DENVER (KDVR) — Another month, another set of record prices for Denver metro homes.
At this point, it seems as though Colorado’s housing market has stalled at the high prices reached during the summer, according to the most recent report from the Colorado Association of Realtors.
In September, the median price of a single family home in the Denver metro counties was $562,000.
This is a slight dip in the most recent Denver market history. In June, Denver metro’s median sales price for a single family home was about 20 grand more at $585,000, the highest point in history.
A dip since the summer is far from a relief, however. The market hasn’t tracked a price lower than half a million dollars since January. Denver metro prices for single family homes are about $150,000 more than they were in pre-COVID Colorado.
The pre-pandemic flood of people that moved to Colorado only quickened during the COVID-era race for more elbow room.
Just before the pandemic began, homes were on the market an average seven weeks before they sold. Last month, they lasted two weeks on the market before being snapped up.
Housing markets ease when inventory matches or exceeds the amount of people looking to move. Among the high prices, the recent report hints that supply could be easing.
The inventory of active listings has doubled since this January, from 2,000 to 4,100. Forecasts say this is four weeks’ worth of housing given current demand. The market hasn’t had more than a month’s supply since Oct. 2020.