According to a recent report by the Colorado Association of Realtors, real estate agents in the state are wondering what happened to spring's traditionally hot selling season.
This year, during a season when things usually heat up, there hasn't been much action. The pace of sales is increasing slightly, despite the fact that properties are selling much slower than a year ago.
In April, single-family homes in the state remained on the market 47 days, an increase of 95.8% from the previous year, but only a small improvement (16.1%), compared to March. The average time to sell a townhouse/condo was 39 days, which is a 95% improvement from April last year and a 25% drop month-over-month.
In April, the median price of a single family home in the state was $565,000, and the price of a condo or townhouse was $420,000. The median sales price for a single-family home was $565,000 in April, while the median sales price for a townhouse or condo was $420,000. Both decreased from last year by 5.8% and 3.8% respectively. According to the report, median prices for single-family houses increased by 2.6% month-over-month and for condos and townhomes they rose by 2.2%.
In the report, Realtor Kelly Moye stated that the Boulder and Broomfield Counties, where both prices and inventory were down from the previous year, are a haze and confusion. The slower pace of the market is not the only factor.
Some listings sell in a weekend, with bidding wars. Others sit idle for several months before they are sold. Moye stated that it's difficult to understand.
In April, the median price of a single family home in seven counties in Denver was $614.170, which is a 6.9% drop from last year and a 2.4% increase from March this year. In the Denver metro, the median price of a condo or townhome was $414.320, which is a 6.7% drop from last year and a mere.2% increase from March.
New listings have decreased from April 2021 and April 2022. Inventory remains low. Only 7,729 single-family home listings and 2,259 townhome/condo listings were added across the state.
In April 2022, there will be 13,795 new listings, while in April 2021, there were 13,550.
Denver metro listings decreased by 29% in comparison to last year. Townhomes and condominiums were also down 25,6%. Sellers in the Denver metro area added 5,967 new properties to their portfolios last month.
In Denver, however, properties were on the market 35 days, which is a 191.7% rise from April last year and a decrease of 22.5% from March. According to the CAR report, townhouses/condos stayed on the market 27 days. This is 200% more than last year but 26,6% less than March.
In the Denver metro region, single-family home sales decreased by 24.9% last month compared to last year. They went from 4,451 last year to only 3,342 in this year. This trend was also seen in the rest of the state, where 5,622 houses were sold, which is 27.7% less compared to April last year.
Matthew Leprino, a Denver area Realtor, said that the current market is a good time to buy and sell.