Home Inventories Plummet Across Colorado

I read this story in the Denver Post last week about the HUGE declines in homes for sale in many counties across our state according to CAR. Each percentage drop is inventory levels on 12/31/19 versus 12/31/18-

• Adams County down a whopping 46.9% as there were only 546 properties for sale at the end of the year.
• Arapahoe County down 37.1%
• Boulder County down 11%
• Denver County down 40.5%
• Douglas County down 23.4%
• El Paso County down 35%.
• Garfield county down 41%
• Jefferson County down 38%
• Larimer County down 12.2%
• Mesa County down 12.3%

What does this mean? We need more homeowners to sell their homes. Second, I am afraid we will see more bidding wars this year than we saw last year. Third, home prices will increase by a larger margin.