June 2024 Colorado Residential Real Estate Market Report
The market is still crazy and is still a sellers market
The Colorado real estate market experienced significant shifts in June 2024. This report provides a detailed analysis of the market trends, focusing on single-family homes in Clear Creek, Gilpin, Jefferson, and Park counties. The data is sourced from REcolorado® and IRES® and covers various key metrics such as active listings, new listings, under contract properties, median and average sales prices, days on market, and housing affordability.
Key Real Estate Market Metrics Overview for Single-Family Homes
- New Listings: Increased by 16.7% from June 2023 to June 2024.
- Under Contracts: Rose by 17.7%.
- Median Sales Price: Up by 2.6%, reaching $717,511.
- Average Sales Price: Increased by 4.9% to $826,448.
- Days on Market: Increased by 21.1%, averaging 23 days.
- Percent of List Price Received: Slightly decreased by 0.7% to 99.9%.
- Housing Affordability Index: Decreased by 4.7%.
Detailed Market Analysis
Active Listings
| Month/Year | Active Listings | % Change |
|---|---|---|
| Jul-2023 | 1,212 | -24.2% |
| Aug-2023 | 1,303 | -12.6% |
| Sep-2023 | 1,375 | -14.9% |
| Oct-2023 | 1,320 | -13.0% |
| Nov-2023 | 1,190 | -9.7% |
| Dec-2023 | 887 | -9.5% |
| Jan-2024 | 776 | -3.4% |
| Feb-2024 | 786 | +10.9% |
| Mar-2024 | 789 | -4.7% |
| Apr-2024 | 928 | +6.8% |
| May-2024 | 1,388 | +47.7% |
| Jun-2024 | 1,539 | +37.7% |
| 12-Month Avg | 1,124 | -2.1% |
Under Contract Properties
| Month/Year | Under Contract | % Change |
|---|---|---|
| Jul-2023 | 582 | -18.4% |
| Aug-2023 | 553 | -26.0% |
| Sep-2023 | 499 | -10.6% |
| Oct-2023 | 459 | -11.6% |
| Nov-2023 | 383 | -1.8% |
| Dec-2023 | 318 | -3.0% |
| Jan-2024 | 416 | -6.5% |
| Feb-2024 | 452 | -4.8% |
| Mar-2024 | 574 | +3.6% |
| Apr-2024 | 638 | +0.5% |
| May-2024 | 639 | -6.0% |
| Jun-2024 | 732 | +17.7% |
| 12-Month Avg | 520 | -6.3% |
New Listings
| Month/Year | New Listings | % Change |
|---|---|---|
| Jul-2023 | 761 | -26.9% |
| Aug-2023 | 742 | -3.5% |
| Sep-2023 | 690 | -15.0% |
| Oct-2023 | 549 | -9.7% |
| Nov-2023 | 380 | +6.1% |
| Dec-2023 | 220 | -1.8% |
| Jan-2024 | 407 | +11.8% |
| Feb-2024 | 537 | +16.5% |
| Mar-2024 | 652 | -14.0% |
| Apr-2024 | 870 | +19.8% |
| May-2024 | 1,207 | +47.0% |
| Jun-2024 | 1,027 | +16.7% |
| 12-Month Avg | 670 | +2.8% |
Sold Listings
| Month/Year | Sold Listings | % Change |
|---|---|---|
| Jul-2023 | 596 | -14.6% |
| Aug-2023 | 582 | -20.4% |
| Sep-2023 | 533 | -27.0% |
| Oct-2023 | 497 | -7.4% |
| Nov-2023 | 427 | -13.0% |
| Dec-2023 | 409 | +4.6% |
| Jan-2024 | 325 | +1.9% |
| Feb-2024 | 394 | -3.2% |
| Mar-2024 | 509 | -4.9% |
| Apr-2024 | 578 | +1.4% |
| May-2024 | 658 | +0.9% |
| Jun-2024 | 603 | -12.1% |
| 12-Month Avg | 509 | -9.4% |
Days on Market
| Month/Year | Days on Market | % Change |
|---|---|---|
| Jul-2023 | 21 | +61.5% |
| Aug-2023 | 23 | +15.0% |
| Sep-2023 | 30 | +11.1% |
| Oct-2023 | 32 | +3.2% |
| Nov-2023 | 38 | +2.7% |
| Dec-2023 | 47 | +4.4% |
| Jan-2024 | 50 | 0.0% |
| Feb-2024 | 44 | -15.4% |
| Mar-2024 | 38 | +5.6% |
| Apr-2024 | 27 | +3.8% |
| May-2024 | 20 | -4.8% |
| Jun-2024 | 23 | +21.1% |
| 12-Month Avg | 31 | +7.0% |
Median Sales Price
| Month/Year | Median Sales Price | % Change |
|---|---|---|
| Jul-2023 | $683,313 | +1.2% |
| Aug-2023 | $675,000 | +0.7% |
| Sep-2023 | $705,000 | +9.3% |
| Oct-2023 | $660,000 | +5.6% |
| Nov-2023 | $652,939 | +2.8% |
| Dec-2023 | $649,925 | +3.3% |
| Jan-2024 | $650,000 | +5.7% |
| Feb-2024 | $686,250 | +9.3% |
| Mar-2024 | $690,000 | +6.2% |
| Apr-2024 | $692,500 | +2.5% |
| May-2024 | $691,500 | +0.7% |
| Jun-2024 | $717,511 | +2.6% |
| 12-Month Avg | $680,000 | +4.2% |
Average Sales Price
| Month/Year | Average Sales Price | % Change |
|---|---|---|
| Jul-2023 | $785,233 | +1.1% |
| Aug-2023 | $790,601 | +4.8% |
| Sep-2023 | $806,811 | +7.9% |
| Oct-2023 | $782,941 | +11.0% |
| Nov-2023 | $754,545 | +5.5% |
| Dec-2023 | $726,948 | +1.6% |
| Jan-2024 | $724,515 | +3.7% |
| Feb-2024 | $788,399 | +9.0% |
| Mar-2024 | $791,872 | +10.3% |
| Apr-2024 | $792,960 | -1.6% |
| May-2024 | $815,186 | +3.2% |
| Jun-2024 | $826,448 | +4.9% |
| 12-Month Avg | $786,955 | +4.8% |
Percent of List Price Received
| Month/Year | % of List Price Received | % Change |
|---|---|---|
| Jul-2023 | 100.2% | -0.6% |
| Aug-2023 | 99.5% | +0.3% |
| Sep-2023 | 99.1% | +0.4% |
| Oct-2023 | 98.8% | +0.2% |
| Nov-2023 | 98.3% | +0.3% |
| Dec-2023 | 98.1% | +0.1% |
| Jan-2024 | 98.4% | +0.4% |
| Feb-2024 | 99.4% | +0.5% |
| Mar-2024 | 100.2% | -0.2% |
| Apr-2024 | 100.2% | -0.7% |
| May-2024 | 100.6% | -0.3% |
| Jun-2024 | 99.9% | -0.7% |
| 12-Month Avg | 99.5% | -0.1% |
Housing Affordability Index
| Month/Year | Housing Affordability Index | % Change |
|---|---|---|
| Jul-2023 | 43 | -14.0% |
| Aug-2023 | 42 | -16.0% |
| Sep-2023 | 40 | -13.0% |
| Oct-2023 | 41 | -12.8% |
