Not many Buyers were ‘feeling the love’ in February. The month revealed 35 active homes on the market – compared to 75 in February 2021 and 23 active condos/townhomes – down from 82. There were 41% fewer single-family new listings and 51% less for multi-family than the same period a year ago. With fewer choices and still high demand, median prices for the month were 15.1% higher for homes and 50.9% higher for condo/townhomes. Naturally, pending sales were off with these declines in inventory, noting single-family down almost 55% and multi down approximately 46%.

While the competitive market does not have buyers feeling warm & fuzzy; Sellers on average received within 1% of their ask price when selling their home and multi-family owners received over 2.5% of what they asked for.  Months supply seems to stay consistent with a one-month supply of homes and about a two-week supply for condos/townhomes. Buyers are sometimes offering to pay for fees that traditionally have been a Seller expense. Buyers ready to purchase may experience a longer delay than what they wanted as it is not uncommon for a Buyer to have been looking for a home for a year in our market. This ‘waiting period’ ultimately is a learning time and when they do get a property under contract it is usually cause for a celebration.

It is interesting to note that there are 58 properties that are under contract or that have sold in the past six months that are priced at a total price per square foot of $900 or more, with the average being $1052. When looking at the same period last year, there were only 14 properties with a similar average total price per square foot at $1074.  We can anticipate that there will be more pricing like this- particularly with newer construction and properties located close to the ski base area. This sets the stage as new construction develops at Ski Time Square, as those numbers are sure to be surpassed due to location and costs of new construction.

Note: January 2022 statistics & info provided via the Colorado Association of Realtors, ShowingTime, ReColorado.