As the spring selling season gains momentum, new listings continue to fill Colorado's housing pipeline, with sellers stepping off the sidelines across the state. This observation stems from the latest Market Trends Housing Report by the Colorado Association of REALTORS® (CAR), supplemented by insights from spokespersons representing various regions, including Colorado Springs.
In February, the seven-county Denver metro area witnessed a notable surge in new single-family listings, reflecting a nearly 26% increase from January and a 23% rise compared to the previous year. Similarly, townhome/condo new listings experienced a significant uptick, with a month-over-month increase of 27.2% and a year-over-year increase of 22.4%.
Statewide, the trend of increased listings persisted, with 6,361 new single-family listings marking an 18% rise from February and a 19% increase from the previous year. Additionally, the 2,174 new townhome/condo listings in February represented a substantial month-over-month increase of 26% and a year-over-year increase of 27.3%.
In terms of sales, both single-family home and townhome/condo transactions surged across Colorado. In the Denver metro area, single-family home sales rose by nearly 40% from January to February, while townhome/condo sales increased by 32%. Statewide, single-family home closings rose by 34% in the past month and 5.7% from the previous year, with townhome/condo closings following suit with a more than 38% month-over-month increase and a 7% year-over-year rise.
Despite the rise in inventory, median sales pricing remained relatively stable, with slight increases observed. In the Denver metro area, single-family pricing stayed level at $600,000, up 3.4% from the previous year, while townhome/condo pricing rose to $415,000, up 1.2% from the previous year.
In Colorado Springs, a similar trend of increased inventory and sales activity was noted. Patrick Muldoon, a REALTOR® in the Colorado Springs area, highlighted a pre-spring surge that led to a 9.9% increase in inventory, pushing median prices up by 3.8% year-over-year across all properties.
In February 2024, Colorado Springs saw the highest level of inventory since 2016, with single-family/patio homes for sale reaching 1,830—a 26.8% increase from the previous year. Despite affordability challenges stemming from high-interest rates and record-high home prices, the market continues to witness strong buyer demand.
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