Colorado housing market shows split demand between homes and condos

Colorado’s housing market is experiencing a divergence in demand between single-family homes and attached properties like condos and townhomes. According to the July Market Trends Housing Report from the Colorado Association of Realtors, single-family home sales saw a 0.6% increase compared to last year, with median prices rising 1.3% to $592,845.

In contrast, the condo and townhome sector is facing softening demand. Closed sales for attached properties fell by 3.8%, and pending contracts dropped by 10.5%. These units are also spending more time on the market, averaging 74 days compared to 53 days for single-family homes.

While overall state inventory declined by 7.8% to 34,694 homes, the scarcity of supply has not provided the same level of seller leverage for attached properties as it has for single-family homes. However, regional variations exist; recreational areas such as Eagle, Grand, and Routt counties reported spikes in sales volume for condos and townhomes, despite broader market cooling.