Record inventory levels push home prices to all-time highs – BizWest

DENVER — Across Colorado, a historically low housing inventory combined with strong demand is pushing median sale prices to record highs, a phenomenon especially accurate in the Boulder Valley and northern Colorado.

“Despite a month filled with inflation issues, a geopolitical crisis in Ukraine and rising commodity prices, supply and demand fundamentals continued to dominate inventory and house prices in statewide,” the Colorado Association of Realtors said in its February 2022 housing report. report released Thursday.

Here are some highlights from the report:

Boulder Valley

There were 113 listings in Broomfield County that went on the market in February, but most are under contract, leaving just 15 active listings for buyers to compete on.

In Boulder County, there was a measly 0.4 months of inventory on the market, down 55.6 from the same month last year.

“Preparation is key in this market,” real estate agent Kelly Moye said in the report. “In Boulder and Broomfield counties, listings continue to disappear and buyers are still coming out of the woodwork to try to make a move before interest rates climb even higher. With approximately 14% less inventory than we had last month, the competition is fierce. Buyers must be prepared to complete their financing, understand contracts, negotiations, and write a competing offer. Sellers need to be prepared to understand the same and, more importantly, have somewhere to go when their home sells fast.

Northern Colorado

“Compared to February 2021, new single-family listings are down 35% in Larimer County, with townhomes/condos down even more at -44.6%,” the report said. “Year-to-date, single-family homes have received 102% of list price and townhouses/condos are reaching even higher at 102.7% of list price. The average sale price of a single-family home of $668,234 is 27.5% higher than in February 2021.”

Shrinking in the Fort Collins market, real estate agent Chris Hardy said, “The really good news is that during the first week of March, the Fort Collins market saw a dramatic increase in new single-family listings ( more than 90 so far when there were only 144 for the whole month of February). The bad news is that Fort Collins set a new monthly median price record of $625,000. Contrary to TS Eliot’s opinion, March seems to be the cruelest month.

In Weld County, monthly new listings were down nearly 14% year-over-year and median prices were up 18%, approaching the half-million dollar mark.

DENVER — Across Colorado, a historically low housing inventory combined with strong demand is pushing median sale prices to record highs, a phenomenon especially accurate in the Boulder Valley and northern Colorado.

“Despite a month filled with inflation issues, a geopolitical crisis in Ukraine and rising commodity prices, supply and demand fundamentals continued to dominate inventory and house prices in statewide,” the Colorado Association of Realtors said in its February 2022 housing report. report released Thursday.

Here are some highlights from the report:

Boulder Valley

There were 113 listings in Broomfield County that went on the market in February, but most are under contract, leaving just 15 active listings for buyers to compete on.

In Boulder County, there was a measly 0.4 months of inventory on the market, down 55.6 from the same month last year.

“Preparation is key in this market,” real estate agent Kelly Moye said in the report. “In Boulder and Broomfield counties, listings continue to disappear and buyers are still coming out of the woodwork to try to make a move before interest rates climb even higher. With approximately 14% less inventory than we had last month, the competition is fierce. Buyers must be prepared to complete their financing, understand contracts, negotiations, and write a competing offer. Sellers need to be prepared to understand the same and, more importantly, have somewhere to go when their home sells fast.

Northern Colorado

“Compared to February 2021, new single-family listings are down 35% in…