Single-family home sales declined by a fifth and condo and townhome sales were down by 23% in Colorado last year, while price increases softened and the inventory of properties available for sale surged
, according to aThe number of single-family home sales in Colorado fell from 97,864 in 2021 to 78,091 in 2022, a decline of 20.2%, as the weight of higher interest rates took their toll on affordability The number of condos and townhomes sold last year fell 23.3% to 24,732. Comparing December to December, both home and condo sales were down by about 42%, a sign that downward momentum in sales was intensifying as the year came to a close.
Of the state’s 64 counties, only three — Hinsdale, Costilla and Alamosa — saw an increase in single-family home sales in December compared to a year earlier; four saw no change. Among counties with five or more sales last month, volume declines ranged from 16.7% in Grand County to 85% in Pitkin County. The sales decline in metro Denver for single-family homes was 18.5%, below the statewide decline.
Among counties with five or more sales last month, median price gains were holding up the best in Routt, Prowers, La Plata, Logan and Chaffee counties. Costilla, Rio Grande, Conejos, Montezuma and Saguache counties were the counties with the biggest home price declines. Among the state’s most populated counties, the biggest percentage gains in inventory came in Arapahoe, Broomfield, El Paso, Adams and Boulder counties. Moffat, Rio Blanco, Montezuma, Lincoln and Rio Grande counties saw their inventory of listings shrink in December.
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