Pueblo real estate market remains red-hot despite some slowing in state

While some realtors are seeing signs of slowing in Colorado’s red-hot real estate market, that has not been the case in Pueblo. 

Pueblo Association of Realtors Board Member Dave Anderson, the association’s chief number-cruncher, said new listings of residential homes for sale were up 24% in September when compared with September 2020. Overall year to date, new listings have gone up 12% when compared with the first three quarters of last year. 

Although there were two fewer homes sold in September, “we are still up (4%) for the year,” he said. 

Fresh off the 100th-anniversary convention of the Colorado Association of Realtors this week, Anderson heard, “some realtors are seeing a little slow down (in other parts of the state) but prices are still going up and that’s not going to change,” he explained. 

Sellers are continuing to get top dollar for their homes. September sales were 101% above list price, indicating buyers are not having any luck negotiating lower prices.

What is the average home price in Pueblo? 

September’s median home price was $283,000 in Pueblo and the year-to-date median price is $280,000. 

“In a way it’s good and in a way, prices are going up — that's just what’s happening,” he said. 

Real Estate Guide:Buying a house in Pueblo? Your guide to the real estate market in Southern Colorado

For example, in September 2020, 286 homes sold for a total of $73.3 million. This year 284 homes sold in September but the total reached $87.7 million, which equates to a nearly 20% increase in sales collections. 

One sign that Pueblo County’s real estate market remains red hot is the fact that 198 homes went under contract in the first 10 days of October, “and that is just in Pueblo West,” Anderson said. “That number has been running in the 140s to 160s, so the market is busy.” 

Realtors struggle with limited homes for sale in Pueblo

Pueblo realtors still struggle with low inventory of homes available to prospective buyers. Added to that is the construction of new homes isn’t keeping up with demand either. 

“We aren’t building enough. In 2019, 472 building permits were pulled in Pueblo County and in 2020 there were 573,” Anderson explained. 

"Through September this year, we have had 577 building permits pulled so that’s four more than last year’s total and we’ve still got October, November and December to go."

With an average of 40-to-60 building permits pulled each month, 2021 looks to be a banner year for new home builds.

“We are ahead, but it is still taking a long time to get a house built because they are short of materials,” Anderson explained. 

Anderson heard from other realtors around the state that they also are facing the same challenges. 

“It is the same problems – prices are going up, there is low inventory and there are multiple offers,” being made on each home for sale, he said. 

Pueblo’s commercial real estate market is picking up as well. 

“Next year we should hopefully see more commercial buildings and more apartments go in and we need more companies coming in. The Front Range is filling up and we are probably the last area that has not really been rewarded with all that growth in Colorado during the last 30 to 40 years,” he said. 

“So now we are seeing some of that happen."

Business:It's a wrap: Mesa Drive-In owners put Pueblo's last drive-in up for sale

Chieftain reporter Tracy Harmon covers business news. She can be reached by email at tharmon@chieftain.com or via Twitter at twitter.com/tracywumps.