Buyers gain leverage in Colorado’s stable housing market

Colorado’s real estate market is currently offering buyers more opportunities and bargaining power despite high interest rates.

The latest report from the Colorado Association of Realtors indicates a decrease in listings but an increase in buyer leverage, creating a favorable environment for homebuyers.

As the market continues to rebalance, potential buyers can take advantage of these conditions, with median prices remaining relatively stable.

According to Denver-Douglas County-area realtor Cooper Thayer, “Selling a home may be challenging at the moment, but this is actually a great time for buyers. With higher rates, buyers have more choices and negotiating power, making this one of the strongest buyer markets in years.”

The data from September shows a decrease in active listings compared to August, but all categories are up from the previous year. Statewide inventory has increased by 8%, sold listings are up by 8%, and average days on the market have increased by 18%. Median pricing has remained steady, showing a 0.5% increase from a year ago.

Community Roundup

• Aurora: Pending sales are up by 11%, with median prices at $566,000 (Arapahoe) and $515,000 (Adams).
• Boulder and Broomfield counties: Shifting towards a buyer’s market with inventory up over 10%. Prices are up by 2%, but concessions are showing declines, especially for condos.
• Colorado Springs: Stable market with flat prices and increased listings, providing more options for buyers.
• Denver metro: Favoring buyers, with homes selling for less than list price and growing inventory, particularly for condos.
• Fort Collins: Balanced market with listings and sales up year-over-year, attracting cautious buyers.

Despite increased inventory, economic and political uncertainties, along with higher mortgage rates, are causing some potential buyers to hold off on purchasing.

“The real estate landscape in Boulder and Broomfield counties is shifting in favor of buyers, creating a positive market environment,” said Kelly Moye of Compass.

In Fort Collins, realtor Chris Hardy with Elevations Real Estate noted that well-priced homes are selling quickly, while others are struggling due to factors like pricing and competition from new construction.

Overall, the housing market is experiencing a slowdown as winter approaches, with sellers holding onto low-interest rates and buyers navigating through a rebalancing market.

This article was prepared independently and without the involvement of JS’s news and editorial teams.