Denver Metro's Housing Market Watch: February 2021

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Market Trends

Demand was strong across Colorado in February with closings at or above 2020 levels. Additionally, properties that came on the market were quickly scooped up with contracts written on them after spending just a few days in the MLS. Based on the number of Pending Listings we saw in February, March could be another strong month for closings. The number of New Listings sellers are bringing to the Denver Metro market is not keeping pace with demand, which pushed available inventory to another record low. The number of Active Listings for sale in the 11-county Denver Metro Area was just over 2,000 at the end of February. Throughout the month, we saw 3,878 closings and 4,785 contracts written on listings. Strong demand pushed home prices higher once again, with the average price of a single-family home up 14% from last year to $553,231.

 

 

HOMES CLOSED: No Change

In the Denver Metro Area this February, 3,878 Homes Closed, a year-over-year increase of less than 1%. As compared to last month, sales saw a 21% increase.

In February, the count of listings in Pending status was 4,785, up 8% from last year and 9% higher than last month.

 

PRICES: Up 14%


In February, the average price of a home in the Denver metro area was $553,231, a year-over-year increase of 14% and up 1% from last month.

Single-family residences sold for an average price of $632,749, up 16% year over year. The price of multi-family/condos/townhomes was up 9% from February 2020, at an average of $401,585.



NEW LISTINGS: Down 11%


Throughout the month, sellers brought 4,558 new listings to the market, 11% fewer than last year at this time, and 6% more than last month.

The count of active listings of homes for sale at the end of February was 2,009, 27% lower than last year and 9% lower than the end of last month.

We currently have 2 weeks of inventory, 4 weeks fewer than last February and 2 weeks fewer last month.



DAYS IN MLS: Down 14 Days

In February, homes spent an average of 24 days on the market, two weeks less than last February and 3 days less than last month. On average, single-family residences were on the market 19 days, while multi- family/condos/townhomes were on the market 32 days.

The median number of days a home spent on the market in February was 5, 7 days less than February 2020.



YEAR TO DATE


The Denver Metro housing market is off to a strong start with buyers snapping up available homes for sale. Closed listings are just 2% lower than they were last year at this time. To date this year, sellers have brought fewer listings to the market, which is keeping inventory levels at record lows. Prices continue to rise, up 14% compared to this point last year.

 

Thinking about buying or selling a home?

If you're considering buying a home, contact me today! An local real estate agent and experienced REALTOR® can help you navigate market conditions, see new home listings as soon as they hit the market, negotiate an offer based on the true value of the home, and more!