The Colorado real estate market is finally starting to cool off. In Adams County, the number of new listings is down nearly 19%.
Both buyers and sellers are turned off by interest rates north of 7%. At the same time, home prices have not offered any relief. Through August 2023, the average sales price in Adams County was up nearly 3%.
Many of the households shopping in this environment are experiencing a life change. They are facing things like divorce, births, deaths, or a job change.
Read on for a comprehensive guide to the real estate market in Westminster, CO. Explore topics such as Westminster real estate trends and how to navigate this challenging housing market.
What Is the Scoop in Westminster, CO?
Westminster is an appealing place to live in Colorado. It is located in Adams and Jefferson counties. Westminster is the 8th-largest city in the state, with over 114,000 residents.
The city is within commuting distance to Denver. Westminster citizens can get to the capital city with a roughly 10-mile drive.
There are great employment opportunities available in Westminster. Major corporations like Ball and Maxar employ thousands of local citizens.
The education system in Westminster is held in high regard. There is also a vibrant nightlife, making the city a great place to live.
What Are the Real Estate Trends in Westminster?
Despite a noticeable slowdown, real estate prices are still on the rise in Adams and Jefferson counties. Over the annual period ending in August 2023, the average sales price in Adams County increased from $570,000 to nearly $586,000.
Price growth is even faster in Jefferson County. Over the same period, the average sales price increased by nearly 6%. The average single-family home now goes for more than $818,000.
The reason behind the price growth is diminished inventory. There are fewer listings in both Adams and Jefferson counties.
New listings are down nearly 24% in Jefferson County. In August 2022, there were 6,166 new listings there. One year later, the number of new listings has dropped to 4,694.
In Adams County, new listings are also on the decline. The number of new listings dropped by nearly 1,100 over the past year to date.
Homes are now taking longer to sell. Last year, it was commonplace for a new listing to sell within two to three weeks. Now, it is taking an average of 35 days to sell a home in Adams County.
The real estate industry is under the influence of interest rates and the U.S. Federal Reserve's next move. While interest rates remain high, many would-be buyers and sellers are staying on the sideline. If interest rates are lowered, the trends described in this article may reverse.
Your Guide to Real Estate Market Trends in Westminster, CO
You are now ready to tackle a challenging real estate market in Westminster. Market conditions are not ideal for many buyers and sellers. This is why you see new listings declining while sales prices continue to rise.
The good news is that we can help you navigate this market. If you need help with the current real estate market, contact us today to schedule an appointment with an experienced professional.