Colorado Association of REALTORS | It’s All About That Pace – Housing Inventory and Buyer Demand Tug-of-War Rages On, Results in Additional Increases in Median Prices Statewide
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It’s All About That Pace – Housing Inventory and Buyer Demand Tug-of-War Rages On, Results in Additional Increases in Median Prices Statewide

Nov 10 2021

It’s All About That Pace – Housing Inventory and Buyer Demand Tug-of-War Rages On, Results in Additional Increases in Median Prices Statewide

ENGLEWOOD, CO – In most markets across the state, the pace of available inventory slowed in October and was quickly consumed by the insatiable demand that has come to define the Colorado housing market in 2021, according to the latest monthly market data and analysis from the Colorado Association of REALTORS®.

“The pace at which homes are selling remains robust, but the dynamic has changed. In the Fort Collins area, 225 new listings came on the market and 256 listings were sold. This single ratio describes the ongoing disparity between supply and demand; more homes sold than came on the market leaving supply well below demand,” said Fort Collins-area REALTOR® Chris Harvey.

In Metro Denver, inventory fell month-over-month, with fewer listings available resulting in fewer sales, escalating single-family median sales price from $562,000 in September to $570,000 in October. Year-over-year, new listings are down 9.8% for single family and -19.3% for condo/townhomes, sold listings for single family is down a staggering 22.2% and -13.9% for condo/townhomes, and median sales price is up over 14% for single-family and 11.6% for condo/townhomes as eager buyers clamor to pin down an ever-shrinking pool of available homes.

“We all know prices are up and ‘affordability,’ well, what does that even mean anymore? It seems the definition can sometimes change from month to month as a relative response to what a ‘normal’ house sells for. That said, we know Denver is no longer the affordable relocation destination it once was,” said Denver-area REALTOR® Matthew Leprino.

Statewide, new listings for single-family properties have fallen 8.1% over this time last year, resulting in an 18% drop in sold listings, causing a related spike in median sales price up 15.4% from October 2020. Townhouse/condo property types have fully recovered from any discernable slump caused by the pandemic and are seeing the same trends as other property types, with a more aggressive 16.9% drop in inventory, 15.6% drop in sold listings, and a 12.4% jump in median price over October 2020. “Townhouse/condos are considered more affordable in Larimer County and I believe this property type is filling a gap in affordability, for now at least,” said Estes Park-area REALTOR® Abbey Pontius.

Mountain resort communities continue to see an influx of outside buyers, pushing inventory to new lows. “The lack of inventory continues to steal the headlines in La Plata County. October single-family new listings dropped 41% from the same time last year. Single-family inventory fell 55% to just over a month and a half supply,” said Durango-area REALTOR® Jarrod Nixon.

While the Colorado housing market usually sees seasonal slowdowns during the fall season, REALTORS® across Colorado continue working at a feverish pace as demand marches on. “What seasonal slowdown? After a somewhat typical end-of-summer market, the housing market must have taken a note from the Broncos playbook – we’re back. With the days on the market averaging just 35 in Boulder and 13 in Broomfield, homes are selling as fast as they did in the spring,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

Taking a look at some of the state’s local market conditions, Colorado Association of REALTORS® market trends spokespersons provided the following assessments:

AURORA

“The housing market continues to show high demand in the Aurora and Centennial markets. Inventory continues to be down 50% from last year at this same time. Days on the market in Aurora is down 45% from last year at this time, with the average days on the market at 11 days. Multiple offers and offers over the list price are still very much a reality. If you take a drive out to zip code 80019, near Tower Road and 64th Ave., you will experience a flurry of building from new home builders. With supply chain delays and shortages, builders just cannot build fast enough. Resale homes in the 80019 zip code of Aurora boast at least a 15% increase with the median price of $542,000. Due to the costs of lumber, labor, and materials, new home prices have risen at a much faster rate.  

