MARKET STABILIZES IN FEBRUARY – Despite Boost in Inventory

Statistics from February are in from REColorado and it looks like things were relatively stable across most categories despite a decent bump in the amount of inventory.  Even with a 9% increase in inventory, pricing was relatively stable, showing that buyers – particularly in the lower price points are still eager to purchase. Here’s a Summary:

  • Home Sales : Down 1%    (3,391 homes sold in February 2019).
  • Average Sold Price: Up 1% YOY to $464,354 (Last Year was up 13% YOY).
  • New Listings – Up 9% (an increase of 419 listings from 2018)
  • Days on Market – Down 5 days (Average was 49 days on market in 2019, although the median increased by 10 days)

Details from RE Colorado are Below:

Home Sales

In February, 3,391 homes sold in the 11-county Denver Metro Area, a slight 1% decrease from last year and a month-over-month increase of 16%.

The number of homes that moved to Under Contract in February was 10% higher than last year. Throughout the month, contracts were placed on 4,616 homes, a 15% month-over-month increase.

Home Sales Year-Over-Year Change

February 2018 — 3,427
February 2019 — 3,391
-1%

Home Sales

 

Sold Prices

The average sold price of a home saw a slight increase. In February, homes sold for $464,354 on average, a 1% increase from last month and 1% higher than last year.

The average price of a single-family detached home was $514,385, up 1% year over year. The price of condos/townhomes remained relatively unchanged from last year, at an average of $349,351.

Sold Prices Year-Over-Year Change

February 2018 — $460,141
February 2019 — $464,354
+1% 

feb2019-average-sold-price

New and Active Listings

The Denver Metro Area hit a five-year high for new listings in the month of February. With 5,089 new homes for sale brought to the market, we saw a 9% increase from last year. Compared to last month, new listings are up 6%.

The count of active listings of homes for sale at the end of February was 5,832, 39% higher than last year and 4% higher than the end of last month.

We currently have 7 weeks of inventory, 1 week less than last month and 1 week more than last year at this time.

New Listings Year-Over-Year Change

February 2018 — 4,671
February 2019 — 5,089
+9% 

NEW Listings

Average Days on Market

In February, homes spent an average of 49 days on the market, 5 days fewer than last month and 5 days fewer than this time last year. On average, single-family detached homes were on the market for 49 days, while condos/townhomes were on the market for 51 days.

The median amount of time a home spent on the market in February was 17 days, 10 days more than this time last year.

Days on Market Year-Over-Year Change

February 2018 — 54
February 2019 — 49
5 days fewer

feb2019-days-market-county

The Greater Denver Metro Market by Price Range

The $300 to 500,000 price ranges saw the bulk of the activity during the month with 45% of all new listings and 52% of sales. Homes in these ranges are in high demand, spending an average of only 42 days on the market.

New listings saw year-over-year increases in all price ranges above $300,000. The number of new listings in the price ranges below $300,000 decreased 12%.

feb2019-days-market-price-rangefeb2019-home-sales-price-range