Inventory piles up but doesn’t translate to sales as homebuyers remain patient amid stagnate median pricing
ENGLEWOOD, CO – The inventory that buyers have been waiting on for years has arrived and continues to pile up in markets across the seven-county Denver metro area and statewide. However, the rising inventory – including the most active listings since 2019 – hasn’t necessarily translated to an increase in sales, according to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR) and analysis from the Association’s spokespersons across Colorado.
Sellers, understanding that interest rates aren’t likely to move down significantly anytime soon, have chosen to list their homes anyway. Buyers, who have waited for years for this volume of choices, appear content to either get their way through concessions and buy downs or remain on the sidelines.
“The past five years have left us wondering when the market would balance or be more buyer friendly and, without a doubt, it is now,” said Aurora-area REALTOR® Sunny Banka.
“We continue to see a trend of higher inventory of homes on the market and increasingly, data shows we are in a buyer’s market,” said Durango-area REALTOR® Heather Erb.
The 17,882 active listings across the seven-county Denver-metro area are up more than 25% from the same time last year. Statewide, there were 31,268 active listings in May, up 27% from May 2024. Reflecting that buyer hesitation, sold listings in the Denver-metro area were down 3.4% in May compared to a year ago although the volume of pending/under contract properties was up 13% across all property types. Statewide, sold listings slipped 1.8% from a year prior while pending/under contracts were up 10.6% from the same time last year.
“A lack of buyer motivation stemming from higher costs has kept homes on the market longer, causing a ‘pile-up’ effect. The result is a whopping 4.2 months’ supply of inventory, setting a near-15-year record high. Yet, home sellers seem to be remaining optimistic, as more than 17% more new listings have hit the market year-to-date compared to last year,” said Denver Metro-area REALTOR® Cooper Thayer.
Median pricing for single-family homes in the seven-county Denver area ticked up less than 1% from April to May 2025 and remains flat from a year prior at $635,000. Condo/townhome median pricing rose 1.6% from April to May but is down 3.2% from May 2024. Statewide, the median price of a single-family home fell 1.5% from April to May at $590,000 which is also down 1.2% from a year ago. Condo-townhome median pricing rose 3.3% from April to May returning to its same level in May 2024, $420,000.
“Sellers are now grappling with the realization that they may not net as much for their home as they originally thought. Proactive sellers need to take a hard look at pricing and perhaps list their home for a bit less than what their neighbors home sold for a few months ago. Yes, the market is changing that fast,” said Fort Collins-area REALTOR® Chris Hardy.
Total Market Overview – Seven-County Denver Metro
Total Market Overview – Statewide
INVENTORY OF ACTIVE LISTINGS – DENVER METRO AREA
INVENTORY OF ACTIVE LISTINGS – STATEWIDE
MEDIAN PRICE – DENVER METRO AREA
MEDIAN 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
“The housing market continues to be favorable for buyers willing to accept the current interest rates. Inventory is up in most zip codes, in fact, we’re seeing areas up between 13% and 100% over 2024. This means buyers have many choices and a little more time to look as our average days on market rose as well.
“Compared to a year ago, pricing is down slightly in most areas across Arapahoe and Adams counties. Sellers are offering buyer concessions to make their property more favorable. We’re seeing homes on the market longer, and sellers offering price reductions along with concessions for closing costs or interest rate reductions.
“The past five years have left us wondering when the market would balance or be more buyer friendly and, without a doubt, it is now. Should interest rates start to come down, we will see many more buyers in the market and realize the pent-up demand in the marketplace. Now might be the time for buyers to grab good deals and plan to refinance when interest rates come down. Townhomes and condos are also providing an excellent opportunity for our homebuyers. Inventory is substantial and buyers can make some very beneficial transactions. The median price in 80011, original Aurora, is $435,000. The median price in 80013, central Aurora, is $510,000. The south Aurora zip code of 80015 is at a median price of $584,000 with zip code 80016 at $812,000.00. Centennial is at a median price of $735,000 and Greenwood Village zip code 80111 is at a median of $1,152,000. Buyers can be creative with their offers and for now, sellers need to be prepared for creative offers or plan to sit on the market,” said Aurora REALTOR® Sunny Banka.