“Going to the south, zip code 80016 shows a 48% decrease in inventory of single-family homes at a $735,000 median price, a16.7% increase over last year. Multifamily in 80016 is selling at a median price of $432,500 with only 8 multifamily homes currently available. The 80013 zip code in Central Aurora shows 38 active listings. Buyers better hurry as they only last 8 days on the market and plan to pay a median price of $488,000. 

“Centennial is just as hot. Inventory is down 50% with only 55 properties on the market. Plan to pay $625,000 as the median price, up 13.8% from last year.  

“Clearly, the suburbs are still in high demand with buyers looking for extra space for working or schooling from home. Offices and a basement area for a quiet separated space is a common request.  Homes that can accommodate additional family members are also frequently requested. Many buyers are anticipating bringing in an elder family member or a return home of the high school graduate,” said Aurora-area REALTOR® Sunny Banka.

BOULDER/BROOMFIELD
“What seasonal slowdown? After a somewhat typical end-of-summer market, the housing market must have taken a note from the Broncos playbook – we’re back. The warm fall weather has us feeling a little bit like spring and with the days on the market averaging just 35 in Boulder and 13 in Broomfield, homes are selling as fast as they did in the spring. Broomfield’s market has appreciated 17% and Boulder has risen 23% so far this year. It seems that people who can work remotely have decided that the quality of life in Boulder is where they want to be. We have seen more migration from other states than what is typical, and the buyers have money to spend. The supply and demand balance is clearly in the seller’s favor in Boulder.

“Attached properties are making a comeback, too, as buyers feel more comfortable in a tighter-knit community than they did last year. Median prices are up about 10% and days on market continue to decline. This market might just drive right through the holidays,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

BRIGHTON/COMMERCE CITY/I-76 CORRIDOR

“As the fall season continues with nice weather, buyers are still out looking for homes. Out the I-76 Corridor, the market is not showing any signs of softening. In fact, the year-to-date average prices are up from January, ranging from 12.4% to 18.7%, depending on the county. Brighton has one of the lower year-to-date average sales price increases of 12.9%, with an average sales price of $531,638. As the growth and affordability along the I-76 Corridor continues to impact both residential and commercial markets, we are slowly seeing this area becoming a suburb of the Denver area. We are seeing new home construction inventory with the many new construction sites around Brighton, Commerce City, and Reunion areas. I have visited multiple new home builder sites and was pleasantly surprised when buyers are offered choices of homes that are in different stages of completion. If you have previously put your new build home buying on hold, you may want to reconsider at this time.  Many builders try to push to get their homes under contract before the end of the year. There is still time to get into a new home before the holidays,” said Brighton-area REALTOR® Jody Malone.

COLORADO SPRINGS/PIKES PEAK AREA 

“It was amazing weather here in the Pikes Peak Region all of October. Very few times in Colorado do you actually get a fall, and this year we were amazed with colors changing on the trees, warm daytime temps, and what most called the best October in recent memory. It is one of my favorite months also because we get to enjoy Halloween. With COVID rules relaxing and parties coming back online, people were out in full force enjoying the socializing. And not only were there some scary costumes and movies, but housing remained terrifying for buyers. 

“Here are the amazing facts about our economy nationwide: It is in freefall. Ignore the jobs added report until you subtract that from the first-time unemployment claims to find out that we actually lost jobs. GDP is retracting. Inflation is now knocking on everyone’s door. Gas, food, goods, and services are all up. Interest rates are also up from their lows. If you try to find good news, there isn’t a lot to go around. But through it all, we have housing. I don’t know if this is good news or not. If you are a seller, it is. If you are buying, it is not. Home prices went up 16.8% year-over-year across all properties. Single-family homes were up 18 percent to $450,000 as a median price.

“October also brought some of the biggest news to hit real estate in many years. The real estate goliath, Zillow, announced they would stop buying homes for the remainder of 2021, but shortly after announced they would shut down their entire iBuyer business model. They stated it was due to the algorithms not being accurate and paying far too much for homes far too often that left them losing $550 million and now offloading 7,000 homes nationwide. As I look across the national landscape and start hearing about economical slowing, I wonder if Zillow is getting out while the getting is good? Let’s keep in touch and see how we progress into next year, shall we?” said Colorado Springs-area REALTOR® Patrick Muldoon.

