February 2020 Metro Denver Market Update
Buyer Activity Outpaces New Listings
The market was off to a busy start in 2020 with new listings in January around 89 percent higher than in December. However, the new inventory was quickly picked up by buyers – the above average temperatures and an early end to the Broncos season likely gave people more time to house hunt.
January’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for homes sold during the month decreased 1.5 percent from the previous month but was up 4 percent from a year ago;
· Active listings dropped 2 percent compared to the previous month and were down 16 percent from this time last year; and
· The average days on market was up 9.8 percent from the prior month and 4.7 from a year ago.
Although a cold, snowy February could reduce buyer activity, the market appears to be more active at this time of the year than in the past. Experts predict that the early start to the market means it will likely wrap up sooner this year. Mortgage applications are up 16.6 percent compared to a year ago, so those considering selling should consider listing now to take advantage of the higher demand and low inventory.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.