Monthly Market Update

Every month we post the past month in real estate. It will give you a solid idea of where the market was last month and you can track month to month trends to see where the market is headed.

May Update

Homes Closed

In the Denver Metro Area this May, 3,437 homes closed, a year-over-year decrease of 44%. As compared to last month, sales saw a 13% decrease.


In May, the count of listings in Pending status was 6,935, which is 119% more than last month and up 14%, from May 2019.


Homes Closed Year-Over-Year Change


May 2019 -- 6,164

May 2020 -- 3,437

-44%


Prices

In May, the average price of a home in the Denver metro area was $502,441, a year-over-year increase of less than 1%. Compared to last month, there was also an increase of less than 1%.


Single-family residences sold for an average price of $542,479, down 2% year over year. The price of multi-family/ condos/townhomes was up 4% from May 2019, at an average of $394,670.


Average Closed Prices Year-Over-Year Change


May 2019 -- $502,491

May 2020 -- $502,441

+0%


New Listings

Throughout the month, sellers brought 7,337 new listings to the market, down 17% compared to last year, but up 52% from last month.


The count of active listings of homes for sale at the end of May was 6,960, 18% lower than last year and 4% higher than the end of last month.


We currently have 9 weeks of inventory, two weeks more than last month and three weeks more than last year.


New Listings Year-Over-Year Change


May 2019 -- 8,789

May 2020 -- 7,337

-17%


Days in MLS

In May, homes spent an average of 24 days on the market, the same number of days as this time last year, and 3 days more than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 25 days.


The median number of days a home spent on the market in May was 8, 1 day more than this time last year.


Days on Market Year-Over-Year Change


April 2019 -- 29

April 2020 -- 20

- 9 days


Year to Date

Year-to-date data from REcolorado shows the coronavirus is continuing to impact the market. The count for closed listings is 13% lower than last year’s year-to-date figures and average price of those listings is up 3% as demand continues to be strong while inventory is low. The number of new listings that came on the market is down 11% year to date. On average, homes spent one day less on the market as they did at this point in 2019.


April Update

Homes Closed

In the Denver Metro Area this April, 3,855 homes closed, a year-over-year decrease of 26%. As compared to last month, sales saw a 19% decrease.

In April, the count of listings in Pending status was 3,318, which is 28% less than last month and down 45%, from April 2019. 

Homes Closed Year-Over-Year Change

April 2019 -- 5,205
April 2020 -- 3,855
-26%


Prices

In April, the average price of a home in the Denver metro area was $502,207, a year-over-year increase of 1%, but down 2% from last month.

Single-family residences sold for an average price of $549,306, down less than 1% year over year. The price of multi-family/ condos/townhomes was up 3% from April 2019, at an average of $378,499.

Average Closed Prices Year-Over-Year Change

April 2019 -- $495,706
April 2020 -- $502,207
+1%


New Listings

Throughout the month, sellers brought 4,843 new listings to the market, down 26% compared to last year, and a 28% decrease from last month.

The count of active listings of homes for sale at the end of April was 6,663, 15% lower than last year but 5% higher than the end of last month.

We currently have 7 weeks of inventory, one week more than last month and unchanged from last year.

New Listings Year-Over-Year Change

April 2019 -- 7,527
April 2020 -- 4,843
-36%


Days in MLS

In April, homes spent an average of 20 days on the market, 9 days less than this time last year, and 10 days less than last month. On average, single-family residences were on the market 19 days, while multi-family/condos/townhomes were on the market 23 days.

The median number of days a home spent on the market in April was 5, 3 days less than this time last year.

Days on Market Year-Over-Year Change

April 2019 -- 29
April 2020 -- 20
- 9 days


Year to Date

Year-to-date data for Listings Closed and New Listings shows the market has pulled back a bit amid the uncertainty surrounding the corona-virus. The count for closed listings is 2% lower than last year’s year-to-date figures and average price of those listings is up 4%. The number of new listings that came on the market is down 9%. On average, homes spent one day less on the market as they did at this point in 2019.

March Update

Homes Closed

In the Denver Metro Area this March, 4,631 homes closed, a year-over-year increase of 2%. As compared to last month, sales saw a seasonal 21% increase.

In March, the count of listings in Pending status was 4,901, which is 7% higher than last month, but down 9% from March 2019.

Homes Closed Year-Over-Year Change

March 2019 -- 4,528
March 2020 -- 4,631
+2%


Prices

In March, the average price of a home in the Denver metro area was $513,691, a year-over-year increase of 7% and up 6% from last month.