“In October 2021, the inventory of single-family/patio homes in the Colorado Springs market was 19% higher compared to October 2020, while the sales were down by 5.3%. However, last month we recorded the highest level of year-to-date sales, monthly and year-to-date sales volumes, as well as record-high average and median sales prices compared to any October on record.The year-over-year single-family home sales activity saw a 5.3% increase in the year-to-date sales, 12% increase in the months’ sales volume, 25% increase in the year-to-date sales volume, 18% increase in the average sale price, skyrocketing to $510,180, and over 16% increase in the median sale price ascending to $446,000. 

“The single-family home sales data shows that during the past 5-years, from October 2016 to December 2021, the monthly sales increased by 30%, year-to-date sales by over 18%, monthly sales volume by 125%, year-to-date sales volume by over 102%, average sales price by over 73%, and median sales prices by over 74%. All of this while, appallingly, active listings declined by 53%. 

“Last month, 64.1% of the single-family homes sold were priced under $500,000, while 28.5% were between $500,000 and $800,000, and 7.4% over $800,000. Year-over-year, there was over 63% decline in the sale of single-family homes priced under $300,000, primarily due to the inventory shortage while we had a 42% increase in homes priced between $400,000 and $600,000, over 68% increase in homes priced between $600,000 and $1 million, and a huge 125% increase in homes priced over $2 million.

“Buyers generally purchase properties offering competitive values, even in a robust real estate market. Unsurprisingly, even while the listings are at a low level, over 32% of the El Paso County, and over 42% of the Teller County active listings in the Pikes Peak MLS had price reductions. Unequivocally, low inventory and affordability challenges due to ever-soaring prices continue to be the most challenging aspect of the Colorado Springs-area housing market,” said Colorado Springs-area REALTOR® Jay Gupta.

DENVER COUNTY

“We all know prices are up and ‘affordability,’ well, what does that even mean anymore? It seems the definition can sometimes change from month to month as a relative response to what a ‘normal’ house sells for. That said, we know Denver is no longer the affordable relocation destination it once was. With that change comes a staggering new price point that quickly alters what we can tangibly calculate as the ‘average.’ The ‘average,’ as it’s known, simply takes all the highs and lows and everything in between, totals them up and divides the total by the number sold – October’s average was $762,038. With that calculation, you get a number that both represents the highs and lows but leaves out a key perspective, what the middle, or the vast majority of homes are nearer selling to. The median, on the other hand, depicts the center of the data and in doing so, represents an accurate metric of what most homes in the Denver market are transacting at.

“Last month, Denver’s median for a freestanding home was $605,000. Since February of 2016, the Colorado Association of REALTORS® has tracked both the median and average in Denver and what we see now is a widening gap between the median and average that is coming close to doubling in only 5 years. In 2016, the averaged difference was only $83,703 while in 2020, the number was $139,110. Last month’s data, October of 2021, saw a difference of $157,083. Going back to what that depicts; it means that either the highs are getting higher or the lows are getting lower (or both), and since we are acutely aware that prices haven’t fallen in some time, this is a direct metric of just how ‘high end’ Denver has become. With a widening gap where an ‘average’ takes in to account the highest of the high prices, we see that not only are the expensive prices getting higher but also that the median or middle homes aren’t growing nearly as fast – and that’s good! A welcome fact for those feeling like they can never enter the market as it currently stands. (Spoiler alert; real estate price always increases up in the long-term. The time to buy is always now.)

“While luxury tends of be a more fickle beast and can alter course far faster than the middle, one could predict that this variation won’t last forever. In the meantime, Denver is a luxury destination where 2, 3 and even $15 million-dollar homes do sell. Last month alone, 7 freestanding homes closed above $3 million in Denver – a very far cry from the metro area’s median freestanding home price in February of 2014, just $249,563,” said Denver-area REALTOR® Matthew Leprino.

