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Steady Stream
Despite the extraordinarily low amount of standing inventory, it is important to understand there is still a steady stream of new inventory hitting the market.
Inventory is low. That is a reality.
New inventory is coming on the market at essentially the same pace as compared to the last few years. That is also a reality.
Because demand is so high, the inventory doesn’t stay on the market very long. Residential listings go from ‘Active’ to ‘Pending’ very quickly (assuming they are priced correctly).
Over the course of 2021, there were 66,308 new residential listings that hit the market in Metro Denver. That is only 5% less than 2020.
Larimer County had 8,342 which is 7% less than 2020.
Weld County had 8,499 which is 5% less than 2020.
While standing inventory is near 50% lower than last year, the stream of new inventory is fairly consistent.
It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner. This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.
You can register at www.ColoradoForecast.com
A Little Perspective
Here’s a little perspective on the inventory of homes for sale in today’s market…
First we’ll look at Metro Denver:
- The average number of residential listings for sale at this time of year is 15,577
- The highest-ever for this time of year is 29,722 which occurred in 2006
- The number of listings right now is 4,821
- So, inventory in Metro Denver is roughly one-third of the average and 25,000 fewer than the highest-ever.
- DMAR is the source of the stats listed above
Now, Northern Colorado:
- Larimer County has 802 active listings today
- Based on 10 years of data, this is the lowest it has ever been
- The high in Larimer County occurred in 2010 with 2608 listings so today’s inventory is one-third of what it was 10 years ago.
- Inventory today in Weld County is 727 which isn’t the lowest-ever.
- The lowest during the last 10 years was 2017.
The highest was 2010 with 1791 properties so today there are roughly 1,000 fewer properties to choose from.
