While heavy snows seemed to bury our city, home sales in February stayed HOT. Properties continued flying off the shelves, showing buyers will brave the weather and higher mortgage rates to find the right home in our seller’s market.
According to REColorado.com (our state's largest multiple listing service) 4,537 new listings hit the market last month. That’s 14 percent more than January’s inventory. Buyers pounced on the opportunity as February sales also increased by 13 percent (2,832 homes) while 5,177 properties went under contract (up by 15 percent from January). In total 5,087 homes were for sale (a 1 percent decrease from January). Compared to February of 2014, there was 25 percent less inventory this year.
While our team listed more homes and could show more options to our buyers, the market’s lack of inventory remained a challenge. Undoubtedly it is contributed to rising average home prices and the lowering average days on the market.
The Denver Metro Association of Realtors’ own report, which covered a smaller area than REColorado.com, had similar findings: February had a record low of 4,079 active listings despite the 13 percent boost in our inventory. DMAR reported:
- 4,240 homes entered the market
- 4,077 went under contract (a 16 percent increase from January)
- 2,667 homes closed at an average sales price of $295,900.
So as you can see it is not too early in the year to list your home! One of our brokers will expertly navigate you through the process of marketing, negotiating, handling multiple bids and etc. If you are looking to buy, our team can help you save time searching for the right home and location. And in such a competitive market, you will want a successful agent by your side!
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