DURANGO/LA PLATA COUNTY

“The lack of inventory continues to steal the headlines in La Plata County. October single-family new listings dropped 41% from the same time last year. Single-family inventory fell 55% to just over a month and a half supply. The median sales price did flatten out for October with just under a one percent increase, a good sign for potential buyers entering the market. 

“The condo/townhome market is also experiencing incredibly tight inventory levels with sales down almost 50% in October versus last year, again due to a lack of options. The monthly supply in this category is down 74%, with just over a two-week supply available.

“As of today, only 11 single-family homes are currently available in Durango proper. Only 54 single-family homes are for sale in the entire county. The condo/townhome market is even tighter, with just four condos and two townhomes for sale in town. If inventory levels continue to fall over the next couple of months, buyers will be asking Santa for more housing options instead of their two front teeth this Christmas. Happy Thanksgiving everyone,” said Durango-area REALTOR® Jarrod Nixon.

ESTES PARK/LARIMER COUNTY

“As I was driving into the office this morning, piloting the curves and dodging some wildlife, I equated my drive to the last 2 years of my professional life. Diving, dodging, curving, pivoting (that term is so worn out), finding new and creative ways to navigate this market while keeping integrity and grit intact, and educating clients on this fast-paced, arguably overpriced seller’s market. I had even thought to bring out the old cattle prod to scare off any other potential showings, but we know that isn’t the best approach.

“Joking aside, REALTORS® in this market are working hard to get their buyers into properties to even see them before putting in an offer (if not already under contract when listed), hoping to not be too late, and hopeful to not be instantly excluded by offering asking price. Inventory is incredibly low, so when clients start looking… it’s like… ‘We can go see the two houses in your desired price range. Don’t worry about a second showing… you need to act now’”

“This is not the good old days of showing, second showing, going to bring the ‘pro in the family’, then bringing an offer. Single-family home inventory is down 43.3% from October 2020. Townhouse/condo inventory is down 60.9% from October 2020. Thankfully, I haven’t personally had any clients with buyer’s remorse, but that phrase is becoming more prevalent as the list to purchase time has been slashed. Buyers don’t have the time to think thoroughly and are possibly waiving inspections and other safeguards to sweeten the deal to the seller.

“Larimer County is seeing new listings in single family homes down 15.9% from October of last year. Year-to-date doesn’t look as bad, but a 8.1% dip is not a comfortable place when we have such an influx of implants coming to this area. Townhouse/condos are feeling some strain, but not like the single-family homes. Townhouse/condos new listings are down 6.5% year-over-year, however, year-to-date, this property type has gained in new listings 3.8%. Are these repercussions from COVID still leaving folks less comfortable with community living? The numbers don’t reflect that every client looking to purchase is fearful of this. Townhouse/condos are considered more affordable in Larimer County and I believe this property type is filling a gap in affordability, for now at least. Year-to-date, townhouse/condo sold listings are up 6.1%, but compared to October last year they are down an incredible 23.8%. Single-family homes are seeing a similar trend. Sold listings are down 26.5% for October 2021 compared to 2020, but the year-to-date numbers say there is a 0.2% growth in overall solds. 

“With fierce competition, average sales prices have spiked. With an average at $620,823, single-family homes have gained 13.5% from October of last year, year-to-date reflects even more at 15.6%. Townhouse/condos are building in energy as well. The average sales price of a townhouse/condo was $397,462 this year, compared to $337,495 last October, a 17.8% gain.

“Days on the market continues to plunge to a tight and feverish pace. I truly feel for the lenders, appraisers and other field workers who help us get to the closing table. Single-family homes are sitting at roughly 45 days until close, a 27.4% decrease from last year. Townhouse/condos have gone from approximately 90 days to 61, a 32.2% decrease. Percent-of-list price continues to increase with the demand and low inventory. Single-family homes are fetching 102.3% of list price, and townhouse/condos are right alongside at 101.7% of list price received. 

