Year to date, this has been one of the busiest housing markets on record! As restrictions related to the pandemic are lifted, we’re seeing boosted consumer confidence. Homes are moving from Active to Pending status quickly, while the number of New Listings is not keeping pace with demand, leading to low inventory levels across the state.
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Denver Metro Area
In May, the Denver metro area housing market remained steady with the number of closed homes and average closed prices staying consistent compared to last month. Throughout the month 3,848 single-family residences sold for an average price of $697,368, with more listings in Pending status than any other May on record. Meanwhile, the number of new listings was lower than we’ve seen in any other May since 2012, leaving only two weeks of inventory at the end of the month. The housing market remains competitive for buyers, with single-family residences on the market for an average of only 8 days.
Routt County saw another huge increase in homes closed compared to last year, up 158%, as consumer confidence booms. Home prices remain steady, with the median price for condo, townhome, and multi-family properties up 27% year over year. Steamboat Springs saw a substantial increase in the number of homes sold in May, with homes spending a median of only 6 days Active in the MLS. Get the full details by looking at the complete Routt County market statistics report.
Like other parts of the state, Chaffee County saw an increase in homes closed and median closed prices with fewer new listings year over year, indicating a competitive housing market. The housing market still shows significant recovery compared to last year, as consumer hesitancy due to the coronavirus pandemic brought things to a halt this time last year. At the end of May, Chaffee County had only 4 weeks of inventory available with homes spending a median of only 8 days in the MLS. Get the full details by looking at the complete Chaffee County market statistics report.
REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we provide housing market data and collaboratively produce statistics reports with local REALTOR® associations.