Denver Metro February housing market statistics from REcolorado show we had a strong start to 2020. In February, the count for closed listings was 6% higher than last year. To help meet the demand, sellers brought 5,116 new listings of homes for sale to the market, a year-over-year increase of 1%. Home prices continue to appreciate steadily. The average sold price was 5% higher than last year at this time, at $488,127.
Favorable weather conditions and buyers anxious to jump into the market ahead of summer selling season led to a swift start to 2020. In February, 3,718 listings closed and 5,056 listings were pending, ending the month with 6 weeks of inventory in the Denver Metro Area.
In the Denver Metro Area this February, 3,718 homes closed, a year-over-year increase of 6%. As compared to last month, sales saw a 12% increase.
In February, the count of listings in Pending status was 5,056, up 15% from last year and 7% higher than last month.
Homes Closed Year-Over-Year Change
February 2019 -- 3,511
February 2020 -- 3,718
In February, the average price of a home in the Denver metro area was $488,127, a year-over-year increase of 5% and up 3% from last month.
Single-family residences sold for an average price of $546,274, up 6% year over year. The price of multi-family/condos/townhomes was up 5% from February 2019, at an average of $367,309.
Average Sold Prices Year-Over-Year Change
February 2019 -- $463,642
February 2020 -- $488,127
New and Active Listings
Throughout the month, sellers brought 5,116 new listings to the market, up 1% compared to last year, and a 5% increase from last month.
The count of active listings of homes for sale at the end of February was 4,745, 6% lower than last year and 3% lower than the end of last month.
We currently have 6 weeks of inventory, one week less than last February and unchanged from last month.
New Listings Year-Over-Year Change
February 2019 -- 5,082
February 2020 -- 5,116
Average Days in MLS
In February, homes spent an average of 39 days on the market, unchanged from this time last year, but 6 days less than last month. On average, single-family residences were on the market 37 days, while multi-family/condos/townhomes were on the market 41 days.
The median number of days a home spent on the market in February was 12, 3 days less than this time last year.
Days on Market Year-Over-Year Change
February 2019 -- 39
February 2020 -- 39
Year to Date
Favorable weather conditions and buyers anxious to jump into the market ahead of summer selling season led to a swift start to 2020. Year to date, the count for closed listings is 9% higher than last year at this time and average closed price is up 5%. The number of new listings that came on the market is up just slightly, which has kept inventory at low levels. On average, homes spent one day longer on the market than in 2019.
Thinking about buying or selling a home?
The buying and selling season is officially underway. An experienced real estate agent 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! If you're considering buying a home this year, give me a call today to talk about housing market trends in your area.