Despite reports of the real estate sector’s cataclysmic woes along the coastal regions of the U.S., business is booming in Colorado’s home buying market. Denver-Colorado Springs area contracts are responsible for driving the overall state-wide numbers, says Audrey Conklin of FOXBusiness.
The Colorado Association of Realtors reported a monthly record of 10,771 single-family home sales in July— a 21 percent increase year-over-year. The state also saw an 8.6-percent jump in new listings.”Conklin, FOXBusiness
Furthermore, Colorado Springs Realtor Jay Gupta stated “that homebuyers ‘waited on an hour-by-hour basis for the new listings to show up, then competed to win the bidding wars.”‘
The highly active market is motivating buyers and sellers nation-wide to do business, and is facilitating Colorado’s ascent in the Top-10 list of destinations for wealthy Gen-Xers and Millenials.
“Despite the inventory increase in July, the robust buyer activity continues to consume any and all new listings that are priced appropriately within 30 days of coming on the market,” Denver realtor Karen Levine said in a statement.”
The report from FOXBusiness also noted that the housing-market—in the Mile-High City particularly—is seemingly shrugging off the pandemic and economic downturns. A record number, 15,000, Coloradans have filed for unemployment, 280,000 continue to receive benefits.