1-2024 February Market Stat Infographic

Denver Housing Market Shows Signs of Spring Activity

As we edge closer to spring, the Denver Metro housing market is already buzzing with activity, hinting at a robust buying and selling season ahead. With households hopeful for potential decreases in mortgage rates, optimism fills the air. Here's a closer look at the recent trends shaping the market:

Increased Inventory and New Listings 

Inventory levels in February surged, marking a significant 25% increase compared to the previous year. Remarkably, this uptick represents a staggering 176% rise from two years ago, largely fueled by proactive sellers bringing listings to the market. Data from REcolorado reveals a consecutive month of double-digit increases in New Listings, with sellers introducing 4,267 homes to the market.

Rising Demand and Prices

February saw both year-to-year and month-to-month increases in home closings, propelled by strong demand. Consequently, closing prices experienced an upward trajectory, with the median closed price reaching $575,000, a 3% increase from the same period last year. Homebuyers were notably active, executing contracts on 3,454 home listings throughout the month.

Active Home Shopping and Leasing

The number of pending sales in February exceeded last year's figures by less than 1%, and notably, it surged by 11% compared to the previous month. Homes remained actively available in REcolorado MLS for an average of 25 days, reflecting heightened buyer interest. In the realm of rentals, February witnessed a 16% increase in leased properties compared to the previous year, with single-family homes commanding a median lease price of $3,000 per month.

Market Dynamics and Trends 

February's market dynamics showcased a 7% increase in closed listings compared to the same period in 2023, indicating a promising start to the 2024 buying season. The median closed price of homes in the Denver Metro area also saw a notable uptick, reaching $575,000, driven partly by strong sales in the $1 million and above price range.

February 2024 Denver Real Esate Market Watch Full Report

Market Watch Full Report February 2024

Continued Growth and Activity

Fresh listings flooded the market in February, with sellers introducing 4,258 new homes for sale, representing a remarkable 21% increase from the previous year. Buyer activity remained robust, with contracts executed on 3,451 home listings, underscoring sustained market momentum.

Key Market Metrics 

The $500,000 to $600,000 price range emerged as the most active segment in February, with 620 home closings and 811 new listings. Meanwhile, standing inventory stood 25% higher than the previous February, with 5,218 homes available for sale in the Denver Metro area. Additionally, the gross sales volume for February recorded a substantial 10.5% increase compared to the same period last year.

Looking Ahead

As we progress further into the year, the Denver Metro housing market appears poised for continued growth and activity. With inventory levels on the rise and buyer interest remaining strong, the stage is set for an exciting and dynamic real estate landscape in the months to come. Stay tuned for further updates as we navigate through the 2024 housing market journey.

February 2024 Metro Denver Real Estate Snapshot

Metro Area Denver Real Estate Market Stats February 2024

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