An increase in new listings across multiple price points in February offered good news for buyers after endless stories of record-low inventory, but supply continues to stay historically low.

According to the March market trends report from the Denver Metro Association of Realtors, new listings in February were up 20.56% from where they were in January. Active listings at the month’s end were also up slightly by 3.55%. However, the slight month-to-month bump doesn’t change just how much lower listings were in February than where they have been historically. The average active listings for February from 1985 to 2021 was 13,220 homes. Compare that to the end of February 2022, where there were just 1,226 listings.

Still, the month-to-month increase is good news for buyers. Historically, listings decrease 2.88% from January to February. “An increase of 3.55% represents a needed rise in housing inventory,” the report reads.

The bottom line is that it’s still a tough time for buyers.

By the end of February 2021, 8,761 properties hit the market. In 2022, we’ve only seen 7,671, a 12.44% decrease in listings in just two short months. The low supply means homes are getting many offers from many buyers, which drives up prices. The median close price in February 2021 was $575,000, a 6.48% increase from the prior month and a 21.05% increase from the same time last year.

Spring and summer months tend to see an uptick in inventory, so there is some hope for buyers. Still, if you’re house hunting in Denver you’ll need to be prepared to move quickly. If you’re ready to see what’s available in the metro area, contact Metrowest – we’d be happy to show you around!