Record Homes Sales: Colorado is Currently a Seller’s Market
Is your Colorado home for sale?
In the thick of the COVID-19 pandemic, Colorado home sales are spiking to record numbers, according to ColoradoRealtors.com. In July, Colorado hit a record 10,771 single-family homes sales, which is a 21 percent increase from last year.
This is wild, because the number of single-family homes listed dropped by 42 percent when compared to 2019. Yet overall, colorful Colorado has seen a climb of 8.6 percent in home listings this year, as reported by Fox Business.
Additionally, the Colorado Realtor's report states that single-family homes have appreciated 5.7 percent compared to last year. Meanwhile, town homes and condos are at a 6.2 percent increase in the median sales price compared to last year's numbers, making it truly a seller's market right now in the state.
The competition for homes has been so fierce that home buyers have "waited on an hour-by-hour basis for the new listings to show up, then competed to win the bidding wars" Colorado Springs realtor Jay Gupta said in the Colorado Realtor's report.
I can totally attest to this statement, as this was the exact situation I found myself in while house hunting at the beginning of the summer. By the time any place I was interested in hit the market, 40 people would inquire within the first 24 hours.
Needless to say, if you're looking for a home right now in NoCo, best of luck to you.