Statewide, single-family listings increased 75% in January, while new townhome/condo listings jumped 73.2%.
“The combination of lower interest rates and general optimism of a new year brought buyers out to look and sellers ready to list.”With interest rates stabilizing, more buyers are ready to enter the market, said Fort Collins-area realtor Chris Hardy. Buyers who waited during the fall and holiday season took advantage of the new options, with the number of pending or under-contract homes up 8% for the month over January 2023. The number of pending or under-contract homes in the Denver metro increased 10% over last January.The median single-family home price increased to just under $600,000, up 1.7% from December and 5.3% from a year earlier.
“Buyers are becoming acclimatized to the new interest rate baseline in the 6% range, and sellers are shifting their mindset away from trying to time the market and back towards acting based on wants and desires rather than needs,” he said.“The spike in activity last month is evidence of a large backlog of buyer and seller demand, and we can expect to see a strong, competitive market as we move into the spring season,” he said.