DENVER (KDVR) — Colorado’s real estate market continues to reach record levels well into the New Year.
In Denver alone, nearly 25 percent more homes were sold in 2020 than in 2019. Now that we’re in 2021, experts say sales are expected to soar even more.
This comes at a time when demand is super high, but inventory is at record lows.
“We have 2,500 units for sale. So condos, townhomes or single family — throughout the entire Front Range — the whole Front Range, that’s it! To give you a feel, we would typically have 14,000 units for sale,” said Kelly Moye with the Colorado Association of Realtors.
Having 14,000 units for sale is what you’d find in a more balanced/regular market, according to the Colorado Association of Realtors.
As of Friday, there were only 1,256 homes for sale in Northern Colorado alone.
Meanwhile, the price of an average median home in Denver continues to trend upward.
“In Denver, it’s hovering around $600,000. So it’s getting up there. And we saw an appreciation of 9% last year in the Denver-metro area,” Moye said.
According to the Colorado Association of Realtors, the cost of an average condo in Denver is roughly $350,000.
Real estate experts say the metro-area’s high prices are pushing more people to look outside the city.
“Weld and Larimer Counties are hitting it hard right now. They have typically more affordable properties and they have new construction, which we don’t have nearly enough of,” Moye said.