Special to The SUN
The statewide median sales price for a single-family home rose to $310,000 in May of this year, an increase of 13 percent compared to May 2014, according to statistics reported this week by the Colorado Association of Realtors.
For condominiums and townhouses, the rate of growth was even higher — up 16 percent to $220,000. Since Jan. 1 of this year, the median sale price has risen 11 percent for both single-family homes and condominiums/townhouses.
Inventory — the number of homes available for purchase — has been growing very modestly from January through May of this year, but remains below 2014 levels and well below the five- to seven-month supply Realtors consider to be a balanced housing market. Compared to May 2014, inventory this May was down 28 percent for single-family homes and 32 percent for condominiums/townhouses. New listings, a significant factor in inventory, were up slightly for condominiums/townhouses (3 percent) and down for single-family homes (down 6 percent).
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