The Colorado housing market has seen a notable change, with inventory levels rising above pre-pandemic levels, a shift not observed in many states. Since September 2019, national active home listings have decreased by 23% from about 1.225 million to just over 940,000 as of September 2024, according to a ResiClub analysis of Realtor.com's data. However, Colorado is one of seven states, along with Florida, Tennessee, Texas, Idaho, Utah, and Arizona, where housing inventory growth has surpassed the numbers seen before the COVID-19 pandemic. The pandemic significantly impacted the U.S. housing market, leading to a surge in demand, driven primarily by remote workers seeking larger and less urban living spaces.
This demand spike caused a substantial drop in housing inventory as homes were swiftly purchased during the peak housing boom of 2020 and 2021. With the onset of rising interest rates in 2022, coupled with increased home prices, mortgage affordability became a barrier for many potential buyers, cooling the demand. ResiClub indicates that rapid home price growth in regions like the Mountain West and Sun Belt during 2020 and 2021 increased housing availability due to fewer buyers. Their analysis focused on active listings, encompassing all homes currently on the market, not just new listings. This inventory growth suggests that properties are taking longer to sell, combining new and available listings.
In Boulder County, August 2024 statistics show a balanced housing market. There are 3,332 homes for sale, with 53 new additions, and the median listing home price is $800,000 or $411 per square foot, representing a 7.9% decrease from August 2023. Homes sold for an average of 1.26% below the asking price, with a sold-to-list price ratio of 98.74%. The median sales price is $710,000, with properties remaining on the market for an average of 51 days, slightly longer than previously. The city of Boulder also reflects a balanced market with 1,045 homes listed for sale, and a median listing price of $1.1 million or $575 per square foot, showing a 14.8% year-over-year decrease.
Boulder homes sold at 1.98% below the asking price, achieving a sale-to-list ratio of 98.02%, with a median sale price of $955,000. Homes in Boulder spent about 59 days on the market, longer than in the previous year. Nationally, although active listings grew 34% year-over-year by September 2024, they remain 23% lower than September 2019 levels. The data compiled by ResiClub and Realtor.com highlights the significant shifts in housing inventory over recent years. For more insights, read the complete analysis on ResiClub's website and Realtor.com.
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