Today’s real estate market is in the news and on the minds of all buyers, sellers and real estate brokers. Demand is high and record-low home inventory is sending prices up, blurring the affordability line for some consumers.
However, not all inventory situations are equal. Here is a snapshot of some notable differences in inventory in parts of the Denver Metro, including Boulder, as well as the mountain communities of Conifer and Evergreen.
CO Home Inventory: Beyond the Numbers
Through April 2014 in Colorado, inventory was tightest for Denver homes priced up to $250,000. The number of active listings in this price range dropped 73% in units for sale this year, compared to April 2013.
To understand the story behind the numbers, it is important to drill deeper into the market. For example, inventory overall dropped 53% for homes priced up to $500,000, comparing April 2014 to April 2013. However, a different picture emerged in the Highlands Ranch market. There, the number of active listings was down 72% compared to last year in the same price category.
Here are some other interesting examples:
- Notably, listings for homes priced $1 million and up did not post such dramatic declines. In the City and County of Denver, where certain neighborhoods are historically desirable, the number of listings available from $1 million dropped 36%.
- In Castle Pines Village, a gated golf community of luxury homes sited in a spectacular scenic setting, the number of active listings was down just 24% for homes priced at $1 million and up.
- In Vail Valley’s resort property market, Beaver Creek’s inventory was termed “moderate to strong” for homes in the $1 million to $2 million range in March 2014, based on the most recent data available at The Insider’s press time.
- Inventory for homes in the $1 million and up price range in the town of Breckenridge was down about 19.3% this spring, compared to spring 2013.
- In the city of Boulder, where the average home price is now more than $723,000, inventory for homes across all price ranges was down 19.2% this April, compared to last year.
Call Terry Robinson and The Early-Group for more information about your area. 303.748.3838