The Denver Area saw another welcome boost in inventory this February, with a significant influx of new homes for sale coming on the market. This also signaled that the 2019 buying and selling season is ramping up. Are you ready?
Denver Housing Market by the Numbers
Home sales and average sold price remained relatively unchanged compared to this time last year. Home sales fell only 1% while the average sold price increased by 1%. Meanwhile, the number of homes under contract increased by 10% compared to February 2018.
New listings saw a 9% increase year over year, which led to a lift in inventory compared to the same period last year. Homes continue to sell quickly, spending 5 days fewer on the market year over year.
Key Takeaway: New Listings
At more than 5,000 new homes for sale, the Denver Metro Area saw a five-year high for new listings in the month of February. New listings are up compared to both last year (9%) and last month (6%).
Buyers had more homes to choose from in February. They showed their gratitude by putting more homes under contract, too.
The number of new homes for sale also buoyed weeks inventory compared to this time last year. However, the month ended with less inventory than last month, at seven weeks of inventory.
Buying and Selling Season Has Arrived
The housing market across the Denver Metro Area is ramping up for the buying and selling season. Are you ready?
Buyers need to be ready for the fast speed of Colorado’s housing market. Even with more inventory, homes are still selling quickly. Keep up by working with a REALTOR® who knows your local market and can help you make a competitive offer when you find a home you love.
Sellers too should work with a professional real estate agent. Understanding the market conditions can help make strategic decisions about when to list your home for sale, asking price, and more.