(The Center Square) - The median price of homes in Colorado "remains steady" across the state as inventory continues to drop, according to the latest monthly market report from the Colorado Association of Realtors (CAR).
Statewide, inventory for single unit homes is down 36% compared to the 60% decline in townhomes and condos listed for sale. Meanwhile, the median sales price of a single unit home stood at $520,000 in September, indicating no month-over-month change from August. However, September's average sale price is still 15.6% above what it was last year.
Similarly, townhomes and condos are selling for an average sales price of $380,000, a 12% year-over-year increase.
Metros across the state are seeing similar scenarios as well. In the seven-county Denver metro area, inventory for single unit homes fell by 6.4% between August and September while inventory for townhomes and condos dropped by more than 12%, the report says.
However, the median sales price of Denver homes decreased slightly between August and September to $562,000, which is still 15.6% above what it was at this time last year. The median price for condos and townhomes in Denver stood still at $380,000 in September as well, according to the report.
"While quarantine-limited interaction and an ever-so present return to 'normal' seems to be looming, the stigma of attached living appears, at least for now, to no longer be affected by worry and fear," Denver-area realtor Matthew Leprino said in a statement.
Other cities like Fort Collins and Durango also saw their housing stock fall dramatically as the calendar turned to fall.
In Fort Collins, the number of homes for sales dropped to 249 by the end of September, representing a 17% year-over-year drop. At the same time, affordability is becoming a growing issue as the average median income to median priced home ratio has fallen by 75%, according to local realtor Chris Hardy.
Home seekers in Durango are facing similar inventory and price issues as the number of active listings is dwarfed by the number of pending sales by a two-to-one margin, realtor Jarrod Nixon said. However, the price growth could be negatively impacted by buyers who decide to shy away from the competition.
September saw its "percent of list price received" fall from 101% to 99.1%, Nixon said. This indicates that buyers are less willing to pay a premium for a house, despite the median sales price of a single unit home increasing to $800,000 last month.
"Buyers are hopeful that prices will begin to fall with the leaves as we approach winter, but the off-balance supply to demand speaks otherwise," Nixon said.