![]() Polis vetoes bill requiring commercial, multifamily buildings to have electric car charging stations In Fort Collins, rate increases have been prompting buyers to push the pause button, according to the CAR report, with more homes coming on the market, while prices remain relatively stable. Douglas County registered a 1% decline in the single-family median sales price, after hitting an all-time high of more than $773,000 in April. The townhome-condo market saw a 20% increase in typical days required for a sale. ![]() In Colorado Springs, the median sales price was up 13% year-over-year for single-family homes and days-on-market remained flat. 36 corridor northwest of Denver, where bidding wars had been reaching 20% over list price and where buyers were waiving all conditions on their offers, the market has backed off from what was doubtless an unsustainable rise, said CAR’s Leprino. Other numbers from around the state followed suit.Īlong the U.S. It won’t be as crazy, and that's a good thing.” “You still have a very strong sellers' market,” she said. “I’m telling sellers you have to be shrewd on your list price, you can’t overprice, and you might want to be a little under where you would have been in the spring,” Berglund added.Īgents said that inventory of homes, which has grown considerably over recent months, is still offset by unusual demand from buyers entering the Colorado market.īanka, who also serves on Aurora’s Planning & Zoning Commission, notes that the city’s May numbers show 850 closed sales, with another 921 sales pending - even as inventory rose to 518 active listings from fewer than 190 in March. “The agent did a $75,000 price drop,” Berglund said.Ī bidding ware followed, resulting in a sale that was still beyond the original list price. Over Memorial Day weekend, Berglund had clients who were watching a listing in West Highlands that had come on the market in the $1.3 million range, then remained unsold the following week. That, said Berglund, is causing sellers to panic a little: “Things are not flying off the shelf rather it’s more indication of a return to a normal market.” “There is still very strong buyer demand, but they’re being much more picky, and their purchasing power is a little diminished, so they’re taking more time.” “Properties have fallen out of contract and come back on the market,” said Berglund. “We’re definitely seeing more inventory and a lot of price reductions,” said Amy Berglund, managing broker of Re/Max Professionals’ City Properties office in Denver’s Highlands neighborhood, a popular area luring younger homebuyers with its abundance of dining and its proximity to Lower Downtown. "Terra" building opens at CSU Spur campus in Denver The median price of a freestanding home in the Denver metro area dropped from $660,000 to $650,000 over the month - still well up over May 2021. The statewide average single-family price, $750,143, remains more than 14% higher than the average a year ago, the new CAR data shows. “On a $3 million property, when you have huge interest rate shifts, we’re talking really big-buck changes between payments.” “When we suddenly see average prices, which had gone up $100,000 a month in Denver, drop off, it means the really expensive homes have hit the wall,” Leprino said. ![]() The average home price, Leprino notes, tends to be driven by a smaller number of very expensive properties that can skew the average skyward - one factor that drastically pushed prices up this past spring, when the average sale of a detached home in the Denver metro area was near $800,000. ![]() “What I’m paying attention to is how drastically the average price has changed,” said Matt Leprino, spokesman for the Colorado Association of Realtors, which released its May 2022 Market Trends Housing Report Friday. ![]() Homes in very good condition will still move rapidly, she notes, but less-appealing listings are going to sit for a while longer. “Right now, inventory is a box of chocolates, and everybody wants the good ones,” she said. 'Return to normalization' predicted for Denver area home sales marketīanka notes that over recent weeks, she’s getting 25 emails a day from agents announcing price reductions on homes. ![]()
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