BOULDER/BROOMFIELD COUNTIES
“In Boulder County, the real estate market is experiencing a steady pace akin to running on a treadmill—active but not going anywhere. While listings increased 16%, home prices remained largely flat. Homes that are appropriately priced are taking an average of 64 days to sell, providing buyers with more time to explore a higher volume of inventory and make informed purchasing decisions. Notably, 52% of homes on the market have undergone price reductions before securing a contract. Economic uncertainty, coupled with fluctuating interest rates, continues to temper what would typically be a robust spring market.
“In contrast, Broomfield County is showing a more promising trend. Since the beginning of the year, the number of listings has risen 21%, while prices increased 8%. Properties in Broomfield are moving at a quicker pace, with homes selling in an average of 42 days. However, pricing remains crucial, as homes in less-than-optimal condition are lingering on the market and ultimately undergoing price reductions to attract buyers.
“The townhome and condo segment in Broomfield, however, has hit a rough patch. New listings decreased 8%, while prices have dropped a significant 12%. For buyers seeking an opportunity, this part of the market may offer the most favorable deals.
“Overall, while a few quick sales remain, the broader market is shifting toward a buyer’s market—a notable shift from the seller-driven dynamics seen in recent years,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
COLORADO SPRINGS
“May continued to bring a higher volume of inventory to the market, up 27.7% year over year and giving buyers a lot of options. Pending home sales also rose 15.3% for single-family and 18.5% for townhomes and condos. Balance has continued to enter the market as days on market increased 24%. Buyers are going to have plenty of options and, in many cases, time to think about their purchase. Gone are the days of one-hour offers and escalation clauses in most of the market. There are outliers but overall, buyers can take a breath.
“Across the U.S., housing market inventory continues to rise. New listings are up 9% to the highest number since July 2022. The Kobeissi Letter reported that Americans are increasingly downsizing their homes due to affordability and concerns on the economy. I am personally seeing that with some of my own clientele. I do believe there is some truth to this. Also, in our local area, with a larger military presence, we get natural turnover in that market.
“The Federal Reserve’s talk of rate reductions is on standby. Despite much of the world’s central banks lowering rates due to weakening economies, the United States Federal Reserve is on a wait and see until something breaks philosophy. Currently, it appears Americans are not going to get a break from these higher rates. The 10-year yield remains at 4.5%, keeping mortgage rates elevated. The big news was Moody’s downgrade of the U.S. credit rating. However, that did not appear to play out anywhere but in news headlines. Spring is behind us, and sellers who need to sell should get serious prior to school starting. Buyers would love to buy, but affordability continues to keep them waiting,” said Colorado Springs-area REALTOR® Patrick Muldoon.
COLORADO SPRINGS
“Just as cold spring temperatures can harshly damage plants in gardens and landscapes, the current chaotic political and economic environment—combined with high interest rates and affordability challenges—has fiercely impacted the real estate market abounding with single-family and patio homes inventory in Colorado Springs in May 2025, and have forced many buyers to the sidelines.
“Active listings saw a substantial 38.8% year-over-year increase, marking the highest level for May since 2014. However, sales did not keep pace, showing only a modest year-over-year increase of 2.1%. On a month-over-month basis, the average price declined 0.7%, while the median price remained unchanged. The monthly sales volume experienced a nominal year-over-year increase of just 2.3%, while the year-to-date sales volume reflected a 9.9% year-over-year increase.
“The abundance of available homes presents a fabulous opportunity for buyers to find properties that suit their preferences. It also allows them to negotiate more favorable offers with motivated sellers,” said Colorado Springs-area REALTOR® Jay Gupta.
