DENVER (KDVR) — With the average price for a single family home currently hovering around half-a-million dollars in Colorado, we’ve been wondering what a cool million will get you these days?
Colorado is currently dealing with a record low inventory of homes available for sale, which is driving prices up to sky-high levels.
The inventory is lower than we’ve ever seen it. As of March 2021, there were only 2,300 units for sale on the market (all the way from Colorado Springs to Fort Collins).
At this time of year, we would typically have 14,000 units for sale and that would still be in a seller’s market. In a balanced market, we would have 24,000 units available for sale.
“To give you a sense we have less than 2 weeks of inventory on the market. So if no one listed their house within the next two weeks there would literally not be a house to show. That’s how low it is,” said Kelly Moye with the Colorado Association of Realtors.
Million dollar homes are becoming more common along the Front Range, especially in Denver.
In the city’s west Washington Park neighborhood, Stephen Zila’s home on Emerson Street was listed this past Friday for $995,000.
Within a few short days, he’s already had more than 20 showings.
“Do you think you’ll get the asking price?” asked FOX31 Reporter Kevin Torres.
“Oh yeah! And I think it’ll turn into a bidding war,” Zila responded.
According to realtors, the days of million dollar mansions are long behind us.
With Colorado experiencing record low inventory of homes for sale, even a small place will cost you big bucks.
Roughly 30 minutes away from Denver’s Wash Park in Broomfield, a 3-bedroom, 3-bath, ranch style home is currently on the market for $990,000.
Further north in Boulder, a five-bedroom, four-bathroom home is clocking in at $1 million exactly.
“The one in Boulder that’s a million dollars, it’s not very big. It’s a lovely house, but it happens to be on kind of a busy street. But it will sell. It’s priced properly for the area,” Moye said.
As for when we can expect home prices to level off, Moye predicts 1-2 years.
For a more detailed look at the current housing market in Colorado, click here.