A monsoon of home listings in Colorado may have ended the supply drought for homebuyers with homebuyers seeing a 23% surge compared to 2023.
New homes being built in the Prospect Village subdivision at Sterling Ranch in Littleton, Colorado on April 15, 2024. Metro Denver’s future is heading east and north, but there are still some large pockets of land closer to the foothills that are being developed into residential communities. Sterling Ranch remains a leader in the state in the way its planned their communities.Colorado homebuyers have struggled for years with slim pickings and unfavorable conditions.
Those are smaller counties with 65 or fewer single-family properties listed for sale at the end of June. Wild swings are par for the course. Teller and Park counties – with more than 300 active listings each – saw increases of 68% and 41% respectively. El Paso County, the state’s most populated, exemplified a condo market not gaining traction. The single-family inventory was up 16.1% — middle of the pack among Colorado counties. The condo and townhome inventory rose 82.6%, the worst showing of any large county in the state.
Higher mortgage rates have pushed more buyers out of the running. Even with more homes to choose from, those buyers may not be enticed to step back into the race unless either rates or prices fall, or both. Nationally, the country had 4.1 months of supply in June, up from 3.7 months in May and 3.1 months a year ago, according to the National Association of Realtors.
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