Key Highlights from the Colorado Springs Market:
- Active Listings – Supply: In May 2025, there were 3,671 single-family and patio homes for sale in Colorado Springs, according to the Pikes Peak MLS. It marked a significant year-over-year increase of 38.8% and a 17.8% increase compared to the previous month. The inventory level was the highest for May since 2015.
The overall months’ supply of active listings was 3.1 months. For homes priced under $400,000, the supply was 2.6 months. Homes in the price range of $400,000 to $600,000 also had a low supply at 2.7 months. The supply for homes priced between $600,000 and $1 million was more favorable at 3.9 months. However, for homes priced over $1 million, the supply was healthy at 6.1 months.
- Sales – Demand: In the Colorado Springs area, 1,166 single-family and patio homes were sold last month, marking a modest increase of 5.4% from the previous month and a 2.1% increase compared to May of last year.
The monthly sales volume experienced a slight increase of 3.1% compared to the previous month and a 2.3% rise year-over-year. Year-to-date sales volume showed a significant increase of 32.9% compared to last month and 9.9% compared to May of last year. In comparison to the statistics from May 2015, both the monthly and year-to-date sales volumes have grown remarkably, with increases of 106.4% and 104.5%, respectively.
- Days on the Market: The average number of days on the market in May 2025 was 41, which is a decrease from 49 days last month and an increase from 36 days in May of last year.
- Sales by Price Range: Last month, 24.1% of homes sold were priced below $400,000, while 45.9% were sold for between $400,000 and $600,000. Homes priced between $600,000 and $1 million accounted for 24.2% of the sales, and those priced over $1 million represented 5.8% of the total sales.
In May 2025, there was a modest 3.8% increase in the sale of single-family homes priced under $400,000 compared to the previous year. Homes priced between $400,000 and $600,000 also saw a 3.3% rise in sales. However, there was a notable 5.8% decline in the sale of homes priced between $600,000 and $1 million. In contrast, homes sold for over $1 million experienced an impressive 13.3% increase in sales.
- Average & Median Sales Prices: Last month, the average sales price of single-family and patio homes reached a historic high for May, totaling $566,304. It represents a marginal 1.7% increase compared to last year and a remarkable 43.9% rise since May 2020, just five years ago. Moreover, there has been an astounding 104.5% increase since May 20115. Conversely, the median sales price saw a slight decline of 1.8% year-over-year. Nevertheless, it still had a significant 40.0% increase since May 2020 and an impressive 101.6% rise since May 20115.
- Price Reductions: In the past month, 48% of active listings in El Paso County and 33% in Teller County saw price reductions. With the current high volume of active listings, sellers must competitively price and effectively stage their homes to attract buyers.
CRESTED BUTTE/GUNNISON
“As the wildflowers start to pop up and there is more color on the mountainsides, it is typical for the number of properties for sale in the Crested Butte and Gunnison area to increase. We have a lot of visitors during the summer months and sellers want to make sure any potential buyers will have a chance to choose theirs. In the Gunnison-Crested Butte Association of REALTORS® area, listings are up 13% and residential listings are up 16% from this time last year. Transactions were up 9% from 177 to 193, but dollar volume was down 11% from $184 million to $164 million. It used to be important to focus on sales over $1 million, but as prices have risen, we see more sales over $2 million. In 2024, there were 26 sales over $2 million in the first 5 months and that has dropped in half to just 13 in 2025. Homes between $1 – $2 million are not as plentiful as they once were and are in high demand with sales in that range up slightly from 47 to 51.
“Throughout Colorado, markets are no longer ‘seller’s markets’ and are either ‘balanced’ or have shifted to a ‘buyer’s market’. While we haven’t reached a full-on buyer’s market, this is certainly true in the Crested Butte and Gunnison area. Sellers will be smart to consider pricing their property close to recent sales data. Now is not the time to test the market as buyers are more patient and not interested in paying more unless a property is perfect. However, bargain shoppers are going to be disappointed as prices continue to steady. Well priced properties continue to see multiple offers and sell quickly, but overpriced properties will stay on the market longer and need to resort to price reductions to encourage offers.
