Homeowners around the state seem to be tiring of waiting for a better real estate market and are serving up their houses for sale, despite little evidence that buyers have much appetite yet, according to a new report by the Colorado Association of Realtors.

CAR’s Market Trends report issued Wednesday shows 22,601 single-family homes for sale around the state in late May, up roughly 70% from statewide inventory two years ago. There were 8,372 condos and townhomes on the market, more than double the total in May 2023.

Despite that wider availability, the month’s sales dropped off slightly from a year ago, to 5,085 homes sold, down 3.4% from sales in May 2024.

That growing inventory should be bringing price cuts; and agents around the state were indeed trumpeting “new price” on some email promotions of homes that have yet to sell.

However, rather than dropping off significantly the CAR report shows the median price of single-family homes around the state as having crept up slightly over the past two years, now $590,000 — despite lingering higher interest rates and lackluster sales. The median price is a just a tad lower than in May 2024 ($597,000).

“The real estate market is experiencing a steady pace akin to running on a treadmill — active but not going anywhere,” said Compass broker Kelly Moye, who works in the Broomfield, Jefferson and Boulder County markets, and is a regular contributor to the monthly report.

“While a few quick sales remain, the broader market is shifting toward a buyer’s market — a notable shift from the seller-driven dynamics seen in recent years,” Moye noted.

The inventory of Boulder County listings increased 16%, but home prices remained largely flat.

“Notably, 52% of homes on the market have undergone price reductions before securing a contract,” she said. “Economic uncertainty, coupled with fluctuating interest rates, continues to temper what would typically be a robust spring market.”

“Gone are the days of one-hour offers and escalation clauses in most of the market,” said agent Patrick Muldoon with Muldoon Associates in Colorado Springs, another Market Trends contributor.

“Buyers are going to have plenty of options and, in many cases, time to think about their purchase.”

Colorado Springs brokers were reporting a 2.6 month supply of more affordable homes priced under $400,000, and 2.7 months for $400,000 to $600,000, a timeframe still considered a seller’s market, where listings move relatively briskly.

But the supply above $600,000 to $1 million is now approaching four months, and luxury priced homes over $1 million were headed into a 6-month supply — generally considered to be a buyer’s market.

In La Plata County, Durango agent Heather Erb with Destination DRO Real Estate Group recalls last fall and early spring showing signs of a market recovery. But that has ebbed now.

“Winter and spring sales numbers blew past those in 2024,” Erb said. “But as we expected, these early sales were ‘borrowed’ by those that normally occur later in the season.”

Erb said lower snow levels in resort areas of the southwestern corner of the state could have stolen some of the momentum.

“Because of our lack of snowpack, sellers listed earlier than usual, and buyers decided to start their searches and subsequent purchases earlier,” she said.

Fort Collins agent Chris Hardy with Elevations Real Estate, who has seen local inventory creep upward for eight months straight, said brokers and mortgage specialists are describing the market as “erratic,” “unpredictable,” “hot and cold,” and just plain “weird.”

“Sellers are now grappling with the realization that they may not net as much for their home as they originally thought,” he added.

“Proactive sellers need to take a hard look at pricing and perhaps list their home for a bit less than what their neighbors home sold for a few months ago.”

CAR’s Monthly Market Statistical Reports are based on data from Colorado Multiple Listing Services. Metrics don’t include for-sale-by-owner transactions or all new home construction. CAR represents 23,000 realtors statewide.