Colorado is divided into seven Congressional districts, each with its own nuances when it comes to the way the market is analyzed.
With the mountains on one side and the black hills on the other side, there are many different options available in the Colorado housing market.
Influencing Factors of the 2018 Colorado Housing Market
According to Housing Wire, Colorado contains six of the total ten metro areas that have topped the real estate market predictions as per the analysis conducted by VeroFORECAST.
One of the best indicators of the Colorado housing market these days is the amount of time a property sits on the market. Realtors can predict how long a property is going to be available based on cost and location in the thriving Colorado market.
Current statistics indicate that homes priced between $200k to just under $400k are on the market for an average of 10 days, while homes that are priced from right at $400k to just under $500k tend to stay on the market for around three weeks.
Something else that buyers tend to offer to the sellers to convince a seller to accept an offer includes things like tickets to difficult-to-get shows, weekend vacations, and more. This particular practice is becoming more common in the homes that are in the higher price range.
What to Expect in Colorado
As per the Colorado Association of Realtors, the total number of homes for sale over the past year has come close to around 15k homes across the state.
The areas with the highest turnover rate include several specific counties that have higher populations. Specific counties include El Paso County with over 1200 houses made available on the Colorado housing market.
Other counties with high housing availability include Adams County (527), Arapahoe County (509), Boulder County (462), Denver County (505), Douglas County (812), Jefferson County (556), Larimer County (744), Mesa County (706), and Weld County (692).
Counties with harder to find properties include Baca County (8), Bent County (6), Cheyenne County (1), Crowley County (14), Gilpin County (23), Lake County (10), and Washington County (5).
In the counties with more available properties, housing costs tend to be higher. In counties with fewer amounts of available properties, housing costs tend to be lower. This is not a rule of thumb, but general guidelines to help narrow possible search parameters.
Four Cost Effective Places to Live in Colorado
There are other areas of Colorado that are much more affordable, but they may not be as booming as a place like Denver and the surrounding areas. However, these cities are well within driving distance to metropolitan areas and have a better cost of living.
1. Lamar, CO
Located in Prowers County, Colorado, the housing costs are significantly lower here than the average, up to 43% less than the national average. Even utilities are less here, as are other basic costs of living like transportation costs, groceries, and even health care.
2. Pueblo, CO
Pueblo holds the county seat for Pueblo County and is also significantly less than the national average in many ways. The Colorado housing market is priced differently here, 32% less in fact. Other costs of living are also considerably less than the national average, which makes Pueblo a prime location to call home.
3. Colorado Springs, CO
Colorado Springs may have higher housing costs than the national average, but all other important things residents have to pay for like groceries and utilities are markedly lower. It’s also 60 miles south of Denver, making Denver close enough to visit, but not have to live there. Plus, right outside of Colorado Springs, you’ll find a nature lover’s paradise with Garden of the Gods practically across the street.
4. Manitou Springs, CO
Manitou Springs is the bordering town that lies right next to Colorado Springs. It also tends to have higher housing costs when compared to the Colorado housing market, but all other costs of living are lower. The lower costs for utilities, transportation, and even groceries can help make up the difference of the cost of housing. Manitou Springs also gives direct access to Pikes Peak.
A Few Key Housing Statistics in Colorado
According to the Colorado Association of Realtors, the median sales price ranges from just over $200k to nearly $500k for a single family home, and the cost varies from district to district.
In the Denver-Aurora-Broomfield area, housing inventory is extremely limited. In one such suburb of Denver, Holly Hills, approximately 91% of people own their homes with the average home value being around $350k. In another suburb of Denver, Louisville, approximately 73% of people own their homes, with the average home value at about $450k.
Housing costs in places like Pueblo and several surrounding areas tend to hover around $200k for most available properties. In Fountain, another small nearby town, houses also seem to be approximately $205k on average.