Colorado home buyers gain more power in March as inventory climbs

Colorado s housing territory is shifting closer to balance as a surge in housing inventory and new listings gives buyers more choices and bargaining power However rising housing costs and economic fears make likely buyers hesitant According to the March housing summary from the Colorado Association of Realtors there were nearly new listings up from last year Advancing listings are up from a year ago with listings The median price of a single-family home statewide is up about from last month compared to March The median price for condos and townhomes is up from February but down about from last year Statewide the average number of days on territory for single-family homes is a increase from last year s average days For condo-townhomes the statewide average is days nearly from the -day average in March All this is to say that we are in a balancing field and buyers and sellers are having to negotiate together more than any time in the last decade explained Chris Hardy with Elevations Real Estate in Fort Collins After a slow start to the year listing activity in the Denver-metro area picked up with over new listings in March and home prices remaining stable Even if fewer buyers are ready to make a move real estate markets tend to push and pull towards equilibrium mentioned Cooper Thayer a broker associate with the Thayer Group in Castle Rock When more inventory is available and sellers are forced to compete buyers gain the confidence to enter the territory with greater options and negotiating power In Boulder County prices are flat and days on the arena climbed to in March while in Broomfield prices are up and days on the arena are Despite a multitude of sellers holding off due to low interest rates the rise in available homes signals more opportunities for buyers However ongoing economic uncertainty has kept a multitude of buyers hesitant resulting in a drop in sold listings across both counties announced Kelly Moye of Compass Related ArticlesApril Sponsored Shifting dynamics How the pandemic reshaped Denver s housing arena April Sponsored As more baby boomers hit the territory senior experts say Find where you re going now April Sponsored Thinking about selling your house The best time to list is coming soon March Sponsored Bobby Berk brings effortless chic to Tri Pointe s Painted Prairie March Sponsored Ski free this weekend at Granby Ranch Resort for touring new townhome model priced K In Aurora March was disappointing explained Aurora-area realtor Sunny Banka Typically a big month and an exciting indicator of what lies ahead March turned out to be lackluster when it comes to home sales she stated The affordable housing segment is under considerable pressure particularly in the condo and townhome markets According to Julia Purrington Paluck an Evergreen realtor issues like condo insurance and a lack of new affordable options contributed to a increase in inventory and noticeable price drops The news and editorial staffs of The Denver Post had no role in this post s preparation