“The next three months will really set the stage for 2025. Historically, more properties come up for sale into July so buyers should be paying attention and making a move when they see what they want. The Gunnison market could provide some good opportunities with 30% more single-family homes and more than three times the number of condos and townhomes for sale this year than last,” said Crested Butte-area REALTOR® Molly Eldridge.
DENVER METRO (11-County)
“May wrapped up with more than 17,800 active listings on the market in the 11-county Denver metro area, marking the highest level of inventory we’ve experienced since December 2011. A lack of buyer motivation stemming from higher costs has kept homes on the market longer, causing a ‘pile-up’ effect. The result is a whopping 4.2 months’ supply of inventory, setting a near-15-year record high. Yet, home sellers seem to be remaining optimistic, as more than 17% more new listings have hit the market year-to-date compared to last year.
“Through uncertainty and turbulence, home prices have displayed impressive persistence, with the year-to-date median sale price climbing about 0.5% over last year. This stability, however, is not equal in all areas of the market. Attached homes (townhouses and condominiums) have faced the greatest strain so far this year, with a staggering 3.9% drop in median sales prices compared to the first five months of 2024. A combination of diminishing affordability and an easing rental market has created a massive differential in the cost to buy versus the cost to rent, further weakening buyer demand in entry-level segments.
“For the first time in many years, it appears we’ve entered a bona fide buyer’s market, giving homebuyers the upper hand in negotiations. Buyers who can justify taking on higher interest rates, insurance costs, HOA dues, and property taxes will reap the benefits of this market, while sellers compete for the limited demand. However, all hope is not lost for those looking to sell their home this summer. Prices have remained stable, inventory is still moving (albeit slower), and many prospective homebuyers still have a strong underlying desire to own a Denver metro home. It just may take a little more strategy, preparation, and patience to find the right buyer for your home at a price that makes sense,” said Denver County-area REALTOR® Cooper Thayer.
DURANGO/LA PLATA COUNTY
“May residential sales in La Plata County drew back from our early-year sprint of sales this past month. Winter and spring sales numbers blew past those in 2024, but as we expected, these early sales were ‘borrowed’ by those that normally occur later in the season. Because of our lack of snowpack, sellers listed earlier than usual, and buyers decided to start their searches and subsequent purchases earlier.
“Things to note: In May, La Plata County had 35% more single-family inventory come onto the market than in May 2024 and is up 26% year-to-date. Even with all the new listings, sales are down, 5.3% for May, but remain up 11.6% year-to-date.
“We continue to see a trend of higher inventory of homes on the market and increasingly, data shows we are in a buyer’s market. When La Plata County’s real estate market slows down, we see it happen first in our outlying areas of the county and at the resort, and later, if things continue downward, but sometimes not at all, in Durango city limits. One such place is in rural Bayfield where sales are down 57% for May and 25% year-to-date.
“The Purgatory Resort area is up 43% in new single-family listings in May and 210% year-to-date. Single-family sales were down 50% in May and 20% year-to-date. This can partially be explained through the lack of snow.
“Rural Durango sales tracked the higher inventory coming on the market in May but remains a cautionary market. Inventory has climbed to 6 months here, 26% higher than last May. Traditionally, markets with over six months of inventory are buyer’s markets.
“Vallecito is just opening up to summer visitors and we will see this market heat up soon. Currently, there are 9.4 months of inventory on the market here,” said La Plata County-area REALTOR® Heather Erb.
EVERGREEN/MOUNTAIN METRO
“I’m not exaggerating when I say that the housing inventory in the foothills has skyrocketed this spring. Have you noticed the sheer number of ‘For Sale’ signs popping up in your neighborhood? In the foothills, we usually see peak inventory in August or September. But, as of the end of May 2025, we’re experiencing the highest level of active listings in over a decade – about 36% more homes on the market compared to May 2024, and more than double what we saw in May 2023.