“This is definitely a seller’s market. Working with buyers has my head dizzy. We will continue to curve, swerve, and be creative to navigate down this crazy road of real estate,” said Estes Park-area REALTOR® Abbey Pontius.

FORT COLLINS

“The pace at which homes are selling remains robust, but the dynamic has changed. In the Fort Collins area, 225 new listings came on the market and 256 listings were sold. This single ratio describes the ongoing disparity between supply and demand; more homes sold than came on the market leaving supply well below demand. The pace has eased somewhat, but the competitive nature of the market remains challenging. Look at June 2021 when 404 new listings hit the market and 350 were sold in that month. Technically, there was a surplus of 54 listings leftover to be sold in July. The pace at that time of the year was certainly competitive with homes selling for well over asking and nearly every home sold had multiple offers on it.  

“Fast forward to October and you’ll see that because fewer homes have come on the market, fewer buyers have been able to make purchases. Inventory is being devoured at quite a clip, leaving very little ‘left over’.  Multiple offers are still quite common and driving home purchase numbers higher, hence the ongoing increase in median price. In June it was $506,750; in October, the median price for single-family homes tipped just over $511,000. Same market – just more expensive.  

“Interest rates remain historically low, but buyers are starting to see the writing on the wall as the Fed gave notice that it will begin to taper its purchase of treasury bonds as long as current inflationary numbers begin to decline. Interest rates for mortgages are expected to rise after the first of the year if this scenario plays out. 

“One other note on the term ‘pace’; the average days on market has dropped by over 28% from last year. Homes in the Fort Collins area were on the market (from list date to close date) for just 53 days on average,” said Fort Collins-area REALTOR® Chris Hardy.

GLENWOOD SPRINGS/ROARING FORK VALLEY

“Home sales in the Roaring Fork Valley continue to break all records. Whether you are observing inventory, prices, days on market or affordability, the statistics continue to baffle even the most seasoned agents. Even while new construction projects are coming on the market, inventory remains at what is an all-time low. The single-family sector showed a decrease of 29% in new listings, while the townhouse-condo sector came in at a staggering 48% less than October of last year. Pending sales, which is the most real-time measure of buyer activity, showed a slight increase of 3.2% in the single-family market, but a whopping decrease of 50% in multi-family units.

“Median sales prices across the six zip codes observed in this report have gone up 28.2% to $675,000 for a single-family home and 5% to $340,000 for a townhome-condo location. As we know, when buyers have limited product to choose from, they must make their best offer which often means a quick close.

This effects days on market and our months’ supply of Inventory. In October, the Days on Market in our single-family homes dropped to 34 days, a decrease of 41.4%. The townhome-condo sector showed a reduction of 52.5%, or 38 days. Inventory of single-family homes was at a 1.6-month supply compared to October of 2020 when we had 2.6 months and 2019 when October showed a much more balanced market of 5 months.

“The growing pains we are seeing throughout the Roaring Fork and Colorado River valleys are as apparent in the political environment as they are the traffic. At a recent Glenwood Springs City Council meeting, amid boos and jeers from the public sector, the council voted to approve annexation of a controversial commercial/residential development that would allow an additional 300 housing units to be built in West Glenwood. Later in the meeting the same council approved a 6-month moratorium for any development over ten units,” said Glenwood Springs-area REALTOR® Erin Bassett.

GOLDEN/ARVADA – JEFFERSON COUNTY

“With this uncommonly warm weather for this time of the year, you would think there would be more homes on the market and more buyers. However, in Jefferson County it is just the opposite. There are fewer homes coming onto the market and some homes are actually sitting for a bit. The numbers for October do not reflect this observation; from this time last year, days on the market for single-family homes is down to 15 days – a 21% decrease – along with solds, down 11%, and inventory, down 27% year-over-year. This is the time of year for a seasonal slowdown and that must be what we are seeing in the market.

