Colorado Western Slope Inventory Climbs to 10.5 Months, Giving Buyers More Leverage
Updated
Updated · Vail Daily · Jul 3
Colorado Western Slope Inventory Climbs to 10.5 Months, Giving Buyers More Leverage
3 articles · Updated · Vail Daily · Jul 3
Summary
Western Slope counties entered May with far more homes for sale than in recent years, with supply ranging from 5.5 months in Summit County to 10.5 in Pitkin and 8.4 in Grand, shifting negotiating power toward buyers.
Statewide, the market also moved closer to balance: pending sales rose 7% from a year earlier even as new listings fell nearly 14%, while supply reached 4.3 months and homes took 56 days to sell on average.
Prices still held up in many mountain markets despite the added inventory. Colorado’s median single-family price rose to $565,000, Summit County’s average climbed 6% to $2.68 million, and Steamboat multifamily prices increased.
Sellers are facing more competition and longer selling times across several resort areas, with Pitkin County properties averaging 228 days on market and many buyers taking longer to decide.
Mortgage rates could test that renewed demand in the summer season: the 30-year rate had risen to 6.51% by July 2 after earlier declines helped draw sidelined buyers back.