Colorado’s housing market is shifting closer to balance as a surge in housing inventory and new listings gives buyers more choices and bargaining power. However, rising housing costs and economic fears make potential buyers hesitant.
According to the March housing report from the Colorado Association of Realtors, there were nearly 12,500 new listings, up 24% from last year. Active listings are up 27% from a year ago, with 23,213 listings.
The median price of a single-family home statewide is $584,990, up about 2% from last month compared to March 2024. The median price for condos and townhomes is $409,000, up 0.1% from February but down about 4% from last year.
Statewide, the average number of days on market for single-family homes is 64, a 12% increase from last year’s average 49 days. For condo-townhomes, the statewide average is 66 days, nearly 14% from the 50-day average in March 2023.
“All this is to say that we are in a balancing market and buyers and sellers are having to negotiate together more than any time in the last decade,” said Chris Hardy with Elevations Real Estate in Fort Collins.
After a slow start to the year, listing activity in the Denver-metro area picked up, with over 7,700 new listings in March and home prices remaining stable.
“Even if fewer buyers are ready to make a move, real estate markets tend to ‘push and pull’ towards equilibrium,” said Cooper Thayer, a broker associate with the Thayer Group in Castle Rock.
“When more inventory is available and sellers are forced to compete, buyers gain the confidence to enter the market with greater options and negotiating power.”
In Boulder County, prices are flat, and days on the market climbed to 75 in March, while in Broomfield, prices are up 6%, and days on the market are 50.
“Despite many sellers holding off due to low interest rates, the rise in available homes signals more opportunities for buyers. However, ongoing economic uncertainty has kept many buyers hesitant, resulting in a drop in sold listings across both counties,” said Kelly Moye of Compass.
In Aurora, March was disappointing, said Aurora-area realtor Sunny Banka.
“Typically, a big month and an exciting indicator of what lies ahead, March turned out to be lackluster when it comes to home sales,” she said.
The affordable housing segment is under significant pressure, particularly in the condo and townhome markets. According to Julia Purrington Paluck, an Evergreen realtor, issues like condo insurance and a lack of new affordable options contributed to a 50% increase in inventory and noticeable price drops.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.