“For condos/townhomes, it’s the same story: solds are down 18%, new listings down 4.9%, inventory down 39.7%, and days on the market down 33% from this time last year. There just is not much to look at right now in Jefferson County. The homes that are out there are passed over for either too high of a price tag or because the home is not in good condition,” said Golden/Jefferson County-area REALTOR® Barb Ecker.

GRAND JUNCTION/MESA COUNTY

“Mesa County continues to experience lack of inventory and shortened days on market. Our current total of 502 active listings is only a 1.4-month supply, with days on market at 68 days. As a result, activity is down 27.6% with 310 solds. High demand for properties continues, and new construction is under contract often before dirt is even moved as buyers are driving through, talking to subcontractors, and contacting builders directly. Both median and average prices are up, with median up 8.7% for the month to $341,000, and up 15% year-over-year. Average percentages are similar. There are no indicators of the market really softening and the tightness of the rental market continues to put pressure on sales as renters look to buy,” said Grand Junction-area REALTOR® Ann Hayes.

PUEBLO

“The Pueblo market is showing signs of staying very active through the fall months. New listings in October were up 15% over October 2020 and are up 11.2% year-to-date. Even with listings increasing, inventory is still low, leaving less for buyers to choose from. Solds fell 2% from last October but are still up 4% year-to-date to 2,541. The median price was up 13.2% from October 2020 and up 19.9% year-to-date to 280,500.

“October is the first month this year that the sale price fell below list price, but percent of list price received was still high at 99.6%. Year-to-date, percent of list price received is still 100.9%, signaling continued high demand of homes in Pueblo.

“New home permits are still high at 63 for the month of October. Through October 2021, we are still 67 permits ahead of permits pulled in 2020 and several new builders are pulling new permits. The small increase of interest rates hasn’t deterred buyers from buying, as Pueblo is still an affordable and attractive front-range market,” said Pueblo-area REALTOR® David Anderson.

STEAMBOAT SPRINGS/ROUTT COUNTY

“Santa strikes again in Steamboat Springs. Yes, the same mysterious and good-hearted donor who purchased 536 acres (Brown Ranch) in August, just bought 11 acres within the city limits of Steamboat Springs for the Yampa Valley Housing Authority. This parcel could provide around 200 affordable or workforce housing units at a much faster rate than the Brown Ranch. Like the Brown Ranch, this property had entities who had attempted to develop it – even with plans that were approved by the city. However, a water line needed to be routed under highway 40 and earthwork was necessary that was above the normal scope. These challenges (pre-pandemic) made developers waffle on the project and ultimately, they walked away. Now, with the land costs a non-issue, the infrastructure and site work costs are more palatable. Affordable housing has been a hot topic and the message is being heard loud and clear. As the Yampa Valley Housing Authority nears completion of its third-affordable apartment rental complex and a fourth one slated, these additional developments will provide more affordable opportunities for local residents who desire to purchase real estate in the upcoming years, all of which is essential in keeping diversity in our county. 

“Looking at stats for the month of October, I feel like a broken record. Probably because the more things change, the more they stay the same. Without new construction inventory, we cannot expect a whole lot of change – new and active listings are significantly lower than last year, and months’ supply is basically the same and sellers are not wavering much, if at all, in their asking price. Historically, as we head into November and December, the market tends to slow as people tend to focus on the holidays. The inventory will continue to trickle in and will get response if priced accordingly to location and condition. Buyers taking ‘a break’ may miss out on those that stand ready,” said Steamboat Springs-area REALTOR® Marci Valicenti.

SUMMIT, PARK AND LAKE COUNTY

“Mountain mud season is a thing of the past. There used to be a time when many mountain locals took vacation and shut down their businesses in October. In 2021, sales tax revenue is up and demand for residential real estate is high. Summit, Park, and Lake counties are an easy escape by car, have lots of recreational opportunities, and have a range of properties at a range of prices for sale. This has kept the buyer demand higher than the availability of homes for sale.

