According to the latest monthly housing data from the Colorado Association of REALTORS (CAR), temperatures weren’t the only things setting records in Denver in August. In addition to scorching summer days, the Colorado housing market continued its hot streak as well, setting new records for pending/under contract properties and median sales price while the inventory of active listings and months supply of inventory for single-family homes dropped to record lows across the state.

This marks the third time in the past four months the number of pending/under contract homes in Colorado hit a new record high. The 11,621 single-family homes and 3,759 townhome/condos under contract statewide in August represent a more than 40 percent increase over August 2019. While the 13,582 new listings helped offset the continued strong demand from buyers, it wasn’t nearly enough to keep the median pricing for single-family homes from hitting an all-time statewide high at $450,000, as well as an all-time high for the seven-county Denver metro area at $492,500, up 11 percent from a year prior.

The increase in demand further complicated the market as August showed almost a 50 percent dip in the inventory of active listings across the state, 15,358 compared to 29,115 in August 2019. The numbers also pushed the months supply of inventory down another 20-plus percent to 1.5 months. That figure is down more than 50 percent from a year ago and sets a new record low for single-family homes statewide.

Inventory and demand vary from county to county, with some zip codes having more properties available than others. If you’re considering becoming a homeowner soon, contact Metrowest – we’d love to help you discover your options!