The COVID property hotspot close to stunning nature that’s now cooling rapidly as its housing market is flooded with high-end listings

Denver’s housing market has cooled rapidly as potential buyers shun larger properties despite an increase in supply, a report says.

Sales in the Colorado city, which saw a huge influx of new residents during COVID, fell 5.2 percent in June and 4.7 percent for the year.

While the number of new listings fell further in June to 11.6 percent, the increase over the past year has been 7.6 percent.

The number of active listings in the city rose by 3.6 percent between June and July to 10,584.

Compared to July last year, buyers now have 68 percent more supply, but sales figures are still lower.

While there are now enough condos and townhomes priced above $2 million to cover 16 months of sales, the above home is priced at $5.7 million

The report, compiled by the Denver Metro Association of Realtors, found that the average price of a single-family home last month was $660,000.

Average prices of condos and houses rose 1.2 percent between June and $415,000.

Due to the cooling of the market, there is now a supply of single-family homes for a period of seven months, priced above $2 million.

While there are now enough apartments and houses priced above $2 million to cover sales for 16 months.

Libby Levinson-Katz, president of the association, said in the report: “In Denver, the saying goes, if you don’t like the weather, wait 15 minutes. That advice rings true for many sellers, because patience may be the key to finding the right buyer.

‘Beautiful properties sometimes remain on the market for a long time, while inconspicuous houses are sold immediately. Many people wonder what is going on.’

Colleen Covell, a member of the association’s committee, added: ‘This slowdown in activity resulted in a huge increase in available inventory,

‘Sellers of homes priced $1.5 million and up are experiencing the toughest buyers’ market in years.’

There are now enough apartments and townhomes in the city priced above $2 million to cover 16 months of sales

Denver isn’t the only city cooling off after a pandemic. Other major metropolitan areas across the country are also being hit.

Of the top 10 housing markets cooling fastest, six are in Florida and another two are in Texas.

The housing market has declined the most in West Florida.

According to Redfin data, the decline is attributed to an increase in natural disasters, increased new construction, skyrocketing insurance costs and the slowing homebuying boom due to the pandemic.