Spring Home Sales Rise in Colorado

Spring Home Sales Rise in Colorado

May 11, 2012 (Shirley Allen)

The positive effects of the spring home buying season were felt in Colorado as monthly sales of existing single-family homes and condominiums surged in March while home prices remained mixed according to the latest data from the Colorado Association of Realtors® (CAR).

An estimated total of 6,173 existing homes and condos were sold in the Centennial State in March. That was 34.9 percent higher than the 4,576 homes sold in February and 6.1 percent higher than the 5,817 homes sold in March 2011.

Sales of detached single-family homes accounted for 5,055 of the total sales in March, up 34.9 percent from 3,746 sales in February and 6.6 percent higher than the 4,748 detached homes sold in March of 2011.

The median sales price for a detached single-family home in March was $188,393, which was 2.8 percent higher than the sales price of $183,333 posted in February, but was still 4.2 percent lower than the sales price of $196,667 in March of last year.

Of the 23 local associations that reported single-family home sales, seventeen of the associations reported sales had increased or were unchanged from a year ago. Pagosa Springs (+205.6%) posted the largest increase in sales among the associations who reported 20 or more home sales while Morgan County (-9.1%) posted the largest decline.

The Metro District reported the most single-family home sales in March with 2,676 units sold, up 3.0 percent from a year ago.

Condominium sales accounted for 1,118 of the total sales in March, up from the 830 sales in February and 4.6 percent higher than the 1,069 condos sold in March of 2011.

The median sales price for a condo in March was $125,867, which was 1.9 percent higher than the sales price of $123,542 in February and 4.9 percent higher than the sales price of $120,000 for a condo in March of last year.

Of the 17 local associations that reported condo sales, twelve of the associations reported sales had increased or were unchanged from a year ago. Estes Park (+62.5%) posted the largest increase in sales among the associations who reported 10 or more condo sales while Durango (-10.5%) posted the largest decline.

The Metro District also reported the most condo sales in March with 700 units sold, unchanged from a year ago.

Tags: existing homes, condos, sales, median home prices, Colorado

Source:
Colorado Association of Realtors®