Single-family residences sold for an average price of $567,623, up 7% year over year. The price of multi-family/condos/townhomes was also up 7% from March 2019, at an average of $386,113.

Average Closed Prices Year-Over-Year Change

March 2019 -- $478,535
March 2020 -- $513,691
+7%


New Listings

Throughout the month, sellers brought 6,693 new listings to the market, up 7% compared to last year, and a 31% increase from last month.

The count of active listings of homes for sale at the end of March was 6,372, 1% higher than last year and 34% higher than the end of last month.

We currently have 6 weeks of inventory, unchanged from both last month and last year.

New Listings Year-Over-Year Change

March 2019 -- 6,244
March 2020 -- 6,693
+7%


Days in MLS

In March, homes spent an average of 30 days on the market, 2 days less than this time last year, and 8 days less than last month. On average, single-family residences were on the market 29 days, while multi-family/condos/townhomes were on the market 32 days.

The median number of days a home spent on the market in March was 7, 3 days less than this time last year.

Days on Market Year-Over-Year Change

March 2019 -- 32
March 2020 -- 30
- 2 days


Year to Date

Year-to-date data indicates the first quarter of 2020 was on par with 2019 at this time. The count for closed listings is 7% higher than last year’s year-to-date figures and average price of those listings is up 6%. The number of new listings that came on the market is up 4%. On average, homes spent the same amount of time on the market as they did at this point in 2019.

February Update

Homes Closed 

In the Denver Metro Area this February, 3,718 homes closed, a year-over-year increase of 6%. As compared to last month, sales saw a 12% increase.


In February, the count of listings in Pending status was 5,056, up 15% from last year and 7% higher than last month.

Homes Closed Year-Over-Year Change


February 2019 -- 3,511 

February 2020 -- 3,718 

+6%


Average Prices 

In February, the average price of a home in the Denver metro area was $488,127, a year-over-year increase of 5% and up 3% from last month.


Single-family residences sold for an average price of $546,274, up 6% year over year. The price of multi-family/condos/townhomes was up 5% from February 2019, at an average of $367,309.


Average Sold Prices Year-Over-Year Change


February 2019 -- $463,642 

February 2020 -- $488,127 

+5%


New and Active Listings 

Throughout the month, sellers brought 5,116 new listings to the market, up 1% compared to last year, and a 5% increase from last month.


The count of active listings of homes for sale at the end of February was 4,745, 6% lower than last year and 3% lower than the end of last month.


We currently have 6 weeks of inventory, one week less than last February and unchanged from last month.


New Listings Year-Over-Year Change


February 2019 -- 5,082 

February 2020 -- 5,116 

+1% 


Average Days in MLS 

In February, homes spent an average of 39 days on the market, unchanged from this time last year, but 6 days less than last month. On average, single-family residences were on the market 37 days, while multi-family/condos/townhomes were on the market 41 days.


The median number of days a home spent on the market in February was 12, 3 days less than this time last year.


Days on Market Year-Over-Year Change


February 2019 -- 39 

February 2020 -- 39 

No change


Year to Date Favorable weather conditions and buyers anxious to jump into the market ahead of summer selling season led to a swift start to 2020. Year to date, the count for closed listings is 9% higher than last year at this time and average closed price is up 5%. The number of new listings that came on the market is up just slightly, which has kept inventory at low levels. On average, homes spent one day longer on the market than in 2019.

January Update

Home Sales

In the Denver Metro Area this January, 3,242 homes sold, a year-over-year increase of 9%. As compared to December, sales saw a 29% decrease.


In January, the count of pending listings was 4,949, up 25% over last year and 44% higher than last month.


Home Sales Year-Over-Year Change


January 2019 -- 2,968

January 2020 -- 3,242

+9%


Average Prices

In January, the average price of a home in the Denver Metro area was $477,154, a year-over-year increase of 4% and down 1% from last month.


Single-family residences sold for an average price of $531,863, up 7% year over year. The price of condos/townhomes/multi-family homes was up less than 1% from January 2019, at an average of $358,484.


Average Sold Prices Year-Over-Year Change


January 2019 -- $457,713

January 2020 -- $477,154

+4%


New and Active Listings

Throughout the month, sellers brought 4,898 new listings to the market, up 2% compared to last year, and a whopping 91% increase from last month, a signal the buying and selling season is underway.


The count of active listings of homes for sale at the end of January was 4,653, 17% lower than last year and 8% lower than the end of last month.