“A year ago, I described the market as stubborn, with both low supply and low demand. Now, alongside the increased supply, we are seeing persistently low demand. The primary buyers at the moment are first-time homebuyers and those who must move—and many of the latter are ending up renting. Not many people are willing to give up their 2.5%-3.5% mortgage rates to purchase with a 6% rate. While websites like Zillow, HomeBot, and Realtor.com might suggest ‘pricing is holding steady,’ high supply and low demand indicate this won’t last. The laws of supply and demand suggest we’re headed for some price adjustments.
“One nuance in this market is that homes above $2.5 million are often bought by buyers less affected by rising interest rates, sometimes even benefiting from higher yields. In contrast, the rest of the market is feeling the pinch. Sales of $2.5 – $5 million homes in areas like Evergreen can skew overall averages, but the median price provides a clearer picture. Although the 12-month rolling average in the foothills hovers around $1.1 million, median prices tell a different story. In Evergreen, for example, the median sold price dropped from nearly $1.2 million in May 2024 to $970,000 through May this year indicating a significant decline not reflected in broader averages.
“What could shift this market? Is it a temporary downturn or a sign of something bigger? Right now, a significant, immediate change seems unlikely. While there’s much discussion about lowering interest rates, the Federal Reserve is likely to hold steady until inflation is clearly under control, particularly with the lingering uncertainty of tariffs. This suggests that a swift return to a booming buyer’s market is improbable. We’ll likely see new homebuyers adapt to 6% mortgage rates, especially when compared to rising rental costs. Relocations and job changes will continue to drive some movement, but not enough to satisfy sellers’ expectations. While I don’t believe that we are facing a dramatic market collapse, we are also not likely to see a quick return to the frenzied activity of 2020-2022. In essence, the housing market is currently neither strongly favoring buyers nor sellers, creating challenges for everyone,” said Evergreen-area REALTOR® Julia Purrington Paluck.
FORT COLLINS
“How’s the Market? It’s a common question from consumers, clients, and friends. Between real estate brokers and mortgage loan officers, this question is posed with a palpable edge with replies across the spectrum: ‘erratic,’ ‘unpredictable,’ ‘hot and cold,’ and just plain ‘weird.’ For most people, the last 10-13 years have been a steady and consistent rise in both real estate pricing and activity – a seller’s market by and large. What we are experiencing today, and is reflected in this month’s numbers, is a strange thing called ‘a balanced Market,’ something we haven’t seen since before the Great Recession.
“In a balanced market there are economic forces at play that equalize the tension between a seller who wants to sell and a buyer who wants to buy. We have both of those elements in the current housing market. The difference, however, is that with 3.2 months of inventory available, there are more sellers willing to sell than there are buyers willing to buy. If you look at the number of new listings that came on in the month of May (388), subtract the number of sold listings (257), you have a surplus of listings that didn’t sell (131); add that to the number of listings that haven’t sold in previous months and you get the active listings number of 584 which has crept up each of the last 8 months. Sellers are now grappling with the realization that they may not net as much for their home as they originally thought. Proactive sellers need to take a hard look at pricing and perhaps list their home for a bit less than what their neighbors home sold for a few months ago. Yes, the market is changing that fast.
“It’s no surprise to see that the average days on market is hovering near the two-month mark. Buyers enter and exit the home-buying market more rapidly than ever before almost entirely dependent on the latest economic news and interest rate update. They also have the luxury of more homes to look at, generally, less competition for those homes and more time to make a decision after seeing every home that meets their search criteria. Buyers are more widely dispersed across our market and not limiting themselves to just one particular neighborhood or municipality.
“There are certainly pockets of competitive offers out there, but they are limited compared to just 24 months ago. This wide dispersal of buyers and the revolving door of looking-not-looking has the net effect of appearing erratic, unpredictable, hot-and-cold, and weird,” said Fort Collins-area REALTOR® Chris Hardy.
