The Real Estate Market in Colorado
In late March, Colorado was issued a stay-at-home directive to help combat the spread of the Coronavirus. Soon after that order, the top associations of realtors in the state banded together to get real estate on the list of essential businesses and they were successful. We were working hard for you then and over a month later we are still here. We were there when you needed to see a property; we made sure that you had masks, gloves, and that the home was wiped clean. We were there providing you with virtual tours when regular, in-person showings were banned. As the country slowly starts to reopen and return to normalcy, we are still here working hard to get the best deal for you whether you are buying or selling. Against the odds, the Colorado market is still going very strong.
In a statewide, year-to-date report conducted by the Colorado Association of Realtors we can see just how well the market has been doing. For single family homes, there has been an increase by 2.2% in new listings compared to 2019. The number of sold listings increased by 4.2%. The average sales price increased from $465,269 in 2019 to $488,884. In a similar upswing, condominiums and townhouses saw an increase by 9.5% for the number of sold listings. The average sales price increased from $384,357 in 2019 to $427,716. What does this mean? It means that not only have homes been selling, the average home has seen an increase in value—5.1% for single family homes and 11.3% for attached homes. As always, Colorado Home News has broken down these market statistics by area. If you are curious about how your region is doing, contact your realtor today.