Single-family home prices in metro Denver have been setting records for months and the same phenomenon is happening statewide. New statistics show that the median price for a single-family home in Colorado has topped $500,000 for the first time ever.
The numbers were crunched by the Colorado Association of Realtors, whose just-issued market trends report shares data from April, the most recent month for which final numbers are available.
The stats include both the average and median sale prices for single-family homes across the state but experts such as Jim Smith of Golden Real Estate think that the median price is a more telling number regarding the market as a whole. After all, the average price is derived from dividing the number of sales by the dollar amounts and can be inflated by a few huge properties at the top of the scale but the median price is defined as the middle point for all sales, the very center of the data.
The price of single-family homes in Glenwood Springs and the Roaring Fork Valley has always run higher than the average Colorado home, but some say it’s now hit a crisis point.
The median price of a Glenwood Springs home was $713,500 in March a 24.2% increase from last year’s median price of $573,500, according to the Colorado Association of Realtors.
There have been 39 homes sold in the first three months of 2021, up 9.5% from last year at the same time where 32 homes had been sold through March of 2020.
March had an inventory of 26 homes for sale, which was 53.6% less than the inventory for March of 2020, where 56 homes were listed for sale.
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Feeding frenzy. Dogfight. Gold rush. Pick your favorite metaphor for the Colorado housing market these days: They all capture the intensity of an era that’s seeing more and more people swarming to buy fewer and fewer available homes, sparking bidding wars and pushing prices to record highs. From the pandemic’s beginning in late winter 2020 up through press time in early April, desperate buyers have been considering raiding their retirement accounts in an attempt to compete with cash offers. Modest homes that would’ve sat on the market for weeks or months in other years have been going under contract within hours of listing. Out-of-staters have been signing contracts before even seeing their new houses in person. And with buyers battling each other, those with p
Today
Mainly cloudy with snow showers around this morning. High 38F. Winds N at 10 to 20 mph. Chance of snow 40%..
Tonight
A few snow showers scattered about the area this evening, otherwise a good deal of clouds. Low around 25F. Winds N at 10 to 15 mph. Chance of snow 30%. Updated: April 16, 2021 @ 6:28 am
Colorado’s Democratic establishment, which controls the Legislature and 100% of statewide offices, has an enormous and growing problem it continues to neglect. The party that wants to solve some of life’s complex challenges think “income inequality,” racism, and the medically uninsured has watched the fundamental need for housing become a joke among average young people.
Democrats have controlled Colorado’s executive branch for nearly 15 years straight, including the Legislature, through much of that era, and available housing has only become more scarce.
We hear almost nothing about this crisis from a Legislature that is clearly more concerned with stopping the sale of guns, obstructing the production of natural gas, and subsidizing the wealthy to buy expensive luxury battery cars deceitfully marketed as “zero-emission” vehicles.