date 2%. With this many more single-family homes on the market, it will have a significant impact on how the year is going to play out.
“The condo and townhome market is struggling somewhat in La Plata County. Year to date, we’re up 6% in the number of new listings, but sales are down 13.6% and the median has fallen 1.6%. It feels strongly like a buyer’s market on the ground, with more motivated sellers and prices to reflect, yet 2024 year to date may have just felt like a glitch or bump in the market, as the number of sales in 2025 is about the same as year-to-date 2023 experienced.
“Breaking down the areas: Bayfield is absolutely chugging with new inventory available. They’ve had six condos/townhomes sell already in 2025 which may not sound like much but, this is just the start of a lot of new, affordable inventory.
“Bayfield rural properties (as well as our resort) are usually a bellwether of a changing market. Inventory of homes for sale is 80% higher than April 2024, the median price is down 4% in 2025, and the month’s supply jumped 87% over last year.
“The Purgatory and greater resort area single-family market has jumped from just over a two-month inventory of homes for sale last April to an eight-month supply this year. Condos and townhomes are up to a nine-month supply. Having a terrible winter has not helped this market.
“As usual, Durango in town homes buck any negative trends and the market is still doing well. Our in-town market is insulated from many changes, as it remains the core center of where people from other areas want to move. Because of this, you can usually count on it being the strongest (or least soft) of all our county markets.
“For single-family homes, our inventory is greatest in the $1-2 million range, and our $200,000-400,000 homes make up 51% of all inventory for townhomes and condos combined. As far as sales are concerned, $500,000-700,000 single-family homes make up 52% of last year’s sales. For townhomes and condos combined, the $500-700,000 range is the greatest portion of our sales at 23%.
“Just north of us, in San Juan County, it’s of interest to note that the single-family inventory has jumped to a 10-month supply of homes. The median price of a home in Silverton, Colorado in 2025 stands at $510,000,” said La Plata County-area REALTOR® Heather Erb.
EVERGREEN/MOUNTAIN METRO
“The Colorado foothills real estate market continues to experience significant changes as we move into April 2025. Inventory levels surged, with active listings increasing 60.2% for single-family homes and 74.8% for townhouse-condo properties compared to the same period last year. This rise in inventory is accompanied by a notable increase in new listings, up 29.6% for single-family homes and 17.4% for townhouse-condo properties.
“Sales activity remains somewhat robust, with sold listings up 4.5% for single-family homes and 2.2% for townhouse-condo properties. However, since new listings are outpacing sales and inventory is growing, the market is seeing mixed trends in pricing. The median sales price for single-family homes has increased 1.1% to $700,000 in the general foothills market. However, when looking at Evergreen-Conifer specifically, the median sales price decreased 19.4% to $904,500, and the average sales price dropped 13.7% to just over $1 million. This is a significant shift for this local market.
“Days on market increased significantly, with single-family homes taking 18.5% longer to sell and townhouse-condo properties taking 35.5% longer. This trend is likely heavily affected by the difficulty in finding homeowner’s insurance for these properties, as many condo HOAs are not able to renew building insurance, which now must be covered individually by each owner. The overall trend indicates a slowing pace in the market, possibly due to the increased inventory and more cautious buyer behavior,” said Evergreen-area REALTOR® Julia Purrington Paluck.
FORT COLLINS
“The numbers for April look good. Compared to last year at this time, new listings are up, total sales are up, and median sales price is flat. Consumers appear to be making adjustments to the ‘new normal’ of mortgage interest rates in the high six-percent range. With these kinds of numbers, you’d think there’d be more to crow about. But when the question comes up from both clients and colleagues about ‘How’s the market?’ the answer is a notably muted ‘Meh.’
“Perhaps that’s the biggest indicator that we have entered a more balanced market. Buyer enthusiasm is muted but steady interest remains for properties that are well-priced and in good condition. Seller’s enthusiasm is muted as they come to terms with the need to provide concessions to compete for buyer attention, realistic pricing, and patience for buyers to make a decision on making an offer.
“There are still pockets of competitive offers, homes under contract in days rather than weeks, and all cash deals closing quickly – but those have become the exception rather than the norm. Value sensitivity is being felt across the continuum of price brackets. Sellers choosing to push the limits on list prices for their homes will often be met with crickets when it comes to showings.
“That’s the thing about a balanced market. They’re kind of boring. Compared to the heyday of post pandemic purchase pandemonium, buyers now have the luxury to look at multiple houses for sale in just about any price range; they also have more time to make a decision since more homes are available and only buyers with the stoutest of hearts (and pocketbooks) are actively buying. Negotiations for things like seller concessions for interest rate buy-downs and inspection items to have repairs completed before closing have once again become commonplace,” said Fort Collins-area REALTOR® Chris Hardy.
GRAND COUNTY
“Heading into the warmer months, the Grand County real estate market is seeing some transitional activity and showing us that we are going through a shifting dynamic between buyers and sellers. Many buyers are looking but they’re being more cautious and waiting for the right deal or waiting for more summer inventory that is expected to come, as always, during the summer months at many Colorado resort areas.