We currently have 6 weeks of inventory, two weeks less than last January and one week more than last month.


New Listings Year-Over-Year Change


January 2019 -- 4,809

January 2020 -- 4,898

+2%


Average Days on Market

In January, homes spent an average of 45 days on the market, 2 days more than this time last year, and 4 days more than last month. On average, single-family residences spent 45 days in the MLS, while condos, townhomes, and multi-family homes were in the MLS 46 days.


The median number of days a home spent on the market in January was 27, unchanged from last year.


Days on Market Year-Over-Year Change


January 2019 -- 43

January 2020 -- 45

-8 days


The Market By Price Range

The hottest price ranges for the Denver Metro market in January were $300 - $400,000 and $400 - $500,000. Throughout the month, 45% of the new listings that came on the market and 49% of sales were in these ranges.


Homes in the $300 -$400,000 were in the MLS a median of 18 days, while homes priced between $400,000 and $500,000 were in the MLS a median of 24 days.

December Update

Home Sales

In the Denver Metro Area this December, 4,458 homes sold, a year-over-year increase of 18%. As compared to last month, sales saw a 4% increase.


In December, contracts were put in place on 3,514 homes, up 15% from last year, but down 17% following a very active November.


Home Sales Year-Over-Year Change


December 2018 -- 3,789

December 2019 -- 4,458

+18%


Prices

In December, the average price of a single-family home was $484,065, a year-over-year increase of 5% and down less than 1% from last month.


Single-family detached homes sold for an average price of $529,265, up 5% year over year. The price of condos/townhomes was up 7% from December 2018, at an average of $372,577.


Average Sold Prices Year-Over-Year Change


December 2018 -- $462,040

December 2019 -- $484,065

+5%


New and Active Listings

Throughout the month, sellers brought 2,557 new listings to the market, up 11% compared to last year, and a 30% decrease from last month.


The count of active listings of homes for sale at the end of December was 5,042, 13% lower than last year and 26% lower than the end of last month.


We currently have 5 weeks of inventory, two weeks less than last December and last month.


New Listings Year-Over-Year Change


December 2018 -- 2,297

December 2019 -- 2,557

+11%


Average Days on Market

In December, homes spent an average of 48 days on the market, 8 days less than this time last year, but five days more than last month. On average, single-family detached homes were on the market 48 days, while condos/townhomes were on the market 49 days.


The median number of days a home spent on the market in December was 27, one less than this time last year.


Days on Market Year-Over-Year Change


December 2018 -- 56

December 2019 -- 48

-8 days


Year To Date

The year ended with all major market indicators showing positive gains compared to 2018. The market experienced steady demand from buyers, which kept sales strong, up 4%. Average sold price was up 3% and the number of new listings hitting the market was 4% higher than we saw last year. On average homes spent one day longer on the market than in 2018.

November Update

Home Sales

In the Denver Metro Area this November, 4,176 homes sold, a year-over-year difference of less than one percent. As compared to last month, sales saw an 18% decrease, which is typical for this time of year.


In November, contracts were put in place on 4,416 homes, up 19% from last year and down 11% from last month.


Home Sales Year-Over-Year Change


November 2018 -- 4,183

November 2019 -- 4,176

Unchanged


Prices

In November, the average price of a single-family home was $486,747, a year-over-year increase of 6% and up 1% from last month.


Single-family detached homes sold for an average price of $533,564, up 6% year over year. The price of condos/townhomes was up 2% from November 2018, at an average of $363,258.


Average Sold Prices Year-Over-Year Change


November 2018 -- $459,793

November 2019 -- $486,747

+6%


New and Active Listings

Throughout the month, sellers brought 3,651 new listings to the market, down 6% compared to last year, and a 33% decrease from last month.


The count of active listings of homes for sale at the end of November was 6,770, 4% lower than last year and 18% lower than the end of last month.


We currently have seven weeks of inventory, one week less than last November and unchanged from last month.


New Listings Year-Over-Year Change


November 2018 -- 3,899

November 2019 -- 3,651

-6%


Average Days on Market

In November, homes spent an average of 43 days on the market, two days less than this time last year and three days more than last month. On average, single-family detached homes were on the market 42 days, while condos/townhomes were on the market 45 days.


The median amount of time a home spent on the market in November was 22 days, two days more than this time last year.


