Real Estate Report: Colorado housing market shows steady demand and stable prices in spring

Colorado’s real estate market is finally settling down.

Statewide activity showed steady demand, stable pricing and buyers who are finally getting used to mortgage rates sticking above 6%, according to the Colorado Association of Realtors’ April Market Trends Housing Report.

Across the state, the frantic bidding wars of the past are giving way to a predictable, seasonal rhythm. The market is being shaped less by rapid price hikes or speculation and more by everyday realities: affordability, smart pricing strategies and a willingness from sellers to negotiate.

“[Buyers] appear to be more acclimated to the current rate environment and increasingly accepting that mortgage rates above 6% are not a temporary exception but the operating baseline for now,” said Realtor Cooper Thayer of The Thayer Group. “This remains a market defined by affordability constraints and negotiation, not broad-based price depreciation.”

In the seven-county Denver metro area, pending contracts climbed 8.8% year-over-year, signaling that buyers are tired of sitting on the sidelines waiting for rates to drop and are instead choosing to jump in.

Home prices in the metro area remained remarkably flat, with the median sale price ticking up just 0.3% to $586,867. Meanwhile, active inventory ended the month at 15,366 listings – about 2,000 fewer homes than were available last year.

Homes averaged about 44 days on the market, and sellers pocketed roughly 99.1% of their asking price.

Statewide, pending sales jumped 7.2% year-over-year, and closed sales rose 2.7%, while the median home price dipped less than 1% to $545,000.

Agents across the state say that if a home is priced right and move-in ready, it gets plenty of attention. If it’s overpriced or needs a lot of work, it’s going to sit.

Regional trends vary:

• Boulder and Broomfield counties: In Broomfield, more sellers are willing to give up their low interest rates to move, pushing inventory up 14% and keeping prices flat. Boulder County remains a bit tighter, seeing a 3% price bump.
• Colorado Springs: Active listings rose 6.3% while median prices pulled back 2.7% as buyers deal with local economic uncertainty and rising insurance and HOA fees.
• Durango and La Plata County: Thanks to a mild winter, single-family home sales surged 39% year-over-year. High-end buyers are moving quickly, but anything under $700,000 is seeing an affordability squeeze because of skyrocketing HOA and insurance fees.
• Evergreen and Foothills: Pending sales are up 15.6%. Sellers are offering more creative concessions – like buying down the buyer’s interest rate – to get deals across the finish line.

Heading into summer, the big takeaway for both buyers and sellers is to keep expectations realistic.

“The market remains highly selective, rewarding realistic pricing, thoughtful preparation and creative problem-solving on all sides of the transaction,” said Julia Purrington Paluck, a real estate agent with Berkshire Hathaway HomeServices in Evergreen.