According to the latest monthly housing data from the Colorado Association of REALTORS® (CAR), high demand and a continually shrinking supply of homes available for sale across Colorado pushed active listing and overall inventory to all-time lows across the state and driving land sales in numerous markets.

The data from CAR indicates:

·       7,235 single-family homes and 3,266 townhomes/condos available in November statewide are down more than 60% and 46%, respectively from this time last year.

·       In the seven-county Denver metro area, there were less than 3,000 single-family active listings in November, down nearly 70% from a year prior, while the 1,923 active townhome/condo listings were off 48% from November 2019.

CAR notes that as homes are becoming schools, offices, gyms, and beyond, buyers are looking to capitalize on great mortgage rates and search out the ‘new and perfect’ home for their changing needs. However, this comes with a cost.

The conditions have pushed the months supply of inventory to record lows as well creating continuing and longer-term challenges for eager buyers statewide. Single-family inventory is down 64% across Colorado from a year ago and fell below a one-month supply for the first-time in November. In the Denver metro area, the months supply of single-family homes dipped to 0.6 months, down 72.7% from the same time last year.

The median price ticked down from their October record highs – down 1% for single-family homes and down 2.8% for townhome/condos statewide. Still, they remain up more than 13% and 9.5%, respectively, from 2019.

While the numbers may seem cumbersome, having the right team on your side can help you find the home of your dreams. If becoming a homeowner in the new year is something you are considering, Metrowest would love to help. Give us a shout today!