“Sellers in Winter Park and Granby Ranch are getting their nightly rentals in good shape after being rented out all winter, while we see the closing of the ski areas in May and now work on getting the popular mountain biking courses set up for summer. Sellers in these sought-after locations, including Grand Lake, are positioning themselves to go to market and take advantage of their equity and sell while prices are still holding, and the market is not stagnant.
“Like most mountain ski and lake resort areas of Colorado, the Inventory levels are trending upward. We always see more inventory in the summer months and, with supply increasing, that means more days on market and more leverage for buyers to find the right property and even get it at a lower price including some seller concessions. So, we are definitely seeing more of a balanced market between buyers and sellers approaching us,” said Grand County REALTOR® Monica Graves.
Here are some single-family home stats to support this narrative:
April-25 April- 24 %Change
Absorption Rate 4.71 3.67 + 28.34
Average List Price $2.4M $2.6M -8.63
Average Sale Price $1.2M $1.95M -37.05
Average DOM 291 77 + 277.9
PUEBLO
“The Pueblo real estate market is showing some positive signs with new listings up 7.4%, pending sales up 25.7% in April and 2.1% year to date. Sold listings were down in April however, that will change in the next few months with such strong numbers in current pending sales.
“Median pricing increased to $329,900 and is up 7.9% over April 2024. Year-to-date median price is up to $315000. Our percent-of-list-price received was up to 98.8% in April. Average days on market is still at 101 and up to 105 year-to-date. We have 813 active listings, an increase of 8.5% over April 2024.
“Buyers have a much better selection of homes to see with a 4.9-month supply of homes for sale. Open houses haven’t seemed to help get buyers out just yet. Showings are up a little, but buyers are cautious about writing an offer as those higher interest rates continue to be a problem for prospective buyers.
“New building permits in April hit 33 but are down 17% year to date. Pueblo West had the most new permits with 21 of the total 33,” said Pueblo-area REALTOR® David Anderson.
SAN LUIS VALLEY
“As of April 2025, the six counties of Colorado’s San Luis Valley – Alamosa, Saguache, Rio Grande, Mineral, Costilla, and Conejos – present a dynamic and varied housing market. Overall, inventory is on the rise giving buyers more options, while median prices are seeing sharp increases in several counties, particularly Saguache (+105%), Conejos (+85.9%), and Mineral (+67.5%). At the same time, home sales are slowing in counties like Alamosa (–33.3%) and Conejos (–80%), and average days on market has expanded dramatically in some areas, including Conejos (281 days, +585.4%) and Costilla (161 days, +222.0%).
“Counties like Mineral and Saguache are experiencing hot demand with fast-moving properties (5 and 107 days on market, respectively) and elevated prices, suggesting buyer competition despite limited sales volume. In contrast, Rio Grande and Alamosa show more balanced with steady or declining sales, moderate pricing, and stable market time. Conejos and Costilla are emerging as potential buyer’s markets with growing inventories, declining list-to-sale price ratios, and longer time to close, despite notable median price gains.
“Year-to-date trends underscore the broader picture: while price appreciation is driving value and growth in Rio Grande, Mineral, and Conejos, sales and listings are down significantly in Conejos and Costilla, suggesting softening demand. Meanwhile, Alamosa remains relatively affordable and stable with improved list-to-sale ratios (97.5%) and faster turnaround (96 DOM), despite a dip in prices. Overall, the San Luis Valley remains a diverse real estate environment where strategic timing and localized market knowledge are essential for both buyers and sellers,” said San Luis Valley, REALTOR® Megan Bello.
STEAMBOAT SPRINGS
“April in Steamboat means the closing of the ski season, spring break for the locals and preparation for new listings to hit the market. If a seller wants to get a jump on the selling season, they will list in April however, the bulk of the spring listings will come on the market in May/June. New listings for all of Routt County (single & multi-family) totaled 14. There are a total of 52 homes on the market in Steamboat Springs, up from 32 last year. The lowest priced home is $889,000 and the highest is $15 million. Fifteen homes have incurred a price reduction. Pending home sales for Steamboat are 24 with median days on market of six and average of 47. Multi-family inventory in Steamboat Springs has 153 units for sale compared to 60 last year; 25 of these listings are new construction that are at various stages of development from dirt to nearing completion. Even with the additional days that new construction adds to the overall stats, days on market until sale for multi-family is 48 days, which is less than 55 last year.
“In the neighboring communities of Hayden and Oak Creek, more affordable options can be found, although inventory is more limited. Hayden currently has two multi-family homes for sale where the average sales price year-to-date is $404,750; the Oak Creek (Stagecoach) area has three units for sale and their average sales price year-to-date is $431,000. Single-family homes in Stagecoach where there is a state park, with more, newer construction that generates higher sales prices that impact the overall Oak Creek numbers producing an average sales price year-to-date of $946,750. Hayden rises to the top for affordability with homes at $641,222 for average sales price for the year. The Clark (Elk River valley) realized three new listings for a total inventory of six for sale. With four sales so far this year, the average sales price is $1,358,500 with the median price just over $100,000 less.
