The latest data from the REcolorado MLS shows steady trends in the Greater Metro Denver Area housing market for February. While home sales remain unchanged year-over-year, average sold prices continued to increase. New home listings rose year-over-year, but with median days on market of only 7 days, homes continue to sell quickly across the Denver area.
View the February 2018 REcolorado Market Watch Video.
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Low Inventory or Fast Market?
Colorado’s housing market continues to favor sellers. Buyers must be prepared to quickly scoop up new listings as soon as they hit the market. This fast-paced market kept inventory in check throughout the month. February ended with only 4,179 active listings of homes for sale or 6 weeks of inventory. However, new listings of homes for sale that came on the market in February increased year-over-year. While active listings at any one point in time indicate low levels of inventory, more homes for sale continue to come on the market.
Median days on market was two days less than last year at only 7 days. Homes for sale, especially in price ranges with the most demand ($300,000 – $400,000), are selling very quickly. Keeping Up with Denver’s Fast Housing Market
Buyers need to be ready for the fast pace of Denver’s housing market. Working with an experienced real estate agent, home buyers can find new homes for sale as soon as they hit the market. Learn how to beat low inventory and fast-paced markets by checking your email search alerts and being prepared to act fast. We have developed a few proven “tricks” to help get our buyers offers accepted in multiple offer situations. Detailed Housing Market Statistics for Metro Denver Neighborhoods
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During the month of February, 3,221 homes sold, unchanged from last year and up 7% from January. Year to date, sales are just slightly lower than 2017 figures.
In addition to strong home sales, February saw a lift in the number of homes going under contract. Throughout the month, contracts were placed on 4,390 homes, a 13% increase from last month.
Home Sales Year-Over-Year Change
February 2017 -- 3,225
February 2018 -- 3,221
unchanged The average price of a single family home reached $453,788 in February, a year-over-year increase of 13% and 2% higher than last month.
The price of a single-family detached home rose above the half-million dollar mark for the first time, reaching $502,157. Sold prices for condos/townhomes reached $346,204, up 17% from last year.
Sold Prices Year-Over-Year Change
February 2017 -- $402,771
February 2018 -- $453,788
New and Active Listings
As compared to last year at this time, the number of new listings that were brought to the market increased 2%.
Buyers, prepared to quickly scoop up new listings, kept inventory in check across the Greater Denver Metro area. February ended with 4,179 active listings of homes for sale, up 6% from last month, but down 5% year over year.
New Listings Year-Over-Year Change
February 2017 -- 4,572
February 2018 -- 4,668
Average Days on Market and Average Price by County
On average, homes spent 51 days on the market in February, 7 days longer than February 2017 and 2 days less than last month.
In February, condos/townhomes sold in an average of 73 days, while single-family detached homes sold in an average of 41 days. Homes priced in the $200-300,000 range sold the quickest, in just 19 days, 3 days less than last month.
Median Days on Market was two days less than last year, at 7 days.
Average Days on Market - Year-Over-Year Change
February 2017 -- 44 days
February 2018 -- 51 days
+ 7 days
The Greater Denver Metro Market by Price Range
Demand was strong across all price ranges in February, with 69% of new listings that came on the market resulting in a sale. The market saw the most activity from homes priced in the $300,000 to $400,000 price range, resulting in 25% of new listings coming on the market and 29% of sales.
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