New Listings and Sales Improve From March to April

Weak inventory challenging to both buyers and sellers.

There were more new listings and sales of both single-family homes and condominiums/townhouses in Colorado in April than in March but both categories still lagged significantly behind a year ago according to statistics announced today by the Colorado Association of REALTORS (CAR).

Single-family home listings increased 11 percent to 10,725 and sales improved by 6 percent to 6,949 from March to April of this year.  For condominiums and townhouses, listings were up 10 percent to 2,873 and sales rose 6 percent to 2,077.  However, compared to April 2015, single-family listings were down 5 percent and sales off 3 percent.  Condominiums/townhouses fared similarly, down 9 percent on new listings and -4 percent on sales.

The median price of $325,000 for a single-family home statewide was an increase of approximately $6,000 from March to April and 8 percent higher than April 2015.  Condominium/townhouse sales had a median price of $240,000, an increase of about $2,500 over March and a full 13 percent higher than a year ago.  Rising prices are a contributing factor to the decreasing affordability of homes as price increases continue to outpace earnings growth.

During the first quarter of 2016 (January, February and March) most areas of Colorado saw an increase in the number of both single-family homes and condominiums/townhouses sold compared to the same time period in 2015.  The 15,742 single-family homes sold were an increase of 5 percent over the first quarter of 2015 and 33 percent better in March than in February of this year.  Similarly, condominium/townhouse sales (4,842) rose 2 percent over the first quarter of 2015 and were up 24 percent compared to February.

Home values continued to rise in March as the statewide median price for single-family homes rose to $319,900, an increase of 8 percent over March 2015 and $10,000 more than in February of this year.  The median price for condominiums and townhouses statewide reached $238,000 in March, an increase of 12 percent over a year ago and approximately $9,000 more than last month.  First quarter results are similar with prices up 8 percent for single-family homes and 12 percent for condominiums/townhouses compared to the first three months of 2015.

Rising prices may make homes less affordable if wages are not rising at a similar rate.  As the following chart demonstrates, homes have become steadily less affordable for some buyers in Colorado over the last four years.

Inventory continues to be the biggest challenge around the state.  During April the number of active listings of single-family homes dropped slightly compared to March to 16,495 which is 25 percent lower than a year ago.  In similar fashion, there were 4,098 condominiums/townhouses on the active market last month, a 4 percent decline from March and 28 percent below April 2015.

Experts believe that a balanced housing market – one in which both sellers and buyers can be successful – requires a 5-7 month supply of homes.  In April there were sufficient properties for sale to last just 2.3 months for single-family homes and 1.8 months for condominiums and townhouses.  Supply is down 31 percent compared to this time in 2015.  As a result, the number of days it took for homes to sell in April dropped to 55 for single-family homes and 45 for condominiums and townhouses.

For the full reports on each region, please visit:  www.coloradorealtors.com/real-estate-statistics/

In the Metro Denver Region (Denver, Jefferson, Adams, Arapahoe, Broomfield and Douglas counties) new listings of single-family homes increased 14 percent from March to April, the fourth consecutive monthly increase.  Compared to April 2015, the 5,137 new listings last month were 8 percent lower.  Similarly, 1,756 condominiums/townhouses came on the market in April, an increase of 10 percent over March (and also the fourth consecutive month of improvement) but 11 percent lower than a year ago.

New Listings

Sales of single-family homes rose 2 percent in April but lagged 7 percent behind April 2015.  Condominium/townhouse sales followed a similar pattern, up 5 percent month-over-month but down 7 percent from a year earlier.

The median price for a single-family home in the Denver Metro Region reached $375,000 in April, an increase of 9 percent compared to April 2015 and about $6,000 more than in March.  For condominiums/townhouses, the median of $240,000 was 17 percent higher than a year ago and about $5,000 higher than the previous month.

During April there were 5,006 single-family homes on the active market, essentially the same as in March and 23 percent fewer than in April 2015.  The 1,318 condominiums/townhouses available in April were 4 percent more than the previous month but 22 percent lower than the previous year.  That inventory is considered sufficient to last 1.4 months for single-family homes and 0.9 months for condominiums and townhouses.

In the Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit Counties) new listings of single-family homes increased 3 percent from March to April, the fifth consecutive monthly increase.  Compared to April 2015, the 400 new listings last month were 21 percent lower.  Similarly, 347 condominiums/townhouses came on the market in April, a decrease of 9 percent over March and 16 percent lower than a year ago.

New Listings

The median price for a single-family home in the Mountain Region reached $577,500 in April, an increase of 14 percent compared to April 2015 and about $12,000 more than in March.  For condominiums/townhouses, the median of $383,000 was 4 percent higher than a year ago but about $22,000 lower than the previous month.

