Colorado Real Estate News

Real Estate Northern Colorado Market Trends

Windsor’s Detached Market Skyrockets

In June of 2021, Windsor’s detached closed sales saw a 4,355.88% increase year over year going from 102 in 2020 to 4,545 in 2021, along with a 92.52% year-over-year increase in closed sales volume. The detached housing market in Boulder saw the second-highest increase of closed sales at 53.61% year over year, with a closed sales volume increase of 85.62%.

Berthoud’s detached market closed sales decreased by 21.43% year over year, yet the attached closed sales increased by 800.00% with a 1,385.94% increase in attached closed sales volume year over year.

Days on Market Decrease

Average days on market continues to decline across all of northern Colorado except for Loveland’s attached homes with a year-over-year increase of 7.95%. Attached housing in Timnath was quick to fly off the shelves as it saw the most significant year-over-year decrease of 80.84% with the lowest average days on market at 41. Fort Collins’ detached housing also earned some prominence with the largest year-over-year decrease of 49.15% and the lowest average days on market at 30.

Love for Loveland

Loveland’s average close-to-list price was the highest for attached homes at 104.10% and the second-highest for detached homes at 104.20%. Fort Collins gained some appeal as the average close-to-list price for detached homes snuck ahead at 104.70% and had the highest year-over-year increase of 6.19%. 

Berthoud’s attached market had the highest average close-to-list price increase year over year of 6.40%, following May’s highest year-over-year increase across northern Colorado of 10.92%. As Berthoud’s average close-to-list price continues to climb, be wary of stiff competition in this region.

Sales Prices Rise

Timnath saw the largest year-over-year average sales price increase of 79.87% in the attached market, resulting in a price tag of $715,284. Windsor’s detached housing market had the greatest year-over-year increase in average sales price of 21.84%, resulting in $602,579. 

*Written July 7, 2021. Updates may be available after this date.

Colorado Real Estate News

Market Trends

June 2021 Displayed the Theme of What Goes Down Must Come Up 

Overall, month-end active inventory increased 50.46% compared to May 2021, which is the highest percentage of month-over-month increase in the Denver Metro Association of REALTORS® records. 

Listings Were Up Meaning More Opportunity

The number of new listings was up 23.89% month over month. Likewise, the number of closed properties increased 9.29%. More houses hit the market in June, and therefore more people had the opportunity to buy, which is reflected in the month of inventory increasing to 0.50. While historically, this remains incredibly low, it does show a slight shift from the previous month, which was 0.39.

Buyers Are (Finally) Competing a Bit Less

In last month’s market, buyers must compete with less competition, and therefore, the extreme bidding wars have drastically decreased. Sellers are now adjusting their listing strategy to what the comps suggest. However, while inventory did drastically increase from the previous month, Denver metro is still at less than one-third of the total inventory compared to 2019 at this time.

Attached and Detached Homes in the Luxury Market Also Had More Choices in June

New listings were up 20.42% from May. However, even with more options, sellers in this market barely felt the seasonal slowdown, with pending sales down only 1.51% month over month. Pending year-to-date sales were up 88.04%, and closed sales were up 138.20%.

June Also Reported Increased Sales in the Detached Luxury Market

Sales increased 24.20% from May to June and were up 132.28% year to date. On average, people buying luxury homes paid 104.74% of the list price in June, up 5.26% year to date. On the other hand, appearing to pull through the COVID-19 slump, the attached home market’s number of closed sales is up 306.25% year over year while closed sales are up 193.94% year to date. 

*Written July 11, 2021. Updates may be available after this date.

Colorado Real Estate News

Real Estate Northern Colorado Market Trends

The Acceleration and Deceleration of Days on Market

In April of 2021, Berthoud’s attached housing market saw the largest year-over-year decrease in days on market of 83.54 percent, ending at 26 days. In May of 2021, Berthoud saw the largest year-over-year increase in days on market of 97.87 percent, ending at 93 days in 2021. As these factors fluctuate, speak with an experienced broker to ensure you have the most current statistics for an informed decision.

Berthoud’s Disparity in Close-to-List Price

Buyers seeking attached properties in Berthoud had to pay, on average, 105.60 percent of the original list price to secure their home. As the largest average close-to-list price for attached homes across northern Colorado, Berthoud’s close-to-list price also saw the largest year-over-year increase of 10.92 percent! Simultaneously, detached properties in Berthoud saw the lowest average close-to-list price across northern Colorado’s detached market at 103.00 percent and had the smallest increase of only 3.00 percent year over year.

