After a long run, Colorado fails to make the nation’s top 50 list for fastest selling communities
Pischke said the shortage of housing has contributed to much stronger price gains in metro Denver than in other places where builders are better able to keep up with demand. New home price increases got so out of whack that they effectively killed demand to a greater degree in Colorado, especially after interest rates started spiking in the second half of the year.
in large numbers. Builders pulled back sharply in the second half of the year as a result. Colorado’s inability to build enough new homes in the past, which contributed to prices rising so much, could make it harder to build enough new homes in the future unless people stay away from the state because of a lack of affordability or home prices tumble, which they are starting to do.
Pischke also suspects the difficulties developers have in entitling large blocks is also at play. Colorado has shifted from mega-developments like Highlands Ranch and Central Park to smaller communities. And because they are all competing with each other for sales, it makes it harder for any one community to make the top 50 list.
“Securing a significant amount of entitlements, particularly in metropolitan areas such as Denver, can be a challenging hurdle to overcome. So in a market like Denver where demand far outpaces supply, prices can be driven up significantly, making it difficult to achieve a meaningful sales volume,” Pischke said.
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