GRAND JUNCTION/MESA COUNTY
“Mesa County year to date over last year shows positive gains. New listings are up 10.7%, pending sales are up 4.9% and sold sales are up 3.95. However, May 2025 did not contribute to that positive number. New listings and sold sales were both down for the month of May. Prices are holding fairly steady with the median at $423,000 and average at $484,178.
“The largest percentage of available listings are in the $400,000-$500,000 price range and active listings are 776 at the end of May. May delivered a definite increase in condo/townhome sales as they are typically more affordable, ranging in the mid $300,000 range. Average days on market was close to 90 days, and sellers are getting an average of 98.4% of their list price,” said Grand Junction-area REALTOR® Ann Hayes.
GRAND COUNTY
“In Grand County, the summer real estate market is finally upon us with many changes in the scenery in nature, as well as in real estate statistics. Lots of blooms, and lots of listings. As more listings enter the market, we are seeing an increase in the days on market, but the good news is that absorption rate has increased 40% over last year in single-family homes. Not so good news for sellers, the average list price has decreased 3.85% and average days on market has increased 44%. As many more tourists come to Winter Park to experience adventure in the natural surroundings with hiking, biking, and camping, May ended up being a great month for buyer activity on all types of properties. New construction is still in production but offering lower interest rates and monetary amenities to entice buyers to buy a new home vs. a resale home,” said Grand County REALTOR® Monica Graves.
Other Grand County Highlights:
Overall Market Trends: Home prices in Grand County have seen fluctuations recently. For instance, the median price of townhomes sold in early May 2025, was reported to be approximately $686,000, a decline of about 19.3% compared to the previous year of May 2024.
Local Legislation: Zoning laws and property tax rates can also affect housing prices. Changes in regulations or tax assessments can lead to shifts in the market and influence buyer behavior. Insurance costs have increased, due to natural disasters in mountain communities as well as nationally.
Conclusion: Given these influencing factors, individuals seeking to buy or sell homes in Grand County should keep informed of not just local market conditions but also broader economic indicators and regional trends. Understanding these elements can lead to more informed decisions in the real estate market. This means, more buyers will be looking but not acting as fast on offering on a property, as many considerations are taking the forefront on buyer’s decisions.
| Grand County May 2025 Summary Statistics – Single Family Homes | ||||||
| 25-May | 24-May | % Chg | 2025 YTD | 2024 YTD | % Chg | |
| Absorption Rate | 7.87 | 4.82 | 63.28 | 6.13 | 4.37 | 40.27 |
| Average List Price | $1,453,112 | $1,511,373 | -3.85 | $1,509,667 | $1,395,641 | 8.17 |
| Average Sale Price | $1,221,236 | $1,013,993 | 20.44 | $1,248,264 | $1,124,878 | 10.97 |
| Average CDOM | 150 | 145 | 3.45 | 203 | 141 | 43.97 |
PAGOSA SPRINGS
“The first five months of 2025 has been promising for buyers in the Pagosa Springs market. Year-to-date new listings were up more than 15%. Compared to 2024, we are seeing an evolution toward a buyer’s market:
- Median Sales Price down 10.5% at $582,040 ($650,000 in 2024)
- Average Sales Price down 4.6% at $693,810 ($727,551 in 2024)
- Days On Market down 23.6% at 107 (140 in 2024)
“Inventory gains were seen in all price points, including those below (typically condo & manufactured homes) median and average home prices. The biggest inventory gains were in price points $500,000-$700,000 and $1 – 2 million.
