Most areas of Colorado experienced additional increases in housing prices during the second quarter of 2014 compared to the same quarter in 2013 and compared to the first quarter of 2014, according to Quarterly Market Statistical Reports released this week by the Colorado Association of Realtors.
The median price for single-family homes and condominiums-townhouses combined rose 6 percent statewide to $259,000 compared to the second quarter of 2013 and all areas of the state showed increases over the first quarter of this year, according to a press release by the CAR.
One of the effects of rising prices is a decline in affordability as wages and income fail to keep pace with the increasing cost of housing. Affordability declined about 2 percent statewide in Q2-2014. Overall sales declined 5 percent for single-family homes and rose 19 percent for condominiums-townhouses statewide.
New listings of single-family homes dropped 4 percent statewide while the number of condominium-townhouse listings grew statewide by 17 percent.
The second quarter of the year brought a mixed report about housing to the Southeast Region (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas, Otero, Pueblo and Teller counties) of our state. For the single-family home segment of the market, new listings increased 2 percent, sales increased 1 percent and median price increased to $203,000, which is a 2 percent gain when comparing the first quarter of 2014 to the same quarter in 2013.
For the condominium-townhouse segment of the market, price was the good news, rising 9 percent to $147,490. New listings and sales were both down 3 percent for this time period.
Days on the market moved up 16 percent for single-family homes to 97 days and 18 percent to 84 for the condominium-townhouse market. At the end of the quarter there were 7,777 single-family homes available, a nearly seven-month supply, and 660 condominiums-townhouses, good for more than five months.
Lender-mediated properties (foreclosures, short sales, REO or other distressed property sales) represented 5 percent of all sales during the quarter, a drop from Q2 of 2013 and the third consecutive quarter moving downward.
“We are starting to see some hesitancy among buyers as days on the market are rising,” said Jay Gupta, CAR Southeast Region spokesperson. “We’ll look closely at some of the sub-segments of our market moving forward for where the strengths are and what some of the signs might be for future activity.”
The Colorado Association of REALTORS® Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services (MLS) in Colorado. The current Q2 2014 reports represent approximately 90 of all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction.
The reports cited in this press release are available online at www.ColoradoREALTORS.com/HousingStatistics.