Denver Real Estate Market Update – March 2020
Once again the news of the month is low inventory! Last year at this time buyers were happy as they saw a large year over increase in housing inventory. In 2020 we see a different story. February ended with just 4,835 homes on the Denver market. This was down 2.15% from January and down a whopping 19.64% from February of 2019.
Despite the low inventory new listings were up. 5,122 homes were listed in the Denver area in February. This was up 7.08% over January and up 0.63% over February of 2019.
So with listings up, why the low housing inventory?
Under contract homes were up in February too. 5,083 homes went under contract in February. This was up 7.08% over January and up 15.58% over February of 2019.
Some of the home buying may be due to the low interest rates. Current interest rates are at their lowest in eight years. So homebuyers, it’s a good time to buy!
Average home sales prices came in at $487,009 in February. This was up 2.21% over January and up 5.04% over February of 2019. This number includes the average sales price for both detached homes and attached homes. Let’s break that down a bit. The average sales price for a detached home came in at $544,054 in February and $368,936 for an attached home.
Current average days on the market in Denver is 39. Days on the market can vary greatly dependent on price range, whether a home is priced right and neighborhood.
Planning to buy or sell in the Denver area, contact Courtney Murphy. Courtney is a Denver metro realtor with experience in both resale and new built home sales.
