The selling season is here! Every year it starts a little earlier and this year it's up and in full swing! We're seeing multiple offer on the best homes, homes selling over list price, and homes selling at the speed of light. Check out the stats for the full story of what we're looking at to determine where the market is and where it's going!
Denver Metro Real Estate, All Ten Counties:
3,833 properties sold this month
- This is a huge month for February, this is 251 more homes than were sold last February and also 257 more homes than sold in January this year! Despite "inventory crunch" being all over the news, there's more homes this year than last!
$420,000 median sale price for Single Family Homes this month
- This is up 9% year-over-year compared to last February, and up an unbelievable 4.2% from just last month. Yes, ladies and gentleman, the selling season is here!
$300,000 median sale price for Condos/Townhouses this month
- This is up a whopping 17.6% from February last year. It's up 5.3% since just last month. This is incredible growth, but don't panic. This number is in large part due to all the new construction we see around the city with luxury condo complexes and all the duplexes all over the growth areas of Denver. To some extent this does show a shift in first-time homebuyers mindsets, being more willing than ever to invest in condos & townhouses - but again, the spike is primarily due to the spike in the number of new luxury construction.
6,630 active listings available on any given day this month
5,525 new listings posted during this month
- And here's where we see that "inventory crunch." Although actives + new listings are up slightly from last month, it's down a smidge (4%) from February last year. We think this is a blip on the radar, not a sign of a tighter market this year than last. Remember, January 2017 brought us 75 and sunny nearly every day - we think there were more homes on the market this time last year simply because more people got ready to sell earlier last year compared to an average year.
98.9% was the average sale price, relative to the original listing price this month
- This is up 0.9% from last month and down 0.5% from last year. This shows a very strong market, but it's been about this level for the last few years.
Summary: The Denver Post recently published that the metro area hit $500,000 as an average price this month for the first time ever. Well folks, I have no idea where they're pulling their data - the average this month wasn't even close to $500k (and the more important median price was $80k less than that). Remember, the media feeds what feeds their numbers and sensational stories drive readers. Keep plugged into my blog, or give me a call, for the real story :)
Denver City Limits:
885 properties sold this month
- This is 39 more homes than February 2017 and 64 more homes than last month.
$441,000 median sale price for Single Family Homes this month
- This is huge. Denver single-family homes are up 11.6% year-over-year from last February, showing Denver city is still appreciating at a huge rate (and well surpassing the total metro numbers). This number is also up 3.8% from just last month.
$379,900 median sale price for Condos/Townhouses this month
- This is up a monster 30.5% year-over-year from last February. Are we in a bubble??? Nah, this is representative of all the cranes you see around town. Builders can build fast enough and they're focused on luxury-level condos as well as "scrapes" (where you see them buy a small ranch, knock it down, then put up a massive luxury duplex and sell each side of the duplex for a million dollars)... If you only factor in condos/townhouses built prior to 2015, the appreciation here is 9.8% (or pretty close to in line with the rest of the Denver markets).
1,376 active listings available on any given day this month
1,366 new listings posted during this month
- This is down about 166 homes from this time last year but up about 243 homes from last month. Nothing to see here, this doesn't really show anything significant.
99.1% was the average sale price, relative to the original listing price this month
- Up ever so slightly from last month and last year, this has remained pretty steady the last few years.
Fun fact: A primary driver of the city's real estate market right now is new construction as well as folks fixing up their homes to net top dollar. Although we saw price appreciation continue in double digits this year, we feel this correlates with an equal increase in level of home and expectations of Buyers. Apples-to-apples, the same exact house, we see appreciation leveling off to somewhere in the 5% to 8% range this year (but expect the raw stats to be a touch higher, due to the extensive luxury construction going on all around us).
Luxury Market for The Metro Area (over $700,000):
280 single family homes sold this month
- This number is huge, only 203 sold last February. But 271 sold last month in January. We are expecting a good year in the luxury market, this momentum should continue through the year.
79 days was the average Days on Market this month
- This is 2 days longer than last month and 9 days less than this time last year. down a bit from last year but remains fairly steady for the last 24 months.
6.2 "Months of Inventory" in February 2018
- The number the pros watch most closely, this is what economists use to determine a seller's market vs buyers market. 6 months of inventory means a perfectly balanced market. This is a great shift from last year, where it was 8.6 months of inventory in February.
$895,218 median sale price for Single Family Homes this month
- This is up 4.7% year-over-year from February 2017. This is a strong growth for the luxury segment, better than we've seen in recent year's past.
2,132 active listings available this month
- Very similar to previous Februarys.
96% was the average sale price, relative to the original listing price this month
- This is very much in line with historical trends for this time of year.