The fourth quarter of 2012 was especially active and encouraging. While many potential threats to the economy lingered, the housing market clearly showed strong and continuing signs of recovery. Colorado is pointing the nation in the right direction.
Inventory is improving, prices continue to rise and days on market show consistent downward trends. New Listings decreased 19.4 percent to 340. Pending Sales were up 26.6 percent to 271. Inventory levels shrank 26.2 percent to 938 units. Prices softened somewhat. The Median Sales Price decreased 17.6 percent to $445,000. Days on Market was down 24.5 percent to 154 days. Absorption rates improved as Months Supply of Inventory was down 43.3 percent to 9.7 months.
Economists list three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many areas of Colorado are enjoying better fundamentals and less distressed activity. If job growth continues in 2013, housing should lead the way to economic recovery in our state, and our REALTOR® members will enjoy a robust market with increased opportunities.
Click here to view the 4th quarter statistics: 4th Quarter 2012 Statistics