Days on Market Year-Over-Year Change


November 2018 -- 45

November 2019 -- 43

-2 days


Year To Date

At the end of November, all major market year-to-date indicators continue to show positive year-over-year gains. Continued demand from buyers in the fall months is keeping sales higher than last year. Home prices are have seen steady gains, up an average of 3%. On average, homes are staying on the market 2 days longer, giving buyers a bit more time to shop.

October Update

Home Sales

In the Denver Metro Area this October, 4,978 homes sold, a year-over-year increase of 9%. After seeing a seasonal decrease from August to September, month-over-month sales were relatively unchanged.


In October, contracts were put in place on 5,170 homes, up 18% from last year and up 1% from last month.


Home Sales Year-Over-Year Change


October 2018 -- 4,580

October 2019 -- 4,978

+9%

Prices

In October, the average price of a single-family home was $484,832, a year-over-year increase of 3% and up 1% from last month.


Single-family detached homes sold for an average price of $530,967, up 2% year over year. The price of condos/townhomes was up 7% from October 2018, at an average of $365,266.


Average Sold Prices Year-Over-Year Change


October 2018 -- $469,780

October 2019 -- $484,832

+3%

New and Active Listings

Throughout the month, sellers brought 5,424 new listings to the market, up 1% compared to last year, but a seasonal 10% decrease from last month.


The count of active listings of homes for sale at the end of October was 8,261, 3% lower than last year and less than 13% lower than the end of last month.


We currently have 7 weeks of inventory, one week less than last October and 2 weeks less than last month.


New Listings Year-Over-Year Change


October 2018 -- 5,354

October 2019 -- 5,424

+1%

Average Days on Market

In October, homes spent an average of 39 days on the market, one week less than this time last year and three days less than last month. On average, single-family detached homes were on the market 38 days, while condos/townhomes were on the market 44 days.


The median amount of time a home spent on the market in October was 19 days, two days more than this time last year.


Days on Market Year-Over-Year Change


October 2018 -- 46

October 2019 -- 39

-7 days


September Update

Home Sales

In the Denver Metro Area this September, 4,831 homes sold, a year-over-year increase of 10%. As compared to last month, sales saw a seasonal 15% decrease. Year to date, 44,539 homes have sold in 2019, 1% more than this time last year. In September, contracts were put in place on 5,387 homes, up 24% from last year and down 4% from last month.Home Sales Year-Over-Year Change September 2018 -- 4,409
September 2019 -- 4,831
+10%

Prices

In September, the average price of a single-family home was $482,067. Prices saw a slight decrease for the fourth consecutive month, down 1% from last month. Year over year, home prices are up 6%.

Single-family detached homes sold for an average price of $532,591, up 6% year over year. The price of condos/townhomes was up 3% from September 2018, at an average of $357,746.

Average Sold Prices Year-Over-Year Change

September 2018 -- $456,022

September 2019 -- $482,067

+6%

New and Active Listings

Throughout the month, sellers brought 6,038 new listings to the market, up 2% compared to last year, but a seasonal 11% decrease from last month. Year to date, new listings are up 5% compared to last year at this time.

The count of active listings of homes for sale at the end of September was 9,491, 10% higher than last year and less than 1% lower than the end of last month.

We currently have 9 weeks of inventory, unchanged from last September and 2 weeks more than last month.

New Listings Year-Over-Year Change

September 2018 -- 5,944

September 2019 -- 6,038

+2%

Average Days on Market

In September, homes spent an average of 41 days on the market, unchanged from this time last year and two days longer than last month. On average, single-family detached homes were on the market 39 days, while condos/townhomes were on the market 48 days.

The median amount of time a home spent on the market in September was 18 days, 4 days more than this time last year.

Days on Market Year-Over-Year Change

September 2018 -- 41

September 2019 -- 41

Unchanged


August Update

Denver Metro home sales saw a slight decrease in August. Throughout the month, 5,540 homes sold, down 6% from last month and down 2% from this time last year. The number of sold homes year to date is 39,556, just slightly higher than last year at this time. In August, contracts were put in place on 5,838 homes, up 16% from last year and up 3% from last month. Home prices saw a slight decrease for the third consecutive month, down 3% from the summer peak of $502,460. 

In August, the average sold price for a home was $487,205, down 2% month over month, but 3% higher than this time last year. In August, single-family detached homes sold for an average price of $535,156, up 3% year over year. The price of condos/townhomes was up 8% from August 2018, at an average of $372,081. Throughout the month, the market saw 6,753 new listings of homes for sale, up 2% compared to last month, but 1% more than last year. 