“Fluctuation is happening in the amount of sold listings. Summit has fewer residential sales compared with the year before. As of November 8, there are 118 Summit properties for sale. Park and Lake counties have more homes selling than before.

“With fewer properties for sale and inventory remaining low, prices continue to rise as compared to the same time last year. So far, Summit has surpassed the $2 billion in sales volume which beats any full year before. As long as interest rates remain low, demand remains high, and we don’t experience a shutdown, expect mountain real estate prices to rise. 

“October 2021 in Summit County, the lowest priced sale was a studio for $345,000 and the highest sale was a single-family home for $5.99 million, both in Breckenridge,” said Summit-area REALTOR® Dana Cottrell.

October Average Prices 

Single Family  Average Price % YTD  Average Price YTD  Days on Market until sale Inventory October ’21 Sold Listings October ’21
Summit County 30%   ↑ $1,903,398 56%  â 36%  â 24%  â
Park County 28%   ↑ $543,728 53%  â 48%  â 19%   ↑
Lake County 39%    ↑ $497,354 60%  â 43%  â 39%    ↑
Townhouse / Condo Average Price % YTD  Average Price YTD  Days on Market until sale Inventory October ’21 Sold Listings October ’21
Summit County 19%   ↑ $693,551 43%  â 11%  â 32%  â

VAIL

October was a spectacular month in our mountains. The aspen were in full golden array as fall was coming to an end and the first signs of snow covered the high peaks. The ski mountains are scheduled for a Nov. 12 opening which will kick off our official ski season.

“Back to business as October continued the trend that began in July. Closed sales in units were negative 41.3% versus October 2020 with dollar sales down 6%. Looking at year-to-date unit sales, we are positive 6% compared to 2020. On a dollar basis, October 2021 was minus 6% versus October 2020, and year-to-date is positive 24.3%. 

“The inventory of active listings is the primary culprit for the monthly declines. The active inventory is a staggering -55.8% versus 2020 with the opening price point niches the most severely affected. Looking at inventory by category, single family/duplex is down 35.5% and townhome/condo is negative 71.2%. This puts our months of supply for SF/D at 2.2 months of supply (MOS) -29% and TH/C 0.9% MOS which is minus 80.4% versus 2020.

“We would normally be looking to the beginning of ski season as an uptick in activity however, unless more product hits the market, we most likely will continue the current pattern of sales. Should we see the normal market trend of increased listings, things may well accelerate once again with the caveat of product hitting all the price niches,” said Vail-area REALTOR® Mike Budd.

SEVEN-COUNTY DENVER METRO AREA

STATEWIDE SINGLE-FAMILY REPORT

The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by Showing Time, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The October 2021 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. CAR’s Housing Affordability Index, a measure of how affordable a region’s housing is to its consumers, is based on interest rates, median sales prices and median income by county.

The complete reports cited in this press release, as well as county reports are available online at: https://www.coloradorealtors.com/market-trends/

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CAR/SHOWING TIME RESEARCH METHODOLOGY

The Colorado Association of REALTORS® (CAR) Monthly Market Statistical Reports are prepared by Showing Time, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services (MLS) in Colorado. These 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. Showing Time uses its extensive resources and experience to scrub and validate the data before producing these reports.

The benefits of using MLS data (rather than Assessor Data or other sources) are:

Accuracy and Timeliness – MLS data are managed and monitored carefully.

Richness – MLS data can be segmented

Comprehensiveness – No sampling is involved; all transactions are included.

Oversight and Governance – MLS providers are accountable for the integrity of their systems.

Trends and changes are reliable due to the large number of records used in each report.  

Late entries and status changes are accounted for as the historic record is updated each quarter. 


The Colorado Association of REALTORS® is the state’s largest real estate trade association representing more than 30,000 members statewide. The association supports private property rights, equal housing opportunities and is the “Voice of Real Estate” in Colorado.  For more information, visit https://www.coloradorealtors.com.

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