Homebuyers Are Attached to the Attached

Attached homes in Timnath saw a closed sales increase of 250 percent and a closed sales volume increase of 280.51 percent year over year. With the average sales price only increasing by 8.72 percent year over year, homebuyers are open to living in attached properties as they can find opportunities in this market for fewer dollars compared to Timnath’s detached average sales price increase of 41.69 percent.

Berthoud’s attached housing market skyrocketed in 2021, with a closed sales increase of 600.00 percent and a closed sales volume increase of 936.62 percent! This massive shift came with a large dollar sign as the average sales price increased by 48.09 percent year over year.

Windsor and Fort Collins were the only two areas in northern Colorado without a year-over-year closed sales increase of over 100 percent for attached homes, meaning there may be more opportunities to secure housing in these regions.

Colorado Real Estate News

Market Trends

May 2021 Data Demonstrated a Continued Extreme Seller’s Market

While it is an extreme seller’s market in the metro Denver area, closings still happened, up 18.78 percent, despite active listings being down 4.11 percent year-to-date from 2020. Showings being up is both a reflection of how the pandemic shutdown impacted the real estate industry this time last year and yet also supports the concept of increased buyer demand.

Cracks in the Attached Market Showed Themselves While the Detached Market Continued to Rise – But Stopped

Throughout 2021, the metro Denver area saw cracks in the attached market while the detached continued to rise in urgency and price. In May, buyers saw those cracks and moved on opportunities in the attached market, creating the lowest month-end active inventory on record, with only 739 properties available to sell. Those cracks are now gone, and it is a strong seller’s market for every property type and price point.

It Continues To Be an Unpredictable Year.

The Denver metro’s 2021 real estate market has turned into an unpredictable year, lacking seasonal consistency with rainy weather in tow while prices continue to skyrocket. The area hit a new average sales price record of $700,559 for single-family detached properties.

June’s Report Shows Luxury Buyers Making Decisions Faster Than Ever.
In 2019, the detached market residences were available for tours for 20 days before accepting an offer. Last month, that same metric measured median days in MLS as six. The attached market is seeing the same trend, from 23 days in 2019 to seven days this year. So even if one were to take out the pandemic pricing of 2020, the metro Denver area still sees properties for fewer days in the MLS from 2019.

*Written June 12, 2021. Updates may be available after this date.

Colorado Real Estate News

Northern Colorado Real Estate Market Trends

Image of two outdoor chairs sitting in front of a lit outdoor fireplace

Home Prices Increase Except in Berthoud

The average sales prices across northern Colorado continue to skyrocket for attached and detached homes except in Berthoud, which saw a year-over-year decrease of 0.69 percent in the average sales price of detached houses and a year-over-year decline of 7.49 percent in attached homes. Those looking to buy for cheaper may find opportunities in this area.

The Demand for Boulder

The intimate atmosphere in Boulder is still extremely attractive, as shown by the most significant increase in closed sales and closed sales volume year over year. Since April 2020, detached homes saw a closed sales increase of 144.23 percent and a closed sales volume increase of 316.56 percent, and attached properties experienced a closed sales increase of 120.51 percent and a closed sales volume increase of 142.74 percent. 

Attached Properties in Windsor Are Lacking Love

Windsor saw the largest disparity in sales of detached and attached homes as the closed sales and closed sales volume of detached properties increased by 79.10 percent and 89.47 percent year over year, respectively, while closed sales and closed sales volume of attached homes decreased by 50 percent and 46.94 percent year over year, respectively. Despite the sizable drop in purchases of attached properties, prices haven’t lowered, as the average sales price increased by 6.11 percent and detached homes’ average sales price increased by 5.79 percent.

Homes Are Flying off the Shelves Faster

Berthoud saw the most drastic drop in average days on market with an 83.54 percent reduction for attached properties and decreased to the shortest timeframe for average days on market across northern Colorado at 26 days in April 2021 from 158 days in April 2020. Fort Collins has the lowest average days on market for detached homes, with a 44.78 percent reduction, going from 67 days in April 2020 to 37 days in April 2021. Homebuyers need to make quick decisions to compete in these fast-paced markets.

*Written May 25, 2021. Updates may be available after this date.

