Prices for Homes in Colorado Continue to Rise – Colorado Market Report
The median price for a single-family home in Colorado reached a new high of $345,000 in June, a 3 percent increase over May and 9 percent higher than one year ago according to market statistical reports released today by the Colorado Association of REALTORS®. For condominiums and townhouses, the June median of $246,000 was just slightly higher ($1,000) than in May but 12 percent better than June 2015. Year-to-date, prices for single-family homes were up 8 percent compared to the first six months of 2015 and condominium-townhouse prices were 12 percent higher.
News listings of both single-family homes and condominiums/townhouses improved throughout much of the state from May to June. The market added 12,526 single-family homes and 3,331 condominiums/townhouses to the mix in June, a 9 percent increase in single-family and +7 percent in condominium/townhouse listings over the previous month.
June is usually a strong month for home sales in Colorado. Sales of single-family homes (8,781) were 7 percent better than in May and condominium/townhouse sales (2,435) were up 2 percent month-to-month. Compared to June 2015, however, single-family sales were down 3 percent and condominium/townhouse sales were down 14 percent.
The number of days a single-family home stays on the market before selling (DOM) decreased to 45 days in June, 10 percent lower than in May and 15 percent lower than a year ago. Condominiums/townhouses averaged 42 DOM, 5 percent lower than in June 2015 but up 5 percent from May of this year.
A total of 25,217 properties were available for purchase statewide last month, 20 percent fewer than June 2015. That represents a 3-month supply of single-family homes and a 2-month supply of condominiums/townhouses, both well below the 5-7 months that REALTORS® identify as a “balanced-market,” favoring neither buyers nor sellers.
In the Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties) June sales of single-family homes increased to 1,461, a 4 percent improvement over May though also 8 percent lower than the same month in 2015. The 332 condominiums and townhouses sold last month were 12 percent higher than in May and also 12 percent behind June 2015.
The median price of a single-family home sold in this region during June was $344,950, up about $15,000 over May and 10 percent higher than last year. At $265,000, the median price of a condominium/townhouse was about $2,000 higher than in May and 20 percent more than June 2015.
Single-family new listings rose 6 percent from May to June but were 4 percent less than a year ago. New listings of condominiums/townhouses rose 9 percent from May to June and 6 percent over last year.
The average DOM for single-family homes dropped to 65 days, down 3 percent from May but unchanged from last June. Condominium/townhouse DOM rose to 58 days, up 4 percent from May but 13 percent lower than in June 2015.
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Despite some month-to-month improvement common to the summer months in Colorado, inventory in this region continues to be a challenge. There were 2,250 single-family homes available for purchase in June, 15 percent below the same month last year and 319 condominiums and townhouses, 22 percent less than a year ago. These figures convert to a 2-month supply of single-family homes and a 1-month supply of condominiums and townhouses.
Inventory of Active Listings
The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The June 2016 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.
The complete reports cited in this press release are available online at: www.ColoradoREALTORS.com/HousingStatistics