Colorado home sales slowed across state in 2018

Metro Denver’s housing market noticed sales slide and costs proceed to rise final yr, and that sample dominated across a lot of the state, in accordance with a month-to-month replace from the Colorado Association of Realtors.

Colorado Springs and El Paso County, the subsequent greatest housing market after metro Denver, suffered a 5.5-percent drop in single-family sales and an 8.6-percent decline in condominium and townhome sales final yr in comparison with 2017, in accordance with the CAR report.

That proved slightly extra extreme than the 3.6-percent decline in single-family home sales and the 4.8-percent decline in condominium sales metro Denver recorded, in accordance with a separate report from the Denver Metro Association of Realtors.

Despite the drop in sales, the median value of a single-family home offered final yr in El Paso County rose 9.8 %, hitting the $300,000 mark in December. The median value of a condominium rose 12.3 % on the yr to $215,000.

“2018 proved to be a very difficult year for the industry,” stated Colorado Springs Realtor Patrick Muldoon in feedback accompanying the report. “Many of us found it to be frustrating to figure out how buyers’ and sellers’ moods were swinging at any given time.”

Fort Collins and Larimer County recorded a 5.4-percent drop in single-family home sales final yr, however the median sales value rose 8.4 %. The variety of condos offered in contrast was up 6.1 % and the median sales value was up 8 % on the yr.

“Interest rates bumped up again in late summer and buyers continued stepping down in price and stepping back from resale homes,” famous Fort Collins Realtor Chris Hardy in feedback about his market.

Pueblo County was one other metro hub the place home sales dropped, 4.5 % for single-family and 7.5 % for condos. But once more, the median sales value was up 8.1 % to $187,000 for single-family and 13.3 % to $170,000 for condos final yr.

Mesa County, home to Grand Junction, got here to the housing restoration years late, nevertheless it retained sufficient momentum to maintain sales development constructive, as in a 3.5-percent acquire for single-family sales and 11.6 % for condos.

The median home sales costs rose 8.4 % to $245,000 final yr, whereas the median condominium sales value was up 6.1 % to $175,000.

Fast-growing Weld County additionally bucked the pattern as effectively on single-family home sales, which rose 5.7 % final yr. Condo sales, round a tenth of the full, dropped 3 %. Similar to different areas, median home costs rose 6.2 %, whereas median condominium costs rose 5.6 %.

The state’s mountain resort communities, that are extra reliant on condominium sales, weren’t proof against the sales droop. In Eagle County, home sales dropped 3.4 % whereas condominium sales dropped 4.2 %. To the east in Summit County, home sales fell 3.2 % and condominium sales fell 9.8 %. In Routt County, home sales had been additionally down 3.2 % whereas condominium sales had been off 6 % final yr.

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