The Colorado Association of Realtors is confirming an earlier report from the Denver Metro Association of Realtors that metro Denver home prices suffered an annual decline in February.
That’s the first time that has happened since 2012. But with strong gains still piling up along the southern Front Range and in Mesa County, home prices statewide are still rising.
The median sales price of a single-family home that sold in metro Denver dropped 0.7 percent year-over-year to $417,500, while the median sales price of a townhome/condo that sold was $298,0000, down just under 1 percent, according to the Colorado Association of Realtors.
Statewide, single-family home prices are still up 2.6 percent from a year earlier to $384,900, while townhome/condo prices were up 0.3 percent to $296,000.
“There is a shift in the market, and everyone is trying to predict where it is taking us. Opinions vary widely on this point,” Denver Realtor Jim Brown said in a recent blog post.
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Some argue the market has peaked and about to shift in favor of buyers. Some think it is just returning to a more balanced state. Others expect warmer temperatures, more inventory and lower interest rates to bring buyers back out.
“The market should start heating up as the weather turns warmer. The seller’s market will continue, however, likely not as hot as it has been the last few years. We’ll continue to see multiple contracts offered on homes under $300,000, especially if they are in good shape,” Barb Ecker, a Realtor working in the Jefferson County area, said in comments that accompanied the CAR report.
In January, the change in median prices of homes sold in Boulder, Denver and Douglas turned negative, and the update from CAR shows Adams and Broomfield joined the downward march in February. Arapahoe and Jefferson counties continue to cling to positive gains.
Housing markets in Weld and Larimer counties are slowing, while those El Paso, Pueblo and Mesa counties are still enjoying strong rates of annual appreciation. Markets in the mountain resort areas offer a mixed picture.
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The median price of a single-family home sold in Adams County dropped 1.3 percent to $370,000 in February, down from $375,000 a year earlier. The median price of a townhome or condo sold was $269,999, down 2.5 percent from $277,000 a year earlier.
In Broomfield County, single-family home prices are down 3.1 percent to $453,000, but sales are up 73.5 percent compared to a year ago. In Arapahoe County, home prices rose 0.2 percent to $406,000, while condo prices were up 4.3 percent to $266,000. In Jefferson County, single-family prices rose 1.1 percent to $445,000.
Sales are taking longer to come together compared to a year ago, but the market is still moving fast. Single-family homes took 43 days versus 28 days to sell in Adams County, 36 days versus 28 in Arapahoe County, and 32 days versus 23 in Denver.
After lagging for years, Mesa County leads Colorado metros for home price appreciation. The median price of a single-family home sold in February was up 16.5 percent to $265,000, while the median price of a condo sold was up 17.6 percent to $199,900.
