Colorado Association of REALTORS | Winter adds to slowing home sales in Pueblo
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Winter adds to slowing home sales in Pueblo

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Mar 18 2019

Winter adds to slowing home sales in Pueblo

Single-family home sales across the state were down 3.9 percent in February from a year ago, according to Colorado Association of REALTORS® data. They were down 5.1 percent in January and February combined.

 

In Pueblo County, the drop was steeper. Single-family home sales were down 24 percent last month from February 2018. They were down 15 percent for January and February combined.

 

RE/MAX Pueblo West agent Dave Anderson, who is president of the Pueblo Association of REALTORS® , said that locally the low inventory of existing homes for sale is a bigger factor than weather. New home construction also has leveled off in recent months, he noted.

 

“Showings are down a bit, mostly impacted by the continued low inventory. While inventory got to a high point in the (third quarter of) 2018, it has been dropping ever since,” he said in a statement.

 

In February, there was an estimated 1.9-month supply of homes on the Pueblo County market, little changed from a year ago, according to the Colorado Association of REALTORS® data. A three- to six-month supply is considered a balanced market, the industry says.

 

Homes available locally are generally higher priced with fewer entry-level or small, older, less-expensive homes in the mix. Reflective of the shift, Pueblo County’s median sales price for a single-family home rose to $206,250 in February, up 8.6 percent in a year, and the average sales prices was up to $213,244, an increase of 13.8 percent in a year.

 

To read the full article, please visit The Pueblo Chieftain’s website by clicking here.

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