Colorado Real Estate News

Denver Real Estate Market Trends

Image of a fireplace and patio lounge furniture

April 2021 Showed Blatant­­ Hyper-Demand In the Residential Housing Industry

The market continues to result in historic low months-end inventory, even with months-end active inventory increasing by 35.03 percent. Altogether, there were still only 2,594 active properties at the end of the month, representing the lowest April on record and 48.38 percent less inventory.

The Importance of One Year Ago

April 2020 was a month of confusion and uncertainty for the world. The ebbs and flow of being an “essential” worker were reflected in new listings last year, which were down 43.02 percent compared to April of this year. Since last year, the market has seen a steady rise in competition and therefore prices have as well. With only two weeks of inventory, year-over-year appreciation continues to be staggering for the market while also bringing homesellers inevitably great returns, increasing 24.20 percent in April. 

The Luxury Market Has Experienced the Most Growth

In 2018, 2019 and 2020, year-to-date closed sales of properties over $1 million were 649, 654 and 661, respectively. So far, in 2021, there have been 1,353 closed sales, more than double the number of the past three years. The median days in MLS for the Luxury Market was seven, down from 23 in 2020, 22 in 2019, 32 in 2018 and 48 in 2017. 

Where We Stand With Inventory Lows

Historically, the market has seen annual inventory reach its low point in February and March, followed by increased listing activity until it hits inventory peak in August and September. The Luxury Market appears to follow the trend with 28.82 percent more new listings in April than March, showing that it may be possible for buyers who outlast the competition fatigue to find themselves with more options than they have seen in the past few months. If so, with only one month of inventory for attached homes and 1.97 months for attached homes, buyers will need to keep vigilant. 

*Written May 10, 2021. Updates may be available after this date.

Colorado Real Estate News

Real Estate Market Trends

March 2021 Depicts an Emotional Market in the Greater Denver Metro Housing Area

With nearly every statistic in the report justifying how much competition there is for buyers, the market can visibly observe how far buyers are willing to take their offers in order to secure a home.

Whether Looking at Detached or Attached Properties, It is a Strong Seller’s Market Across the Board

Year-over-year appreciation is at 15.26 percent from $511,511 to $589,587 this March, while month-over-month appreciation is at 6.90 percent from $551,542. On par with recent months, median days in the MLS went down to four, while close-price-to-list-price ratio went up to 103.32 percent.

New Listings in the Luxury Market Are Also Unable To Keep Up With Buyer Demand

Reports show that as prices and appreciation continue to soar, more homes cross the threshold into the Luxury Market as a result.

Sales Volume for the Attached Segment of the Luxury Market Is Up Substantially

62.63 percent year-over-year to $64,182,709 and up 63.56 percent month-over-month from last month’s $39,240,156. As volume has gone up, median days in MLS has fallen from 27 days last year and even a whopping 35 days in February to only seven days in the month of March.

New Detached Listings Increased, Barely Keeping Pace With the Pending Sales

Listing increased 28.03 percent with 402 new listings, up from 314 last month. This barely kept pace with the pending sales topping out at 399, a 26.27 percent increase month over month. As a result, sales volume was also up month-over-month 57.43 percent reflecting $558,253,910 at month-end.

In a Highly Emotional Market, One Must Understand How Much Competition Is Out There

Instead of using past sales as an indicator, one must also understand how much competition one has when submitting an offer. The data is a small piece of the puzzle. The bigger question is what are buyers willing to offer to beat out your competitors?

Colorado Real Estate News

Real Estate Market Trends

photo depicting candles lit in front of a wintery window

January 2021 Presented Brand New (Unsurprising) All-Time Inventory Lows
In January, the Greater Denver Metro housing market again broke a new inventory low with only 2,316 total active listings on the market, translating into an inventory shortage and an opportunity for appreciation to accelerate. 

Single-Family Attached and Detached Homes Also Sealed in Record Prices
Single-family detached properties hit a record average price of $629,159, while attached properties hit a record of $397,792. Single-family homesellers saw a 101.03 percent close-to-list-price in January and a drop to five days in the MLS, down from six last month and 24 days last year. Overall, the drive in demand has been proportionally higher for single-family detached properties than attached properties, explaining why the market is currently sitting with historic-low inventory for single-family detached properties.