“Inventory is limited within price ranges, and the result of that is sellers on average in Steamboat and Oak Creek are getting approximately 97% of their list price for homes and 98% for condos/townhomes. Hayden and Clark are getting approximately 95% of their list price for single-family. Clark does not have multi-family for primary occupancy and sellers of Hayden’s multi-family are receiving over 100% which is similar to last year. While the volume of multiple offers in Routt County is fewer, it is important for buyers to understand that they still happen,” said Steamboat Springs-area REALTOR® Marci Valicenti.
SUMMIT, PARK, AND LAKE COUNTIES
“Like an early flower nudging through thawing ground, the April real estate market in Colorado’s mountain counties signaled the start of a shift. After months where prices climbed, even as buyers pulled back, the natural cycle of supply and demand is beginning to rebalance.
“In Summit and Park counties, inventory blossomed—listings grew 47% over last April – while buyers remained cautious, leading to a 15% drop in sales. Just as overcrowding in a garden can weaken the bloom, this excess supply pushed median residential prices down 17.7%, a realignment long anticipated by those watching the growing disparity.
“Much like spring in the Rockies, the market remains fickle. Inventory continues to grow – now at 729 residential listings, up 129 from March – but sales have yet to catch up. It’s a shifting season, and with the winds of buyer sentiment still swirling, prices may continue to sway before finding firmer ground,” said Summit-area REALTOR® Dana Cottrell.
Average Single-Family Home Sale Prices (April 2025):
Summit County $2,294,391 (25 sales, down 7 from April ‘24)
Park County $509,944 (18 sales, up 1 from April ‘24)
Lake County $ – (0 sales, down 4 from April ‘24)
Average Multi-Family Home Sale Prices (April 2025):
Summit County $814,348 (64 sales, down 7 from April ‘24)
Of the active listings, the most affordable property is a mobile home in Park County priced at $125,000. On the other end of the spectrum, a high-end, eight bed, nine bath, single-family home in Breckenridge is listed for $21 million. Notably, there are currently 45 properties on the market priced above $5 million.
April saw 103 residential sales spanning a broad price range:
· Lowest Sale: $230,000 for a single-family home in Park County
· Highest Sale: $6,000,000 for a home in Breckenridge
· 47% of homes sold for more than $1 million
· 49% of closings were all-cash deals—a jump of 13% from March, signaling continued strength among well-capitalized buyers.
TELLURIDE
“Colorado’s local real estate markets are all in turmoil, just not all in the same way. The Telluride market is slowing down significantly in the top third price range. That group of buyers would seem to be the most able to ride out the chaos in our economy, but maybe they are the most sophisticated financially and therefore the most concerned. The parts of the market that are reasonably holding up are the middle and lower price ranges. April sales numbers were $56.6 million with 42 sales. That’s a drop of 33% as compared to April 2024 sales of just over $85 million. However, there were only two less sales this April than April 2024.
“The first four months of 2025 have produced $237.1 million across 147 transactions, representing a 28% drop in the dollar amount of sales as compared to the first four months of 2024, with only a 1% drop in the number of sales for the same period. Inventory is up about 10% across all price points with price reductions happening weekly since the first of the year. Even with this significant slowing of the market, there are one or two transactions every month that sale at full price or more. If a buyer truly sees the perfect property at least in their eyes, they’ll pay what they need to get it,” said Telluride-area REALTOR® George Harvey.
VAIL
“April continued the trend of the year to date with a market that showed positives and negatives.
New listings for the month were positive 3.1% which brings the year to date positive 14.4%, giving buyers more options to purchase and increasing the overall new listings 25.3% for the year.
“Months’ supply closed out at 5.9 months which would indicate a stable market supply versus demand.
Pending sales have declined 17.3% which is somewhat misleading as in 2024 there was a significant
inventory of new construction that was hitting the market and bumped the pending and closed sales performance. April finished with a minus 19.5% in unit sales however, the dollar volume was only off 6.8% which is the continuing.
Trends for the past couple of years:
- April 2025 < $1 million 21% of units and 5% of dollars, $1-2 million 26% of units and 10% of dollars, $5 million-plus 22% of units and 57% of dollars.
- Year to date- <1 million 30% units and 7.9% of dollars, $1-2 million 26.8% of units and 13.7% of dollars, $5 million + 12% of units and 44.5% of dollars
“The trend in sales is coordinating with the inventory of listings and creating a new market dynamic in sales by price niche. The turbulence in macro-economic conditions will continue to be a catalyst in our market dynamics as the upper price niches are predominately cash buyers and not as effected by volatility in mortgage rates. The cash buyers may also be looking at a more stable investment environment in real estate versus other forms of investments. We are entering our summer sales season, and the increased inventory bodes well for market activity,” 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 April 2025 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/
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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 23,000 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.