In a scenario almost no one saw coming, the pandemic has transformed housing markets across Colorado, pushing prices up to record highs and the supply of listings down to record lows. And it’s impacted nearly every type of home – from modern mansions to traditional single family homes in family-friendly neighborhoods.

According to a Denver Post analysis of statistics released in January by the Colorado Association of Realtors, over the past two years, the median price of a single-family home sold in Colorado has risen by nearly a third, while the already tight inventory of listings available for sale has dropped by nearly two-thirds,

In a state with 5.8 million residents, there were only 6,408 active listings on the market at the end of the year, down from 17,617 at the end of 2019.

The number of new listings put on the market in 2019 was 142,040. Last year it was 139,212, off by only 2%. But the demand side of the equation definitely shifted, with 130,810 homes and condos sold last year compared to 115,492 in 2019, an increase of 13.3%. If there were more homes been available, more probably would have gone under contract.

Of the state’s 64 counties, 26 lost population between 2019 and 2021, Patricia Silverstein, chief economist at Development Research Partners, said at a market forecast hosted by the Denver Metro Association of Realtors (DMAR.) And of the counties that did see gains, growth rates have dipped well below the annual pace averaged last decade — a result of fewer births, more deaths and restrictions on international migration during the pandemic.

If you’re considering becoming a homeowner in 2022, you do have options. Your first step is to find an agent who can help prepare you for the road ahead. Contact one of the experienced pros at Metrowest – we’d love to help you start the process.