Spring Buying & Selling Season Set to Start
The Denver Metro housing is seeing the typical increase in activity as the spring buying and selling season is set to kickoff. This year is no different. The data shows a 20% increase in new home listings brought to market from January to February. There were also 31% more closings during that same timespan.
We also saw an increase in pending listings which is a good indicator how the next few months of closings will go.
Buyer activity showed the typical seasonal increase with many buyers trying to get a jump start on the busy spring buying and selling season. There were 18% more pending home sales then January. However, due to high interest rates and higher prices that number is still below other years.
Forecast for Sellers
Available home inventory concerns will continue in 2023 as many sellers are in the "Lock-In" effect. Many sellers are not wanting to give up the lower mortgage rates that have on the home. Most are waiting to see what interest rates will do before they decide to list. This caused the number of new listings coming to market to be the lowest since February 2010.
One positive note is after four months of declines in home values the median home price increased by 4% from January to February. Home values are down overall by 3% compared to this time last year.