2021 Shows No Slowing Down for the Luxury Market
Meanwhile, new listings for the Luxury Market jumped a little from one month ago at 2.22 months of inventory in detached luxury homes and 3.65 for attached luxury homes. 

Even with less inventory year-over-year, the market still saw an 85.71 percent increase in closed attached homes and a 70.19 percent increase in closed detached homes. In January, the luxury residential market was up 85.16 percent year-over-year for sales volume of $335,859,100, up from $181,393,127 from one year ago. The detached luxury sales volume was up 90.11 percent, and the attached was up 48.36 percent from one year ago.  

This Month’s Report Confirms a 2021 Seller’s Market
As long as interest rates continue to remain low and inventory scarce, there will continue to be multiple buyers for every appropriately priced house. Sellers across the state will continue to have the opportunity to navigate through multiple offers and differing terms of their choice, ultimately choosing one contract while disappointing several others.

*Written February 14, 2021. Updates may be available after this date.

Colorado Real Estate News

Real Estate Market Trends

2020 Presented Historic Sales Volume in the Denver Metro Real Estate Market

In December, the Denver housing market continued to show buyer resiliency in pursuing homeownership. For the first time ever, there were 62,985 homes purchased throughout the year, 6.95 percent more than 2019.

According to Steve Danyliw, past Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®, in 1990 the Denver real estate market closed only 25,619 homes, which means in 2020 the market closed 145.9 percent more homes. Over the last 31 years, home prices continue to see robust growth with the average price increasing a staggering 457 percent.

Don’t Count Out Ultra-Low Mortgage Rates

Despite the growth in average price, Lawrence Yun, Chief Economic and Senior Vice President of Research at the National Association of REALTORS®, added that buyers should focus on the current low mortgage rates, which mean the Denver area is actually more affordable now than a year earlier even though home prices rose 14 percent. The 30-year fixed rate has dropped more than one percentage point over the past 12 months and is hovering into record lows.

Inventory Is Unsurprisingly Still Low

December presented another historically low month of inventory with 2,541 properties on the market: the first time Denver has seen under 3,000 active properties.

New Listings for Luxury Homes Climb

However, new listings for the Luxury Market were up 14.65 percent compared to 2019, with pending sales climbing to 36.50 percent and closed sales reaching 34.74 percent.

Meanwhile, the Classic Market Stays Competitive

With the average days in MLS at 20 days, 23.08 percent lower than 2019, and median days in MLS at only six days, 45.45 percent lower than 2019, the Classic Market remains strong. 31,913 new residential listings hit the market in 2020, which is 2,255 fewer and 6.60 percent less than the 34,168 that came available in 2019. 

*Written January 8, 2021. Updates may be available after this date.

Colorado Real Estate News

Real Estate Market Trends

winter decor featuring multi sized candles and a white vase with lit up small branches

Denver Metro Real Estate Market Continues to Boost All-Time Records.
November continued to emphasize the desirability of a home in COVID-19, and the market shattered records with median days in MLS for detached single-family homes at a speedy five days, representing a tie for the lowest number on record. Active listings for attached and detached single-family homes came in at 3,415, surpassing the previous low set in December 2017 of 3,854. There was additionally a record-high for November average close price for combined single-family detached and attached properties, and detached single-family homes at $549,756 and $615,766 respectively.

Low Inventory Is …  Low.
While the holiday months generally see a decline in inventory, this November MOI hit another record-low at just .71, easily beating October 2020’s former lowest record at .81. For the single-family detached market, Denver had 1,755 houses currently available for sale, representing just .51 months of inventory.

Change of Pace for Luxury Homes Inventory.
While typically, the most active amount of inventory is the $500,000 – $750,000 price range, this November the dial turned and it was homes priced over a million dollars. Presently, there are 561 homes on the market priced at over a million dollars, almost one-third of the overall inventory. New listings for the Luxury Market were up 17.09 percent compared to last year.

Classic Market Becomes Most Competitive.
MOI for detached homes in the Classic Market dropped to just over .27, arguably making the Classic Market the most competitive segment of the market. For detached and attached homes in the Classic Market, there were 1,781 new listings recorded in November, which was a 35.70 percent drop from October and a 2.64 percent drop from last year. The 2,319 pending sales in November outpaced the number of new listings, furthering the lack of inventory this month and the number of closed sales dropped by 25.38 percent from October and 4.98 percent from last year.

*Written December 8, 2020. Updates may be available after this date.