| Nov-2023 | 44 | -6.4% |
| Dec-2023 | 46 | -6.1% |
| Jan-2024 | 46 | -9.8% |
| Feb-2024 | 43 | -10.4% |
| Mar-2024 | 43 | -10.4% |
| Apr-2024 | 41 | -8.9% |
| May-2024 | 42 | -4.5% |
| Jun-2024 | 41 | -4.7% |
| 12-Month Avg | 43 | -13.2% |
This detailed analysis should provide valuable insights for buyers, sellers, and real estate professionals navigating the current market landscape. For further details, visit Colorado Association of REALTORS®.
Key Terms in this article
Inventory of Active Listings
Definition: The total number of homes that are currently available for sale. This number affects supply and demand dynamics and can influence home prices.
Under Contract
Definition: The number of properties that have accepted offers but have not yet closed. This shows the level of buyer activity and interest in the market.
New Listings
Definition: The number of homes that have been put on the market for sale during a specific period. This indicates the flow of new properties entering the market.
Sold Listings
Definition: The number of homes that have been sold and closed during a specific period. This metric shows actual market activity and completed transactions.
Days on Market Until Sale
Definition: The average number of days it takes for a home to go from being listed to having an accepted offer. This can indicate how quickly homes are selling in the current market.
Median Sales Price
Definition: The middle value of all sales prices in a given period, where half of the homes sold for more and half sold for less. It provides a snapshot of market prices without being skewed by extremely high or low sales.
Average Sales Price
Definition: The total sum of all home sales prices divided by the number of sales. This gives an overall average price, which can be influenced by very high or low sales.
Percent of List Price Received
Definition: The percentage of the asking price that sellers actually receive. It’s calculated by dividing the final sales price by the last listed price. This shows how close sellers are getting to their asking prices.
Housing Affordability Index
Definition: A measure of how affordable homes are in a region, based on interest rates, median sales price, and median income. A higher number indicates greater affordability, meaning it’s easier for the average household to afford a home.
Glossary of Terms
- A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point: This refers to the Median Sales Price, which represents the middle point of all sales prices.
- A sum of all home sales prices divided by the total number of sales: This refers to the Average Sales Price, which calculates the average price of homes sold.
- A mathematical calculation of the percent difference from the last list price and sold price for those listings sold in the reported period: This refers to the Percent of List Price Received, showing how close the sales prices are to the asking prices.
- A measure of how affordable a region’s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price, and median income by county: This describes the Housing Affordability Index, indicating how easy it is for an average household to afford a home.
- A measure of how long it takes homes to sell, on average: This describes Days on Market Until Sale, showing the average time from listing to a signed contract.
- A research tool provided by the Colorado Association of REALTORS®: This indicates the source of data and metrics used in the report.
- A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices: This refers to the Inventory of Active Listings, showing current market supply.
- A count of the properties that have offers accepted on them in a given quarter: This refers to Under Contract properties, indicating pending sales.
- A measure of how much new supply is coming onto the market from sellers: This refers to New Listings, indicating fresh properties entering the market.
- A measure of home sales that were closed to completion during the report period: This refers to Sold Listings, showing finalized sales transactions.
FAQ
What is the current trend in the Colorado real estate market for single-family homes?
The market is showing increased active listings and new listings, suggesting a shift towards a buyer’s market, but affordability remains a challenge.
How long are single-family homes staying on the market?
On average, single-family homes are on the market for 23 days.
Are housing prices for single-family homes increasing or decreasing?
Single-family home prices are increasing, with a median sales price of $717,511 and an average sales price of $826,448.
How does the housing affordability index impact buyers?
A lower housing affordability index indicates that it is becoming more difficult for average buyers to afford homes.
This report aims to provide comprehensive insights and data to assist in making informed real estate decisions in Colorado.