Year to date, new listings are up 6% compared to last year at this time. The count of active listings of homes for sale at the end of August was 9,511, 14% higher than last year and 1% higher than the end of last month. We currently have 7 weeks of inventory, unchanged from both last month and last year at this time. In August, homes spent an average of 39 days on the market, 5 days longer than this time last year, and 7 days longer than last month.

On average, single-family detached homes were on the market 34 days, while condos/townhomes were on the market 51 days. The median amount of time a home spent on the market in August was 16 days, 5 days more than this time last year. In August, the $400-500,000 price range contained 20% of the Denver Metro region’s active listings, more than any other price range. Throughout the month, 1,513 new listings were brought to the market in this range, 10% more than last year. August sales in the $400-500,000 increased 5% compared to a year ago, with 1,296 homes sold. The $300-400,000 price range saw the highest number of August sales, at 1,484; however, sales in this range were down 10% from last year as home prices continue their climb.

July Update

Denver Metro home sales saw a slight decrease in July. Throughout the month,5,752 homes sold, down just slightly from last month, but 4% higher than this time last year. Year to date, sales are up slightly, as compared to this time last year.

In July, contracts were put in place on 5,931 homes, up 9% from last year and 2.5% lower than last month.

Home prices saw a slight decrease for the second consecutive month. In July, the average sold price for a home was $496,120, down 1% month over month and 4% higher than this time last year.

In July, single-family detached homes sold for an average price of $548,524, up 4% year over year. The price of condos/townhomes was also up 4% from July 2018, at an average of $361,882.

Throughout the month, the market saw 6,642 new listings of homes for sale, down 12% compared to last month, but 3% more than last year. Year to date, new listings are up 6% compared to last year at this time.

The count of active listings of homes for sale at the end of July was 9,416, 17% higher than last year and 2% higher than the end of last month.

We currently have 7 weeks of inventory, unchanged from both last month and last year at this time.

In July, homes spent an average of 32 days on the market, 3 days longer than this time last year, and 1 day less than last month. On average, single-family detached homes were on the market 27 days, while condos/townhomes were on the market 46 days.

The median amount of time a home spent on the market in July was 12 days, 4 days more than this time last year.

In July, the $300-500,000 price ranges continued to see the most activity. These ranges contained 49% of the new listings that came on the market and 37% of all active listings at month end. In July, 50% of all homes sold were priced between $300 and 500,000. Homes in these ranges are in high demand, spending an average of only 25 days on the market and a median of just 10 days on the market.

June Update

The greater Denver Metro housing market continued to show signs of being healthy and sustainable in June due to a more plentiful supply of homes, as well as continued low-interest rates. As compared to last June, there are more new listings of homes for sale and homes are staying on the market a bit longer. 

Year over year, the number of new listings was 1% higher in June and homes were on the market for an average of 32 days. The average sold price of a home was $501,550 in June, down slightly from last month and up 2% year over year. What do these trends mean from home buyers and sellers?  Fewer Home Sales, More Inventory Over 7,500 new homes were listed for sale in the greater Denver Metro Area in June, keeping inventory levels above the 9,000 mark at month’s end.   

This higher level of inventory is giving buyers a bit more room to navigate the market. Although homes are spending a bit more time on the market, they continue to sell quickly, spending an average of 32 days and a median of 9 days on the market.  Understanding Housing Market Trends Homes in the $300-500,000 price range continue to be the most in-demand. Nearly half of all new listings and homes sold fell in this range. However, not all segments of the market are experiencing the same conditions. Headlines like Denver is Now a Buyer’s Market—at least for Luxury Condos illustrate the challenge of looking at overall market trends only. For many buyers and sellers, it is more helpful to look at the specific market that would impact your neighborhood or home search. 

For a detailed housing market report as it pertains to you, talk to your local REALTOR®. Your real estate agent can review specific trends within your neighborhood or an area where you’d like to buy a home. They can help you review detailed statistics and understand what they mean for your situation. This advice can be very important for strategically pricing your home for sale and setting up saved searches to find a home.

May Update

All arrows point up in the latest Market Watch report from REcolorado. During May 2019, the Denver Metro Area saw a surge of new listings and home sales. Seeing Green Sellers continued to bring new listings to the market in May, bringing inventory levels up. May ended with 6 weeks of inventory. Nearly 9,000 new listings came on the market, 17% more than last month. Increased inventory also encouraged home buyers. Sales of single-family homes increased 17% compared to last month, with 6,000 homes sold during May. 

