Colorado housing market shifts toward buyer-friendly conditions

Colorado homes for sale are at their highest levels in over a decade.

According to the October Market Trends Housing Report from the Colorado Association of Realtors, with 3.5 months’ supply in the seven-county Denver metro area, active home listings are up 14% year-over-year. Statewide, with 3.8 months’ supply, active listings are up nearly 17%.

“While Denver has consistently been characterized as a seller’s market throughout recent years, current trends indicate a moderate shift toward a buyer’s market this winter season,” said Cooper Thayer, a broker associate with the Thayer Group in Castle Rock.

Despite the increased inventory, prices remain near record highs, with the median price for single-family homes at $583,000 and condos/townhomes at $425,000.

The percentage of list price received continues to hover around 98% statewide.

With more homes available, Thayer encourages sellers to highlight features that set their properties apart in their listings.

“Today’s homebuyers have much more time to make decisions and negotiate and are spending a higher percentage of their income on housing costs, driving them to be much more cost-conscious,” he said.

“The most successful listings today are those that are more unique and/or put in more preparation work than comparable properties on the market. Sellers should focus not only on addressing potential areas of concern before listing, but also consider going ‘above and beyond’ to make their listing stand out more.”

“Buyer demand continues to be subdued, leading many sellers to reduce their prices in an effort to attract interest,” said Kelly Moye with Compass.

“While there were initial hopes that market activity would pick up after the election, it’s still too early to draw any conclusions, as the anticipated surge in buyer engagement has yet to materialize. While some buyers are taking advantage of the situation, others continue to wait.”