The supply of homes for sale in Colorado in May reached historic lows throughout much of the state, according to statistics from the Colorado Association of Realtors.
There were 17,724 single-family homes available statewide for purchase, down 24 percent from a year ago and representing a 2.5-month supply. Similarly, the 4,237 condominiums and townhouses for sale in May were 30 percent fewer than last year and were projected to last less than two months without replacement. Inventory in May was slightly below April for single-family homes and 5 percent lower for condominiums and townhouses, according to a news release sent by the CAR.
In the Pikes Peak region, a record 1,495 homes closed in May, said Terry Storm, president and CEO of the Pikes Peak Association of Realtors. Typically, 1,100 to 1,200 homes are purchased in the Pikes Peak region, he said.
“Back in the recession, it was 700-800, if we were lucky,” he said.
Prices continue to rise, according to information from the state organization.
The Pikes Peak region falls into the CAR’s southeast region when the organization compiles real estate numbers. This region also includes the lower Arkansas Valley, the San Luis Valley, the Royal Gorge area, Chaffee County, Pueblo and Teller counties.
Median sales prices in the southeast region for single-family homes have increased 6 percent from $242,810 in May this year from $229,000 in May 2015. Likewise, the median sales price for the townhouse and condo market have increased from $156,000 to $165,000, an increase of 5.8 percent for the same time period.
In addition, there are 10 weeks supply of inventory in May this year, down nearly 50 percent from 4.7 months in May last year, the state group said.
The Pikes Peak region reported total sales to date through May this year at 5,655, compared with 4,883 through May last year.
Statewide, the median price of single-family homes rose 8 percent to $335,000 from May 2015 to May 2016. Condominium/townhouse prices increased 12 percent to $245,500. Those medians are $10,000 and $5,000 more than April 2016 for each respective type of home and 60 percent higher than in January 2010.