DENVER (KDVR) – There are fewer homes for sale than ever in the Denver metro area.
National reports have acknowledged that Colorado tops the list of the most expensive regions. Middle-class homebuyers have fewer options in the Denver area than anywhere else in the country except for a handful of California cities.
The trend continues this year in a broader context of record inflation. The country’s cost-of-living issues are exaggerated in Colorado, where inflation and the cost of housing are both outpacing wage gains at a faster rate than in the United States
Colorado home inventory continues to plunge, according to a recent report by the Denver Metro Association of Realtors. There were only 1,438 single-family homes available statewide in January 2022. This is the second month in a row that Colorado’s single-family home inventory has hit an all-time high. As of December 2021, the state had 2,183 homes in its sales inventory.
Currently, Metro Denver has about a third of the enrollment it had last year. Metrowide, there were 742 single-family homes for sale in the ten counties surrounding Denver in January 2022, up from 2,023 in January 2021.
Metro Denver’s largest counties — Adams, Arapahoe, Denver, Douglas and Jefferson counties — have just a quarter of the inventory they had in January 2021. The city and Denver County currently has 129 single-family homes in inventory. Adams, Arapahoe, and Jefferson counties each have just over 100 homes for sale, and Douglas County has less than 200.
At the same time, house prices continue to inflate. The average selling price of a single-family home in Colorado was $674,342 in January, up 13% from January 2021. The Denver Metro Association of Realtors Housing Affordability Index is now at its historic low.
Colorado’s housing problems are nearly universal, with only a few rural counties such as Crowley, Yuma and Otero not seeing median sales price increases last year.
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