During April there were 2,163 single-family homes on the active market, a decrease of 8 percent from March and 24 percent fewer than in April 2015.  The 1,808 condominiums/townhouses available in April were 11 percent less than the previous month and 27 percent lower than the previous year. That inventory is considered sufficient to last 8 months for single-family homes and 6 months for condominiums and townhouses.

In the Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties) new listings of single-family homes increased 8 percent from March to April, the fourth consecutive monthly increase.  Compared to April 2015, the 1,721 new listings last month were 6 percent lower.  The 357 condominiums/townhouses that came on the market in April represent a 29 percent increase over March but 10 percent lower than a year ago.

New Listings

Sales of single-family homes rose 4 percent in April but lagged 9 percent behind April 2015.  Condominium/townhouse sales followed a similar pattern, up 12 percent month-over-month but down 19 percent from a year earlier.

The median price for a single-family home in the Northeast Region reached $334,870 in April, an increase of 12 percent compared to April 2015 and about $7,000 more than in March.  For condominiums/townhouses, the median of $256,083 was 9 percent higher than a year ago and about $13,000 lower than the previous month.

During April there were 1,887 single-family homes on the active market, a decrease of less than 1 percent from March and 19 percent fewer than in April 2015.  The 265 condominiums/townhouses available in April were about the same as the previous month and 20 percent lower than the previous year.  That inventory is considered sufficient to last 1.6 months for single-family homes and 1 month for condominiums and townhouses.

In the Northwest Region of Colorado (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin and Rio Blanco counties) new listings of single-family homes increased 5 percent from March to April, the fourth consecutive monthly increase.  Compared to April 2015, the 691 new listings last month were 7 percent higher.  The 53 condominiums/townhouses that came on the market in April represent an 8 percent increase over March but 20 percent lower than a year ago.

New Listings

Sales of single-family homes rose 20 percent in April and were 13 percent ahead of April 2015.  Condominium/townhouse sales followed a similar pattern, up 15 percent month-over-month and 41 percent better than a year earlier.

The median price for a single-family home in the Northeast Region reached $205,000 in April, an increase of 8 percent compared to April 2015 and about $13,000 more than in March.  For condominiums/townhouses, the median of $159,900 was also 8 percent higher than a year ago and about $7,000 above the previous month.

During April there were 2,007 single-family homes on the active market, about the same as the previous month and 14 percent fewer than in April 2015.  The 169 condominiums/townhouses available in April were 3 percent lower than the previous month and 16 percent lower than the previous year.  That inventory is considered sufficient to last 6 months for single-family homes and 5 months for condominiums and townhouses.

In the Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) new listings of single-family homes increased 12 percent from March to April, the fourth consecutive monthly increase.  Compared to April 2015, the 2,326 new listings last month were 2 percent higher.  The 266 condominiums/townhouses that came on the market in April represent a 31 percent increase over March and 5 percent better than a year ago.

New Listings

Sales of single-family homes rose 9 percent in April and were 8 percent better than April 2015.  Condominium/townhouse sales followed a similar pattern, up 9 percent month-over-month and +33 percent over a year earlier.

The median price for a single-family home in the Southeast Region reached $233,700 in April, an increase of 8 percent compared to April 2015 and about $12,000 more than in March.  For condominiums/townhouses, the median of $160,000 was 10 percent higher than a year ago but not changed from March.

During April there were 3,587 single-family homes on the active market, an increase of 1 percent over March and 38 percent fewer than in April 2015.  The 231 condominiums/townhouses available in April were 7 percent more than the previous month but 58 percent lower than the previous year.  That inventory is considered sufficient to last 2.5 months for single-family homes and about 1 month for condominiums and townhouses.

In the Southwest Region of the state (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache and San Juan counties) new listings of single-family homes increased 6 percent from March to April, the fourth consecutive monthly increase.  Compared to April 2015, the 341 new listings last month were 2 percent higher.  The 50 condominiums/townhouses that came on the market in April represent a 20 percent decrease over March are 7 percent lower than a year ago.

New Listings

Sales of single-family homes rose 25 percent in April and were 14 percent better than in April 2015.  Condominium/townhouse sales dropped 11 percent month-over-month but were 3 percent better than a year earlier.

The median price for a single-family home in the Southwest Region was $272,700 in April, a decrease of 3 percent compared to April 2015 and about $24,000 less than in March.  For condominiums/townhouses, the median of $205,000 was 17 percent higher than a year ago and about $115,000 lower than the previous month.

During April there were 1,359 single-family homes on the active market, an increase of 6 percent over March and 8 percent better than in April 2015.  The 213 condominiums/townhouses available in April were 3 percent more than the previous month but 13 percent fewer than the previous year.  That inventory is considered sufficient to last 11 months for single-family homes and 6 months for condominiums and townhouses.

For the full reports on each region, please visit:  www.coloradorealtors.com/real-estate-statistics/