Denver Real Estate Market Snapshot - Historically Low Inventory

February Denver Real Estate Market Snapshot

February Denver Real Estate Market Snapshot

February Denver Real Estate Market Snapshot

The February market stats are in, and here’s what’s trending

Residential Active Inventory in Denver is down slightly from January of this year (-2.78%) as well as from the same period last year (-2.14%) with only 3,878 homes on the market. This is especially noteworthy as this is an all-time low for any month on record! The good news? Condo inventory is up by nearly 20% year-over-year at 960 units.

Home sales have dropped significantly from January of this year, with a decrease of around 7% for condos and more than 14% for single family homes. Despite the decline in sales, the average sold price is up across the board at a 7.8% jump from February 2016, coming in at $402,516. This isn’t all that surprising given that the lack of inventory is pushing the prices up due to the high demand resulting in multiple offers.

Median sold prices for residential homes are also slightly up from January 2017. They are showing a significant increase of 9.23% year-over-year, closing at $355,000.

The silver lining is that if you’re looking to sell your single family home quickly, the average number of days on the market is trending downward with a decrease of over 10% from the month prior. At the other end of the spectrum, the average number of days on the market for condos is up from February 2016.

With low inventory and high demand, it’s a seller’s market

But, if you’re interested in buying we can help! We’ve seen great results with our client’s offers being accepted in this difficult market. We’ve found properties for our clients in every price point across the city. If you are looking for a new property, we can help! Fill out our contact form or give us a call at 720-935-0412.

Note: All data has been sourced from the March Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.

 

Libby Levinson
Libby Levinson
Libby Levinson made the move into real estate in 2005 and proudly joined Kentwood Real Estate – Cherry Creek in 2006. During her career, Libby has had the pleasure of helping a variety of clients navigate their real estate transactions: helping first-time buyers find their starter home; coordinating the synchronized sale and purchase for buyers looking for more space; sellers looking to down-size; and assisting sophisticated investors with their next investment opportunity. She has also enjoyed working with buyers building their dream home from the ground up. Libby is known for her ability to smoothly facilitate the complex details of both the buying and selling process. Libby’s real estate website is www.libbysellsdenver.com. She also writes for www.lifestyledenver.com.