Colorado Housing Market: September 2024 Analysis
The Colorado housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $616,500, reflecting a year-over-year (YoY) growth of 4.0%. This indicates a continued demand for homes, despite other indicators showing a cooling market.
Conversely, the Median List Price has decreased by 1.6% YoY, now standing at $591,000. This decline suggests that sellers might be adjusting their expectations in response to market conditions. Similarly, the median Price Per Square Foot has decreased by 1.8% YoY to $271, while the Median List Price per square foot has seen a slight increase of 0.8% YoY to $311.
The number of Homes Sold in Colorado has decreased by 3.9% YoY, totaling 6,090 units. However, Pending Sales have increased by 7.6% YoY, reaching 8,629, indicating potential future growth in closed sales. New Listings have also risen by 5.5% YoY, with 9,407 homes entering the market, contributing to a significant 25.5% YoY increase in inventory, now at 26,093 units.
The Months of Supply have doubled YoY to 4.3 months, suggesting a shift towards a more balanced market. Homes are spending more time on the market, with the Median Days on Market increasing by 11.0% YoY to 41 days. This extended duration may be a result of the increased inventory and slower sales pace.
The average sale to list ratio has slightly decreased by 0.2% YoY to 98.4%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 3.3% YoY to 20.0%, further highlighting the market's cooling trend. Price Drops have remained relatively stable, with a minor decrease of 0.2% YoY, affecting 35.7% of listings.
Lastly, the percentage of homes going off the market within two weeks has decreased by 6.1% YoY to 29.2%, suggesting that buyers are taking more time to make purchasing decisions.
Overall, the Colorado housing market in September 2024 is characterized by a mix of rising prices and increased inventory, with signs of a more balanced market emerging. While demand remains strong, as evidenced by the increase in Pending Sales, the extended time on market and increased supply indicate a shift towards more stable conditions.