Homes also spent a little longer on the market, with an average of 38 days on market. However, with a median of only 8 days on the market, many homes continue to sell very quickly. Good for Both Buyers and Sellers The housing market is in an interesting position, showing trends that benefit buyers (like more inventory and more days on market) and sellers (higher prices and home sales). If you’re in the market to buy or sell a home, what should you think about these trends? 

First, talk with your local REALTOR®. An experienced real estate agent can help you interpret housing market trends and understand how they might impact your experience buying or selling a home. While this report looks at trends across the Denver Metro Area, individual neighborhoods might show a different climate. Ask your REALTOR to provide local market statistics specific to the neighborhood where you live or neighborhoods where you might like to buy a home.

April Update

The latest housing market statistics from REcolorado show all major market indicators are up compared to this time last year. Welcome to buying and selling season. Record Home Sales Although up just slightly from last year at only 0.2%, more homes sold this April than we’ve seen in any other April in more than a decade. The 5,044 homes sold also represent a significant increase from last month, 12% more than March 2019. 

All market indicators in REcolorado’s Market Watch Report are up year over year, including home sales, new listings, active listings, and sold prices. Take a closer look at these housing market statistics in our detailed market watch report. What Buyers Need to Know Both weeks of inventory and days on market are also up from last year, suggesting that the housing market isn’t quite as tight as it was last year. But don’t relax yet – homes are still selling in a median of only 8 days on the market. This is especially true in high-demand price ranges. Homes listed at $300-500,000 saw the most activity. Lower priced homes typically spend fewer days on the market. If you’re looking to buy a home this year, start working with an experienced REALTOR® as soon as possible. Your real estate agent can help you interpret these trends and understand what to expect based on your specific conditions. 

What Sellers Need to Know Sellers brought more new listings to the market during April – 20% more than last month. Home buying and selling season is well underway in Denver. If you’re considering putting your home on the market this year, talk with your real estate agent. They can help you look at market trends specific to your neighborhood and comparable homes so you can make a strategic decision about when to list your home for sale.

March Update

The Denver Metro area saw a 27% month-over-month increase of home sales in March, signaling that the home buying and selling season is underway! Housing Market Trends in Denver Home prices continue their steady climb up, though with less dramatic year-over-year rises. 

Average sold prices were up across the board, both month over month and year over year, for both condos/townhomes and detached single-family homes. Despite fewer home sales compared to this time last year, more home went under contract with a 6% year-over-year increase. 

On average, homes spent 48 days on the market with a median of only 11 days. For more detail, see the detailed Housing Market Statistics Report on REcolorado.com. Competition for Many Homebuyers The $300-500,000 price range continues to be the most competitive, with fewest days on market and most activity. Nearly half of all new listings (45%) and sales (51%) fall in this price range. Because many first-time homeowners fall into this price range, it is even more important to work with an experienced local real estate agent. 

Your REALTOR® can set up searches to find your dream home as soon as it hits the market. Then, they’ll assist you throughout the home buying process – from making a competitive offer all the way to the closing table – to make real estate simple.

February Update

The Denver Area saw another welcome boost in inventory this February, with a significant influx of new homes for sale coming on the market. This also signaled that the 2019 buying and selling season is ramping up. Are you ready? 

Denver Housing Market by the Numbers Home sales and average sold price remained relatively unchanged compared to this time last year. Home sales fell only 1% while the average sold price increased by 1%. Meanwhile, the number of homes under contract increased by 10% compared to February 2018. New listings saw a 9% increase year over year, which led to a lift in inventory compared to the same period last year. Homes continue to sell quickly, spending 5 days fewer on the market year over year. Key Takeaway: New Listings At more than 5,000 new homes for sale, the Denver Metro Area saw a five-year high for new listings in the month of February. New listings are up compared to both last year (9%) and last month (6%). Buyers had more homes to choose from in February. They showed their gratitude by putting more homes under contract, too. The number of new homes for sale also buoyed weeks inventory compared to this time last year. 

However, the month ended with less inventory than last month, at seven weeks of inventory. Buying and Selling Season Has Arrived The housing market across the Denver Metro Area is ramping up for the buying and selling season. Are you ready? Buyers need to be ready for the fast speed of Colorado’s housing market. Even with more inventory, homes are still selling quickly. 

Keep up by working with a REALTOR® who knows your local market and can help you make a competitive offer when you find a home you love. Sellers too should work with a professional real estate agent. Understanding the market conditions can help make strategic decisions about when to list your home for sale, asking price, and more.

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