The Colorado Association of REALTORSⓇ looks at the State of Colorado as a whole to compile monthly and annual statistics for the real estate industry providing a macro understanding of the market.
In December 2023, there were 5,542 sold listings bringing the total for the year in Colorado to 84,760, which is a 19.1% decrease from the 2022 total. With 85,227 pending sales going into 2024, a 15.6% decrease from 2022, this year so far seems to be on track to be a similar year as 2023. The median sales price decreased from 2022 by $3,000 to $530,000, while the average price rose just over 2% to $684,108. Both of these increases are about 1/4 of the jump we saw from 2021 to 2022.
Single family new, pending, and sold statistics all decreased between 15.9 - 19.1% year over year. Sold prices remained steady with just a 1.9% increase in average price to $720,658 (median decreased 0.7% to $565,000). The townhouse/condo market also followed this pattern with less activity than in 2022 and prices staying very similar (average $535,781 and median $420,000).
Year over year, we saw the days on market increase 54.8% to 48 days for all listings. This can be attributed to the lack of inventory, which was down 17.5% from 2022, and higher mortgage rates which priced some buyers out of the market and kept listings on the market for longer. In 2023 we saw a more normalized market than in 2021 and 2022 in terms of year over year appreciation rate.
As we finish the first month of 2024, we can already see the typical slow winter market trend. However, as we head into spring and summer, we think that with interest rates in the 6% range, we will see more real estate movement across the county, state, and nation. Please don’t hesitate to contact Max and Deven for more information on how these factors affect your property value or your home buying journey.
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