Since June 2014, home prices in Northern Colorado rose more than they did in metro Denver, according to numbers released by the Colorado Association of Realtors.
Statewide, the median sales price for a home has increased 11.4 percent. In the region including Boulder, Broomfield, Larimer and Weld counties, prices have gone up 15.6 percent in that year-long span; in the metro Denver region, the increase was 13.7 percent.
Kelly Moye, a spokeswoman with the Association, said multi-family dwellings have experienced even greater increases in the northern Colorado area.
“The townhomes and condos have gone up 20 percent,” she said. “So our prices are really, they’re really shooting up.”
Prices show little sign of leveling. From May to June 2015, the median home price in Northern Colorado has also increased, up from $290,345 to $293,500.
Moye said the increase comes because there continues to be more buyers than sellers, driving prices up. This is largely driven by growth; more people are moving to the Front Range because of the strong economy and those workers need homes. Construction and availability is not keeping up, though. There was actually a 3.4 percent decrease in new listings in the region compared with this time in 2014.
Although builders are now confident enough to construct new homes, they cannot get enough building permits and construct houses fast enough to keep up with demand.
There are more homes available east of I-25, in smaller towns like Dacono, Frederick and Firestone, said Moye. But prices farther east are also climbing.
Moye does not expect to see home prices steady until either interest rates rise or Colorado’s booming economy slows down.
