If you’re house hunting in metro Denver, you’re no stranger to the low housing inventory dilemma. What you might not know is that would-be buyers across Colorado are experiencing the same problem.

According to recent statistics released by the Colorado Association of Realtors, statewide, the number of active single-family listings fell to 6,081 in December, a 60% decline from a year earlier, while the inventory of condos and townhomes dropped 52% over the year to 2,685. Effectively, there were fewer than 9,000 homes and condos available to buyers at the end of December, and that is in a state with 5.8 million people.

Data broken down by county:

·       In El Paso County, home to Colorado Springs, there were only 555 single-family properties available last month compared to 1,365 in December 2019, a nearly 60% decline. Supply shortages helped push the median price of a home sold to $380,000, a 15.2% increase on the year and it shrunk the average days a listing to sell from 33 to 17.

·       In Larimer County, including Fort Collins, the inventory of single-family homes fell from 985 to 414, a decline of 58% from December to December. Although the inventory tightened a similar percentage amount as it did in Colorado Springs, median price gains were tamer, going up only 4.6%, or from $425,550 to $445,000.

·       In Mesa County, the inventory of single-family homes for sale dropped to 304 last month versus 621 the prior December, a 51% decline. The median sales price rose 12.3%, crossing the $300,000 threshold to $306,000.

·       In Summit County, the median sales price of a single-family home sold rose 28.2% to $1.29 million, while the inventory of homes dropped 56.6% to 96. Inventory declines were even steeper for condos and townhomes, which saw a 64% drop in year-over-year inventory, from 577 to 208. Median price gains were not as strong at 6.4%.

·       Inventories of residential properties for sale were down about 60% or more in Eagle, Routt, La Plata, and Grand counties, as well.

At least four months of supply is needed for a balanced market, but there was just over a three-week supply of single-family homes and a 1.1-month supply of condos and townhomes. It is pretty much a seller’s market across most of Colorado.

In today’s competitive market it’s crucial to have an experienced pro in your corner. If you’re thinking of becoming a homeowner in 2021, give Metrowest a shout – we’d love to help you start the process.