Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

December 2024 | Colorado Housing Market Update 🏡

16 Dec 2024 · 1 min

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1:21

In this concise market briefing, the presenter forecasts an imminent Federal Reserve cut to the Fed funds rate and notes modest improvements in mortgage rates, tempered by strong economic data and potential inflationary policy shifts. The update then breaks down recent housing dynamics across Colorado’s key regions: Greater Denver saw demand rise 22% year‑over‑year while inventory grew 30%, resulting in a 2.5‑month supply and a flat list‑to‑close price ratio of 98.6%. Boulder County mirrored Denver’s activity but experienced slight declines in average sales prices for both single‑family homes and condos/townhomes. Weld County and the broader Northern Colorado area continued to post strong price gains for both housing types. Colorado Springs displayed a pronounced split, with single‑family detached prices up 5.5% and condo/townhome prices down 10%. The speaker concludes by noting that the upcoming Fed decision will shape market conditions into the new year and offers holiday greetings.

Chapters

It looks like the Fed will be doing another cut to the Fed funds rate next week, and we're seeing slight improvements in mortgage interest rates. They haven't went down very much so far because of strong economic data and due to upcoming policy changes that are potentially inflationary. In the greater Denver area, demand was up 22% from 2023, but our supply of inventory was also up 30% when compared to last year. We are currently at 2.5 months supply, and list price to close price remained flat at 98.6%. In Boulder County, we saw very similar trends across the board, except there are slight decreases happening to average sales price for single-family detached homes in addition to condo and townhomes. In Weld County and Northern Colorado, we're still seeing strong increases to single-family detached and condo and townhome prices. Colorado Springs is experiencing continued separation between single-family detached and condo and townhome prices. It's even stronger than Denver's, with 5.5% increase to single-family detached and a 10% decrease to condo and townhome average prices. We'll see how the Fed's decision next week impacts the market as we begin the new year. Happy holidays, everyone.