Snapshot view of homes in Colorado/the entire state of Colorado, for March 2021, real estate. Statistics courtesy of the Colorado Association of Realtors. By viewing the entire state, some statistics are softened. As I blogged about in the challenging conditions of the Boulder valley real estate market, not every county in Colorado is seeing population growth. Those counties with no growth – or population loss even – drag down some of the following stats.
For a more focused market snapshot, contact BoulderCo Realtor Bob Gordon for a market analysis on your home! At least be aware that the Colorado real estate Denver Boulder markets are experiencing bigger drops & jumps than the state on average!
Percent of List Price Received
In March of 2020, the percentage was 99.1%. So, on average last year before the pandemic lock down, owners were getting less than full price on average. Today, statewide, the average home sells for 102.1% over list price. That’s a three percent jump. On average over the prior year.
For Boulder Co real estate home buyers, this means be ready to enter a bidding war and pay greater than full price.
For Colorado home selling clients, this is the ideal market to place your house for sale. Good marketing should gross you a higher than List Price result!
Colorado Homes Average Days On Market
Trending down for several years now. Plummeting in 2021. For homes in Colorado, the average days on market is 37. That’s over 25% fewer days than a year ago. However, specific markets are even faster. Residential real estate sales in Boulder, Denver, Fort Collins are moving much more quickly.
For a first time home buyer, be ready for a super fast purchase experience followed by a rent back to the Seller. That’s the experience my clients are seeing. Sellers want the surety their transaction is closed and then time to find a replacement home.
For home sellers, the transaction is just going to be all around faster. A decade ago, it took 156 days on average to sell a home. Your experience might have been half a year to sell back in 2011. Thirty seven days is much faster. And like I mentioned, Boulder Denver homes will be a fraction of the state average.
Homes For Sale Absorption Rate
This was the statistic several years ago. How long for a house to be absorbed by the marketplace. Year over year, we are seeing inventory levels plummet. Pick any municipality. Louisville homes for sale – about 1/2 a months inventory. Back in February 2020, there was two months inventory. Today, statewide, that number is down 72% to just over a half month’s supply (.6%).
Down. We have 11.4% fewer new listings available today than a year ago. Numerically, for the year, we are talking 29,777 homes for sale in Colorado versus a year ago when there were 32,393.
Demand has not eased. Population growth has not fallen off. Point of fact, Millennials – the largest generation purchasing homes today – prefer metro areas and Denver/Boulder remains one of the most popular places in the country.
First Time Home Buying Tip: be ready to encounter multiple, better than full price offers. I’m talking like twelve, fifteen or twenty offers, not a mere handful! This is probably the strongest Colorado house market ever.
Pending Under Contract Homes In Colorado Sales Are Up
Where are all the sales coming from? Existing inventory is being snapped up. New listings are selling like hot cakes. New construction is experiencing unbelievable demand. Fewer homes are falling out of contract (re-listing) and fewer homes for sale require a price reduction. In fact, some houses that do come back on the market actually see price increases.
Home Sellers: this is the best market. While making your house look it’s best – you know, following a simple Top 10 list to get your house ready for the market – will get you the best results, this is the sort of market where you can do nothing. And still get great results.
Median Sales Price Up For Homes In Colorado
Again, these are stats for the entire state. Individual markets might be seeing different results. A big take away for me is that the market is accelerating even as I jot this blog post. The March gains exceeded the year to date results for houses and condos. This tells me each day brings less new inventory and more new buyers – adding to the economics of supply and demand.
I think we are going to see a large number of traditional Spring home buyers show up and be absolutely stunned by Boulder home source market conditions.