The Denver real estate market saw an increase in inventory this past month, but not as much as we have seen in past years. The sales were up .2% over last year's sales. The total inventory has increased slightly, but we are seeing some going under contract fairly quickly, especially in the lower price points. The frequent snowstorms are hampering a good buying season so far this year. The days on market have slowly been creeping up too, but in February days on market decreased from 42 last month to 39 in February. Keep in mind until these days reach 180 days - it is still a Seller's market. (In March 2018 DOM was only 26 days.)
Last month the government shut-down had an affect on sales in January, but the interest rate is dipping a bit, which is great news for Buyers! The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw an increase in active listings and this month we have 39.3% more listings than we did this time in 2018. (Hence why I have said we are experiencing a bit of a shift from the last 7 years.) The under contract listings saw an increase (6.1%) over the month of February 2018 and sold properties saw a slight increase from last year. With 39 days on market, this still indicates we are experiencing a Seller's market, but Seller's should remember to list a home properly, as those over priced homes will sit on the market. (this includes land, attached properties, single family homes and up to the mega million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
We are starting our spring buying season, and all the stats are up from last month -
New Listings - 5,095 - up from 4,822 last month (in 2018 it was 4,657)
Under Contracts - 5,077 - up from 4,615 last month (in 2018 it was 4,783)
Sold Listings - 3,388 - up from 2,855 last month (in 2018 it was 3,380)
Days on Market - 39 days - down from 42 days last month (in 2018 it was 32 days)
Average Sold Price - $464,398 - up from $395,000 last month (in 2018 it was $456,234)
Percent of Sold Price to List Price - 99.1%, up from 98.5% last month
Buyers - inventory increased this month, giving Buyers more inventory now to view before making a final decision. There are times you even can think about a purchase overnight, and not "lose the bid". This time of year usually starts showing a bit of an increase, but we have seen frequent snowstorms that have been hampering the brisk activity.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Here is a chart showing when the Sellers are getting closest to their list price. Depending on what time of year you list, pricing is strategic.
Denver’s unemployment rate has been slowly increasing and currently at 4.1% for January. First time to experience higher than the national average of 4.1% in February. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. Lockhead Martin announced they are hiring many more employees. See who else is adding employees. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. I recently got a first time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first responders a fabulous deal!
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.