February Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $660,127 IN JANUARY ROSE 0.6% FROM LAST MONTH AND ROSE 5.4% FROM LAST YEAR.
Quick Stats:
- Average active listings for January are 12,215 (1985-2023).
- Record-high January was 2008 with 24,550 listings and the record-low was set in 2022 with 1,184 listings.
- The seasonal average decrease in active listings from December to January is 3.7 percent. A decrease of only 2 percent this January reflects the strong increase in new listings.
I hope everyone is having a great start to the year. It is hard to believe that spring is right around the corner!
Spring is our typical selling season here in Denver, and we're heading into it with some mild momentum. While the average closed price remained flat from December to January, the median closed price increased 3 percent. Experientially, and as reported by a number of my colleagues, January saw the return of bidding wars. These weren't the norm, but real estate professionals have taken note of the influx of buyers entering the market while new listings are lagging behind. I will be very curious to see next month's report, as all the bidding wars from January will be closing in February.
Buyers' main focus continues to be on interest rates. If/when rates begin to come back down, I anticipate demand to increase. If a drop coincides with our spring selling season, the market could gain even more steam. If rates stay steady, I still anticipate a strong season as many buyers who have been on the fence can't wait much longer until their next purchase, due to life circumstances.
Thanks for reading! And as always, don't hesitate to reach out with any specific stats for your needs.
