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Monday, October 2, 2023

Single-family housing prices level off in much of Colorado

By Saul Rosenthal
Special to The SUN

The median price of a single-family home statewide in Colorado decreased to $300,900 in November, down about $17,000 from the year’s high in June according to market statistics released this week by the Colorado Association of Realtors.

Even so, compared to a year ago, single-family home prices were 9-percent higher last month. Condominium/townhome median prices continued their steady three-year rise to $232,000 in November, up 17 percent over November 2014 and $10,000 higher than in October of this year.

Home sales were considerably lower in November compared to October, down 26 percent to 5,266 single-family homes and down 27 percent to 1,765 condominiums/townhouses. In addition, single-family home sales were down 5 percent compared to November of 2014, while condominium/townhouse sales declined 1 percent compared to last year.

Together, lower median prices and declining sales in October and November may indicate market factors that go beyond the normal seasonal drops seen at this time of year. At the same time, year-to- date both of these measures are higher than in 2014 confirming a better year in 2015 for Colorado’s real estate markets.

New listings statewide dropped 35 percent to 5,292 for single-family homes and down 28 percent to 1,723 for condominiums/townhouses compared to October. Moreover, they are down 55 percent and 48 percent respectively since June. However, compared to last year these low numbers are still better than at this time in 2014.

The full version of this story is available in the print edition and e-edition of the Pagosa Springs SUN. Subscribe today by calling (970)264-2100 or click here.

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