MARKET TRENDS
Colorado Homes Hit a Median $600,000 Despite challenges, REALTORS® across the state share signs of hope for more balance in the near future
INVENTORY OF ACTIVE LISTINGS STATEWIDE - APR 2022 7,078
7,481 2,806 1,647 -41.3%
-5.4% APR 2022
APR 2021
SINGLE FAMILY
APR 2022
APR 2021
TOWNHOUSE/CONDO
Rising interest rates and seasonal growth in inventory have given some potential homebuyers a little larger window of opportunity while others have decided to take a step back from the homebuying search as their dollars just don’t go as far, according to the April 2022 Market Trends Housing Report from the Colorado Association of REALTORS®.
With all of these conditions at play, the CAR Housing Affordability Index (HAI), a measure of how affordable a region’s housing is to consumers based on interest rates, median sales price, and median income by county, fell more than 10% again in April and sits at its lowest figure since the association began tracking the data in 2010.
And while conditions have ‘slightly improved’ for some house hunters, strong demand continues to push market measurements to record highs in both in the seven-county Denver-metro area and statewide where the single-family median sales price hitting a milestone high at $600,000.
With diverse and local factors playing out across the state, REALTORS® across the metro area and state are expressing hope as more signs and conditions point to a shift in the market on the horizon.
Housing market records set in April 2022, according to the CAR Market Trends report include:
Statewide Seven-County Denver Metro Area SF Median Sales Price $600,000 $660,000 SF Average Sales Price $747,226 $793,486 T/C Median Sales Price $440,000 $445,000 T/C Average Sales Price $578,237 $523,693 SF % of List Price Received 104.9% 106.5% T/C % of List Price Received 105.2% 106.2% SF Days on Market Until Sale 24 12 T/C Days on Market Until Sale 19 9 SF Housing Affordability Index 51 46 T/C Housing Affordability Index 70 69 SF = Single Family T/C = Townhome/Condo
CAR Market Trends data tracking began in Jan. 2010
22
• Aurora – Homes are still only on the market between four and 12 days depending on the price. Inventory is still moving, sellers are just not seeing the same flurry of buyers with offers way over the listing price. • Boulder/Broomfield counties – The day the market turned… It was Easter weekend and based on showing reports, that was the weekend showings averaged more like five or six per weekend instead of 20-30, and suddenly homes were still on the market come Monday morning. Sellers expecting a flurry of activity were sorely disappointed and we started to actually see price reductions trickle in on our morning email alerts. The market is still a strong seller’s market but the tides are turning. • Colorado Springs – The resilience of the housing market remains steadfast as April brought more appreciation to an already unaffordable market. We stacked up another 15% increase in median sales price across all properties year-overyear. May and June will begin to see longer days on market. If we are lucky enough to see more listings and less buyer demand, we may just have a balance here we have not seen in years.
