Colorado Housing Market: November 2024 Analysis
The Colorado housing market in November 2024 presents a complex landscape, characterized by a mix of declining prices and increasing sales activity. The Median Sales Price for homes in Colorado stands at $626,600, reflecting a year-over-year decrease of 2.1%. This decline in sales price contrasts with the Median List Price, which is $567,800, showing a slight decrease of 0.4% from the previous year. Despite the drop in sales prices, the median Price Per Square Foot has surged by 9.8% to $269, indicating a strong demand for smaller, more affordable homes.
Sales activity in Colorado has been robust, with 5,608 Homes Sold in November, marking a significant year-over-year increase of 12.3%. Pending Sales have also risen by 11.4%, reaching 6,855. This uptick in sales activity suggests a strong buyer interest, even as New Listings have decreased by 8.0% to 5,264. The Inventory of Homes Available for sale has increased by 18.6% to 21,970, providing more options for potential buyers and contributing to a 20.0% increase in the Months of Supply, now at 3.9 months.
The median days on the market for homes in Colorado is 49 days, which is 9.0% longer than the previous year. This increase in market time may be attributed to the higher inventory levels and the slight cooling in price growth. The average sale to list ratio remains relatively stable at 98.0%, with a minor decrease of 0.1% year-over-year. The percentage of Homes Sold above list price has decreased by 2.2% to 17.7%, indicating a shift towards more balanced negotiations between buyers and sellers.
Price reductions are evident in the market, with 27.4% of listings experiencing Price Drops, a decrease of 2.3% from last year. Additionally, the percentage of homes going off the market within two weeks has declined by 4.1% to 20.6%, suggesting a slower pace of transactions compared to the previous year.
Overall, the Colorado housing market in November 2024 is characterized by a decline in Median Sales Prices and an increase in sales activity, with a notable rise in inventory levels. Buyers are benefiting from more choices and slightly longer market times, while sellers are adjusting to a more competitive environment with fewer homes selling above list price.
