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Colorado housing sales are picking up, but interest rates are still having an impact, new report shows

Interest rates continue to impact Colorado housing market, spokesperson with Colorado Realtor's Association says
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Posted at 12:57 PM, Apr 10, 2024
and last updated 2024-04-10 15:48:15-04

DENVER — A new housing sales report released Wednesday shows statewide, housing sales are picking up, but interest rates are still having an impact.

Colorado is seeing 8% more listings than it saw this time last year, but the number of sold properties is only up by 3%, according to Kelly Moye with the Colorado Association of Realtors (CAR).

“It's still not as much as we would like to see to make a nice, balanced market. I mean, there's always been an inventory shortage for the last five years. And this year is not an exception, but we are finally seeing sellers start to actually sell,” Moye said.

In March, there were more than 10,000 new listings across Colorado, according to CAR. That’s up 16% from the month before.

The median sale price was just under $550,000, up 3% from February.

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“Buyers might want to consider watching for those listings that have been on the market for longer than a few weeks. Maybe they're not the brand-new ones that just came on for the weekend. And I think you have a really good opportunity to negotiate with those sellers,” Moye said. “Usually in this kind of market those are the sellers that really need and want to move. And I think there's some deals for buyers out there.”

Moye said if you’re concerned about interest rates, talk to your lender about your options for refinancing if interest rates go down.

As for sellers, Moye said it’s important to price right, so your house doesn’t sit for months.

Interest rates impacting Colorado housing sales