Despite the chilly weather, the Denver Metro Area real estate market remained hot this February with homes flying off the market in just a few days and prices continuing to increase.
Just as we saw in 2021, homes are spending very little time available for sale. As a result, the standing
inventory of homes on the market remains below 2,000 listings. This inventory shortage is expected to result in ongoing price increases.
The median price of a home sold in February was 22% higher than last February and sales of homes priced from $600-800,000 are exploding, up 39% from last February.
What Does This Mean for Buyers?
While the number of new listings sellers brought to the market was lower than we’ve seen in the
month of February since 2014, there is hope. As the busy buying and selling season approaches, the
number of new listings was 19% higher than last month. If you’re looking to buy soon, you should be prepared to make an offer quickly as homes in the Denver Metro Area were only on the market a median of four days in February.
Visit REcolorado.com to start your home search and connect with an agent today.
What Does This Mean for Sellers?
February saw home prices continue to tick upwards, which is good news for potential sellers. Economists predict prices will level off again as interest rates are expected to steadily increase. If you’re looking to sell, be sure to contact a real estate professional to get the latest market outlook in your area.
Jaw-Dropping Stat
Home prices saw another uptick ahead of the busy buying and selling season. Median
prices are now an astonishing 44% higher than they were only three years ago!