Currently there are 273 homes for sale in Pagosa Springs:
- ACTIVE HOMES UNDER $499,999 (Mostly Condo | Manufactured Home):75
- ACTIVE HOMES $500,000-699,999 (Median-Average Price):65
- ACTIVE HOMES $700,000-$999,999: 61
- ACTIVE HOMES $1,000,000+: 78 (60 homes $1,000,000-$1,999,999)
“With consideration, there are 78 homes on the market priced at $1 million and higher and only 19 have sold in the first 5 months and a handful under contract. This higher price point is stagnant for sales at this time. In 2024, 75 homes sold at $1 million plus. Historically, the summer season attracts high-end buyers. Sellers in this price point will need patience, more time to sell, price their home competitively, show-ready, and creative marketing beyond normal to stand out from the large inventory.
“All price points below $1 million have doubled in inventory volume with regard the number of homes for sale this time last year. Inventory gains are contributed to a light snow winter with homes coming on the market earlier. Buyers are excited to have more home selection. It appears the buyers and sellers who have entered the market are doing so because life circumstances have dictated them to do so. The current month supply of homes is 8 months (higher than most Colorado communities). Average days on market dropped to 107 days (140 days 2024). With more inventory and less buyers, average days on market will surely increase in the coming months.
“Financing for homes with current interest rates creates a hefty mortgage payment for homeownership. This is especially true for the first-time homebuyer. They are competing with second home buyers searching for lower home prices. Historically, Pagosa Springs has been a big second home market with attractive pricing compared to other Colorado resort communities. That is still true however, second home buyers appear more discerning, especially when a mortgage is part of their home purchase scenario.
“Also affecting the second home market are higher short-term rental fees, other related fees such as new higher short-term rental water rates, higher home prices, insurance, and more restrictions. Current short term rental owners are frustrated and reconsidering their investment by placing homes on the market.
“Sales in the average to median price points are supporting the fact some buyers are just tired of waiting and making life decisions to purchase. They have chosen to evolve into their purchase and understand the value and beauty of southwest Colorado lifestyle living. Land inventory has also increased as many owners have gains (prior to 2020). Higher building costs in rural Colorado have discouraged vintage landowners (owning 5 years or more) from building. They are making other living decisions (deciding not to retire in Pagosa Springs), placing their land on the market and exiting elsewhere with their real estate wealth gains. Undoubtedly, owning or purchasing a property that is located far way can be challenging. Problems tend to become magnified by distance and often lead to anxiety and frustration.
“The summer real estate market in Pagosa Springs is aligning to be a playoff between buyers and sellers. Today, buyers are favored,” said Pagosa Springs-area REALTOR® Wen Saunders.
PUEBLO
“The Pueblo real estate market has improved in a couple key areas including a more than 11% jump in new listings in May compared to a year prior and 8.6% year-to-date. Our 861 active listings represented a 17% increase and providing buyers with a lot more to look at. And, with fewer buyers looking, there’s less competition, more time, and less pressure on those actively looking. However, many buyers continue to sit on the sidelines due to higher Interest rates and credit score factors.
“Pending sales fell 11.1% in May compared to May 2024 and are down just 2.8% year-to-date. The median price ticked up just 1.2% to $323,875 in May compared to May 2024 and up 1.6% year-to-date. Sellers are still getting more than 98% of their list price. Looking to average days on market, we hit 102 days in May, up 13.2% from a year prior and up 7.2% year-to-date. We pushed our months’ supply of inventory up nearly 27% to 5.2 months.
“Building permits totaled 32 in May, about the same the past two months. Of the 126 permits issued through May, 75 were in Pueblo West,” said Pueblo-area REALTOR® David Anderson.
SUMMIT, PARK, AND LAKE COUNTIES
“With ski season wrapping up and the last of the corduroy fading from the slopes, the real estate market in Summit and Park counties is shifting gears—trading ski boots for hiking shoes and showing early signs of spring activity.
“Like wildflowers peeking through the receding snow, listings are popping up—39% more than this time last year. And buyers are emerging too, with 5% more listings sold year-over-year. It’s not a full-blown spring rush, but there’s a definite stir in the soil.
