It’s a phrase we’re all too familiar with: “supply chain issues.” And they’re impacting everything from appliances to automobiles and, yes, even the real estate market.

According to the latest monthly market data from the Colorado Association of Realtors (CAR), Colorado’s housing market is just another example of the dramatic impact that a depleted supply chain has on a market as the inventory of active listings in the Denver-metro area and statewide fell to record lows in November for both single-family and condominium/townhomes. The extreme lack of inventory helped push median pricing to all-time highs across the state as buyers continued to deliver above-asking price contracts.

Looking at the seven-county Denver metro area, there were just 2,409 active listings of single-family homes in November, down nearly 40% from October and 49% from where the market sat a year prior. Looking at the condo/townhome market, active listings fell to 908 total listings, off nearly 33% from October and down more than 67% from November 2020. Both are all time lows for the Denver metro area since CAR began tracking these figures in 2010.

The months supply of inventory also fell to all-time lows at 0.5 months in all housing categories, meaning that if no more homes came on the market, the Denver metro area would be completely out of inventory in approximately two weeks. Those numbers reflect a 50% drop in inventory supply from a year prior for single-family homes and a nearly 70% decline in the condo/townhome market.

With continued, albeit slightly lesser volume, buyer demand and above asking price offers pushed median pricing for single-family homes to a near record $580,000 in November, up 17.2% from a year ago, while the condo/townhome market is up more than 16% from November 2020 to a record high $392,000.

While housing options are on the low side, depending on your timeline and budget there are still opportunities for becoming a homeowner in the Denver metro area. Contact Metrowest today – we’d love to discuss your options.