Colorado

The decision to buy a house in Colorado, or anywhere else for that matter, depends on several factors such as your personal financial situation, the housing market in Colorado, and your long-term plans. Let’s look at some specific points:

1. **Market Conditions**: As of my knowledge cutoff in September 2021, Colorado, especially cities like Denver, Boulder, and Colorado Springs, had seen significant growth in real estate prices over the past decade. However, markets can fluctuate, so it’s essential to research the current market trends and future predictions.

2. **Location**: Different parts of Colorado offer different lifestyles. For example, Denver is a bustling city with thriving industries, while mountain towns offer outdoor recreational opportunities like skiing and hiking. The right location for you depends on your lifestyle preferences.

3. **Affordability**: Keep in mind that buying a home is a substantial financial commitment. Consider your income, savings, and other expenses to ensure you can afford the mortgage payments, taxes, insurance, and maintenance costs.

4. **Long-Term Plans**: Buying a house is typically a long-term investment. If you plan on staying in Colorado for a significant amount of time, buying could be a good decision. On the other hand, if you’re unsure about your long-term plans, renting may be a safer option.

5. **Career Opportunities**: Colorado has robust job markets in industries like technology, healthcare, and aerospace. If your career aligns with these industries, it could be a good place to invest.

6. **Quality of Life**: Colorado often ranks highly in terms of quality of life due to its outdoor recreational opportunities, access to nature, and good education and healthcare systems.

Before you decide to buy a house in Colorado, it would be a good idea to speak with a local real estate agent who can provide detailed information about the market conditions and neighborhoods. Additionally, a financial advisor can help ensure you’re financially prepared for the commitment of buying a home.

As a resident of Utah and licensed as an MLO in the surrounding states, I am writing this as an update on what is happening in Colorado as far as real estate.

The average Median home price in 2023 is $575,000. That is down 2.6% YOY (Year Over Year).
The list price received is dropping monthly by approximately 0.5%.
On average, residential homes are on the market for 40+ days. That is up almost 82%.
Closed deals are down almost 24%.
Pending Sales are down 18.5% YOY (Year Over Year).
Supply is up 42.9%.
New listings dropped by 22.5%.

Are these numbers telling us seller optimism is down? Or are buyers seeing a balancing of the market?