Colorado Home Sales Slow In September After A Record Summer Pace

Hart Van Denburg/CPR News
The real estate market in Denver, where this photo was taken on Wednesday, Aug. 12, 2020, broke records this year.

The pace of homes going under contract in Colorado slowed last month, while still staying well above historical trends for September.

Just over 10,000 homes were under contract, according to the Colorado Association of Realtors. That’s a 35 percent jump from the same time last year — and an 8 percent decline from August, the report shows.

The state’s real estate market boomed all summer, part of a nationwide trend. Pent-up demand following lockdowns in March and April and low-interest rates drew buyers off the sidelines. At the same time, the supply of available homes to purchase is at record lows, keeping prices high.

The number of homes listed for sale across Colorado dropped more than 50 percent last month from the same time last year, the association’s report found.

Prices for single-family homes statewide were flat in September after climbing for several months. The median sales price was $450,000, unchanged from August. Still, that’s a 12 percent increase from a year ago. 

Prices for townhomes and condos — which have generally lagged the appreciation seen in single-family properties — reached $345,500, a 4.7 percent jump from August and 10.3 percent higher than a year ago.

The Denver metro area, which includes Boulder and Broomfield, accounted for more than half of the homes that went under contract in Colorado in September. The region shows a 29.6 percent increase in homes under contract from a year ago, and a 9.3 decrease from August.