With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Denver Housing Inventory Hits Record Low While Condo Inventory Saw A Significant Yearoveryear Increa
While condo inventory saw a significant year-over-year increase (19.25 percent!), according to a recent report from the Denver Metro Association of Realtors (DMAR) there were only 3,878 residential properties available for sale at the end of February. This is the lowest monthly total in records going back over three decades, and a drop of 2.14 percent below the previous record set in February of last year.
While sometimes a surge in sales drives down inventory, that wasn’t the case in Denver in February. According to DMAR, the number of homes sold in metro Denver fell to 2,805, a 12.2 percent drop from January and a nearly 13 percent drop from the same month a year earlier.
The analysis revealed that listings, whether for condos or single-family homes, had spent an average 43 days on the market in February. Properties listed below $400,000, which are continuously in demand, continue to sell within a week or two of being listed.
Steve Danyliw, chairman of DMAR’s Market Trends Committee, predicts that elevated home prices, higher interest rates and financially stretched buyers will slow the pace of future home price gains as the year goes on. However, in February prices continued to climb. The median price of a single-family home sold in metro Denver was $394,000 last month, up 11.4 percent from a year ago. The average price of a single-family home sold was $447,838, a jump of 8.6 percent from a year ago.
Though inventory is on the low side, there are still homes to be found in the Denver metro area – especially if you’re open to non-traditional properties such as foreclosures, short sales or bank-owned properties. If you’re house hunting in the Mile High City, give Metrowest a shout. Our experienced agents would love to work with you.
Raymond Gonzales is real estate broker with Mertowest Real Estate Services, a Colorado based real estate brokerage serving the Denver metro area. Raymond is a Colorado native, born and raised in Arvad....
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