Despite soaring inventory, at its highest level statewide in Colorado since 2019, sales remain stagnant as buyers grapple with high interest rates.<\/p>\n
Sellers continue to list their homes, knowing interest rates are unlikely to drop soon.<\/p>\n
According to the Colorado Association of Realtors\u2019 monthly market trends housing report<\/a>, buyers, some of whom have been waiting for years for more options, either negotiate concessions and buy-downs or stay on the sidelines.<\/p>\n \u201cThe\u00a0past five years have left us wondering when the market would balance or be more buyer friendly and, without a doubt, it is now,\u201d said Aurora-area realtor\u00a0Sunny Banka<\/a>.<\/p>\n Colorado recorded 31,268 active listings in May, up 27% from May 2024. Statewide, sold listings slipped 1.8% from a year ago, while pending or under contract sales were up 11% from last year.<\/p>\n Cooper Thayer<\/a>, a broker associate with the Thayer Group in Castle Rock, said higher costs keep homes on the market longer, causing a \u201cpile-up\u201d effect.<\/p>\n \u201cThe result is a whopping 4.2 months\u2019 supply of inventory, setting a near-15-year record high,\u201d Thayer said.<\/p>\n \u201cFor the first time in many years, it appears we\u2019ve entered a bona fide buyer\u2019s market, giving homebuyers the upper hand in negotiations,\u201d Thayer said.<\/p>\n He said buyers who can afford higher interest rates, insurance costs, HOA dues, and property taxes can reap the market\u2019s benefits.<\/p>\n Sellers will continue to compete.<\/p>\n \u201cPrices have remained stable, inventory is still moving (albeit slower), and many prospective homebuyers still have a strong underlying desire to own a Denver metro home,\u201d Thayer said.<\/p>\n \u201cIt just may take a little more strategy, preparation, and patience to find the right buyer for your home at a price that makes sense.\u201d<\/p>\n Statewide, the median price of a single-family home fell 1.5% to $590,000 from April to May, and it is also down 1.2% from a year ago.<\/p>\n Condo-townhome median pricing rose 3.3% to $420,000 from April to May, returning to the same level a year ago.<\/p>\n