February 2019 Metro Denver Market Update
With the Super Bowl behind us, the spring selling season has begun. The Denver metro area is still considered a seller’s market based on inventory; however, the significant increase in new listings in January and the shift toward a more balanced market should be encouraging signs for buyers.
Vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – in January include:
· The average price was slightly down month-over-month, but up 3 percent from a year
· New listings rose 110 percent from the prior month, giving active listings a healthy
month-over-month increase of 5 percent compared to what is historically a
decrease of nearly 4 percent; and
· The average days on market jumped up 5
percent from the prior month and 20 percent from a year ago.
While home prices below $400,000 are still in short supply, in the $1 million-and-above market, inventory for both DSF and ASF is at 7.7 and 8.2 months, respectively, officially moving the so-called “luxury” market segment into a buyer’s market. This is making it easier for buyers moving up to the higher-priced segments to place contingent offers on their next home.
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.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of January 1, 2019, through January 31, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.