ENGLEWOOD, Colo. – April 29, 2014 – (RealEstateRama) — Most areas of Colorado saw an increase in housing inventory (properties available for purchase) during the first quarter of 2014 compared to the previous quarter (Q4 2013) ) according to Quarterly Market Statistical Reports released today by the Colorado Association of REALTORS® (CAR). New listings increased 35 percent statewide from Q4 2013 to Q1 2014 and 5 percent compared to Q1 2013. At the same time, overall sales slowed down 19 percent in Q1 2014 compared to Q4 2013 and slightly less than 1 percent compared to Q1 2013.
In the Mountain Region of the state (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit counties) both inventory and pricing improved during the early months of 2014 while sales declined. Inventory increased 28 percent for single-family homes and 8 percent for condominiums-townhouses comparing Q1 2014 to the final quarter of 2013. Year to year (Q1 2014 to Q1 2013) both types of housing saw slight declines in available inventory.
Sales of single-family homes declined 15 percent to 315 compared with Q1 2013 and dropped 39 percent compared with Q4 2013. Condominium-townhouse sales also declined, -2 percent over Q1 2013 and -20 percent compared to the last quarter of 2013.
The median price for homes continued to rise in this region, up 26 percent to $484,975 for single-family homes and up 28 percent to $420,000 for condominiums-townhouses comparing Q1 2014 to Q1 2013.
Days on the market moved downward slightly (-3 percent) for single-family homes to 154 days but rose 13 percent to 178 days for condominiums-townhouses (Q1 2104 compared to Q1 2013). This are of the state typically sees more days on the market than other areas. At the end of the quarter there were 3898 active listings representing about a 12-month supply.
Lender-mediated properties (foreclosures, short sales, REO or other distressed property sales) represented 12 percent of all sales during the quarter, similar to the previous three quarters.
“There is certainly good news in the Mountain Region as prices continue to move upward,” said CAR spokesperson Doug Labor. “At the same time, we may be a bit behind much of the state in seeing improved inventory and steady sales. Looking ahead we are optimistic that the attractiveness of many of our resort communities will continue to bring buyers.”
The CAR Housing Affordability Index uses median sales price, prevailing interest rates and average income to measure local housing affordability. An index of 120, for example, means that the median household income in that area was 120 percent of what was necessary to qualify for the media-priced home under prevailing interest rates. A higher number is usually interpreted as greater housing affordability. Higher values generally benefit buyers whereas lower values help sellers.
Affordability in the Mountain Region is typically the lowest in the state but remained steady through the end of 2013 and into the first quarter of 2014 at 77 for single-family homes and 87 for condominiums-townhouses.
The Colorado Association of REALTORS® Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services (MLS) in Colorado. The current Q1 2014 reports represent approximately 86 percent of all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction.
The reports cited in this press release are available online at www.ColoradoREALTORS.com/HousingStatistics.
First Quarter 2014 Housing Statistics from the
Colorado Association of REALTORS®