Denver Real Estate Market Update - February 2016

 

 

The Denver real estate market is enjoying an early spring buying season.  with inventory shrinking each month, we are seeing a serious shortage of listings with buyers competing for few listings.  Inventory decreased again from January.    The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.

  

Denver saw a 6% decrease in listings over the prior month and we have seen the inventory decreasing every single month since last August when we saw 9,144 listings.  Sellers must be waiting for the spring before they list their homes, or nervous about selling for fear of not finding a replacement home.  Here are the current active listings in Denver.   At one point in February we had less than 4,200 listings available, which is crazy with so many buyers moving to Colorado and looking for a home.    These numbers represent a 2% decrease in listings over the previous year.    Sold property saw a 2% decrease over the prior month and the under contract properties saw a 15% increase over the prior month.   The days on market were only 36 days (decrease from 38 days last month).  

 

Here is a chart showing what the days on market have done from 2013 through 2016 -

 

 

Here is a chart showing what the active listings have looked like for past few years  - 

 


 

Buyers are hoping  to see more homes to choose from, as there are not many on the market right now.    This is really tough for relocating buyers in for a short period of time, and not many to choose from!   Most are competing with 10-20 other offers with sellers seeing purchase prices way over list.   You will see a flurry of new listings come out near end of week, on the market for the weekend, and under contract by Monday.

 

Sellers - there are buyers are there viewing and buying homes!   It is a great time to list, as we sure need the inventory!     If you are thinking of listing, I can always put a contingency in the MLS with the requirement of finding a replacement property.

 

The following data included both detached and attached properties across the Denver metro area.    If you need more detailed information for your neighborhood, give me a call.  Real estate is and always will be local.

 

 

 

Like to know how this years' sales compare to last year?  The new listing inventory decreased this last month and hope to see more and more come on the market each week.  The lowest the inventory got was 5,087 in February 2015, and now we have a new low!     Here is the Market Snapshot for the year to date information -

 


   ** Market data courtesy of REColorado

 

Denver's unemployment rate is 3.1% (March 2016) with the national average at 5.0%.  Colorado's population is 5.272 million, the Denver metro area is 2.951 million and Denver proper is 649,000.    We are seeing more corporations relocating to Denver creating job openings.

  

Homeowners - if you have thought about selling and would 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.