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It is a little hard to tell how things are shaking out for the Denver real estate market, but it certainly feels like things are starting to heat up, at least a bit. The number of new listings in the Denver metro and the number of closings increased from January to February. Also, the median closed price increased 4% from January to February (and that coming after four months of decreases). Median prices are down 3% from last year at this time.
Inventory remains extremely low and inventory challenges will likely continue in 2023. The recent bank news potentially creates uncertainty, but interest rates also fell.
I think “slow thaw” is a decently monthly caption given our very wintery temperatures this winter and also coming off the slow fall/early winter which we have seen this year (also historically, but even more so).
Bullet points with February stats:
~ The median sold price for single family homes (including attached and detached) in February is $562,500 which shows a 4.39% increase from last month (Jan) and a 2.17% decrease from February 2022.
~ The average number of days on MLS in February 2023 was 48 days, which shows a 4.35% increase from last month (Jan) and a 243% increase from last year in February.
~ Active listings at month end are 3778. This shows a 8.3% decrease from last month (Jan) and a 208% increase from last year in February.
~ Average active listings in February are 12,905 (from 1985-2022). The record high February was in 2006 with 25,484 and the record low was last year at 1226. February 2023 shows active listings at month end of 3778.
It will be interesting to see how the Spring and remainder of the year play out. So many different variables at play. I honestly feel this market presents great opportunity for both Buyers and Sellers. Buyers may find a deal that has been sitting a while (listed during that very slow time and now has days on market) and Sellers who are willing to put the home in show-worthy shape, may reap reward in this very low inventory market.
Please reach out with any questions. I am happy to help.
If you have any questions or would like to discuss selling or purchasing a property, contact me today at 303-949-9683 or Amy@MountainTimeRealEstate.com .
#RealEstate #MarketStats #DenverMetro #MountainTimeRealEstate
