Apparently, spring has already arrived in Denver. Not only are we experiencing unusually warm weather, the Denver real estate market is heating up earlier than ever. February experienced a surge of new listings with a month-over-month increase of nearly 20 percent, and a year-over-year increase of 6.81 percent.
However, the healthy increase in new listings was squelched by an equally healthy increase of properties placed under contract. Homes under contract increased 17.82 percent from last month, and 4.79 percent from February of last year.
Lots of homes can on the market, and lots of homes quickly sold. Leaving the number of active listings in the residential market at 3,878 total units in February, representing an all-time low for any month on record. This is only the third time active listings have dropped below 4,000 units.
Live Urban agent Sara Wilhelm visits Denver's Platt Park neighborhood and summarizes this month's market stats.
Year over year, there were 8.59 and 11.38 percent increases in the average and median sales price respectively. The condo market showed 6.92 percent fewer sales than the previous month, while the average and median sales prices rose to $297,610 and $255,000, respectively.
The highest priced single-family home sold in February was $3,985,000 representing six bedrooms, seven bathrooms and 7,880 above ground square feet in Cherry Hills Village. The highest priced condo sold was $1,850,000 representing three bedrooms, five bathrooms and 2,521 above ground square feet in Denver (a former church that was renovated into a single-family home.)
If you would like more information about the Denver area's Real Estate statistics, or if you are wondering how all of these numbers actually impact your home's value or property search, we would love to help.