“While median sale prices are softening, specific segments are blooming. Multi-family homes in the $1 – $1.5 million range saw a 233% spike in sales over last month, signaling that certain petals are opening fast, even if the garden as a whole is slow to flourish.
“That said, not everything is coming up roses. Homes are sitting longer, sale prices are flattening or edging down, and concessions are more common—a bit like fertilizing a deal to help it grow. As the resorts close their lifts and the mountains gear up for summer, the real estate market seems to be doing the same: thawing, shifting, and preparing for its next season.
Average Single-Family Home Sale Prices (May 2025):
Summit County $2,533,284 (26 sales, down 2 from May ‘24)
Park County $ 614,824 (11 sales, down 1 from May ‘24)
Lake County $ 910,000 (2 sales, down 4 from May ‘24)
Average Multi-Family Home Sale Prices (May 2025):
Summit County $ 914,879 (91 sales, up 25 from May ‘24)
“This month’s sales ranged from a $325,000 studio condo in Keystone to a $5.4 million Breckenridge luxury home. Across the market we see everything from a Breckenridge $155,000 mobile home to a $21 million luxury home in Breckenridge. A full 47% of all listings are over $1 million, and 49 properties are priced above $5 million.
“High-end buyers didn’t take a spring break. Half of all May closings were over $1 million, and 36% of transactions were cash—not quite snowballing, but still strong enough to suggest deep pockets aren’t seasonal.
“It’s not quite a seller’s market, not quite a buyer’s paradise—it’s a spring thaw. If you’re thinking of jumping in, now’s the time to lace up your trail shoes and watch where you step. The landscape is shifting,” said Summit-area REALTOR® Dana Cottrell.
TELLURIDE
“In May 2025, San Miguel County recorded $81.57 million in sales volume across 32 sales, marking a 26% decrease in the dollar amount of sales and a 16% drop in the number of sales as compared to May 2024. Now with five months sales in 2025, we are starting to see a consistent trend with the market down 28% in the dollar amount of sales and a 4% decline in the number of sales as compared to the first five months of 2024 for the whole county.
“The sector in the market taking the biggest hit in declining sales are the high-end luxury homes throughout the various regional market segments in San Miguel County. Buyers are purchasing more mid-market priced condominiums in the Mountain Village and the town of Telluride. Mountain Village condominium sales are up 20% with the price per square foot rising 14% for the luxury condominium niche. It appears that buyers are just being more cautious given the turmoil in the general U.S. economy. The average price per square foot for all homes and condominiums in the Mountain Village was down 2%, leveling off at $1,503 per square foot with the the town of Telluride coming in at $1,966. Taking a look at other high-end luxury markets like Aspen and Vail, their sales trends are similar to Telluride. The one exception is Jackson Hole with sales down about 40% for the first five months of 2025,” said Telluride-area REALTOR® George Harvey.
VAIL
“May is a month when the market takes a final breather from the winter season and prepares for the summer market. Transactions were down 19% in units from May 2024. However, the dollar volume was marginally down. Year-to-date, units were off 22% but dollars are down in the single digits. However, pending sales for the month were 33% positive which bodes well for the June kickoff for the summer season. The pending offers coupled with the inventory, which is 38% up versus 2024, puts us in a good position for the summer season.
“Sales continue at the 97%-98% of list price and the market shares by price niche have been reasonably consistent:
May 2025 YTD May 2025
Units $’s Units $’s
< $1 mil 38% 12% 33% 9%
$1 mil-$2 mil 29% 18% 27% 14%
$2 mil-$3 mil 16% 15% 15% 14%
$3 mil-$4 mil 4% 3% 8% 7%
$4 mil-$5 mil 2% 4% 5% 8%
$5 mil + 11% 48% 12% 48%
Our inventory at the opening price niche should improve as we have some projects coming on board oriented to the local’s market. This, coupled with the possibility of mortgage rate drops, bodes well for the lower price niches. The inventory in the upper niches seems to be maintaining levels in sync with demand,” 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 May 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.