Colorado is one of the hottest real estate markets in the nation. I’ve shared with you details about the demand to live in Colorado, as well as the excellent job market that impacts local real estate in a positive manner. With that said, Colorado is also a state that goes through seasonal real estate trends. As much as we love the snow that falls in the winter months, it has a correlation to reduced real estate activity. A snow storm can create great skiing, but it makes it a bit more difficult to show homes.
Mother Nature is rarely predictable but I’ll do my best to offer a quick summary of the “typical” seasonal real estate trends we see in Colorado for Winter and Spring.
Winter Real Estate Market (typically November-February):
Winter can offer great opportunities for both buyers and sellers. It’s true that the real estate market slows down a bit, but it doesn’t fully go into hibernation. For active buyers willing to brave the chill of an occasional snow storm, there are some eager sellers and less competition in making offers. For sellers, this is a time of year where they too aren’t competing with other home sellers who wait for flowers and trees to bloom. There are great deals to be made with a lot less rush and anxiety during this time of year. Over the years I’ve seen as much as a 10% swing in prices between winter and spring.
Spring Real Estate Market (typically March – June):
As the weather warms up so does the selling market! Spring is the time of year when buyers begin trying to get a “jump” on the market and secure a real estate transaction before the summer rush begins. In Colorado there is a historic lack of inventory, which makes this rush happen earlier and earlier in the season. In recent years, spring marks the time of year when sellers expect buyers to come out in droves. For this reason the spring months tend to see some of the highest sales prices as buyers bid to secure the home of their dreams.
If we take a look back at this winter, Colorado experienced a mild start and thus real estate activity was a bit more vibrant in the early part of the year. That has changed over the past month or so. In recent weeks there have been snow storms and cold weather nearly every weekend, which has led to a slight slowing of the real estate market momentum. Luckily, in Colorado if you wait a few days the sun will come out and it will seem like spring is right around the corner.
As your full time real estate advisor, I am prepared to weather a few storms and help, whether you want to sell or are looking to buy. When the sun comes out I’ll be equally eager to don some sunglasses and guide you through Colorado’s constantly evolving real estate market. It’s what I do every day – snow, rain or shine!
A Refreshing Look at the Question “What is my House Worth?”
Let’s take a look at some of the stats for our area to get a better idea of what is going on in the local housing market!
In El Paso County for February 2019, the average sales price* was:
- $310,000 for Single Family Homes (up 6.9% from 1 year ago)
- $215,000 for Condos/Townhomes (up 2.5% from 1 year ago)
I have access to detailed stats across Colorado and can help you find out the worth of your property any time. I can also help you determine what your home is worth even if it’s in a different area. As always, I am here for you. If it’s time for you to buy or sell, let’s talk.
*Median sales price based on a six-month moving average