In 2023, the Colorado housing market is undergoing a significant transformation. Despite this change, the state’s most desirable locations still provide numerous incentives for individuals to establish long-lasting homes. Fort Collins captivates with its college-town charm, while Denver presents abundant big-city opportunities. However, much like the nationwide trend, the prevalence of higher mortgage rates is causing prospective buyers to reassess their plans, prompting sellers to carefully consider the optimal timing for their next move. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Colorado Real Estate Trends 2023
Based on data provided by the Colorado Association of Realtors (CAR), the median sale price of a single-family home in Colorado remained steady at $520,000 in January 2023 compared to the same month in 2022. However, there has been a notable change in the housing market as homes are now taking considerably longer to sell. On average, a typical home spends 60 days on the market, marking a significant increase from the 35-day timeframe observed in 2022.
The housing market in Colorado has seen a notable rise in the number of available homes, with inventory experiencing a substantial increase of over 68 percent, as reported by CAR. This boost in supply has contributed to a less overwhelming atmosphere for buyers, but it has also impacted sellers’ profitability. Nevertheless, despite the increase, the current supply of homes for sale in Colorado is still insufficient to meet the demand from buyers. Presently, there is only a 1.5-month supply of homes, significantly lower than the five to six months of inventory typically associated with a balanced market.
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