February is the month of ❤️ looooove. Are you gonna ❤️ love what the market did last month? Let's take a look!
In January, in the 11-county Denver Metro Area, we experienced an 8% decrease in home sales from last year.
And, a month-over-month decrease of 24%. Nothing to ❤️ love about that if you’re a homeowner.
The number of homes that went Under Contract in January was 8% higher than last year.
Throughout the month, listings accepting contracts saw a 35% month-over month increase.
The rate at which home prices are increasing has continued to moderate in January, with the average price of a single-family home rising to over $460,000, still up 3% year over year.
Although, compared to last month, prices are relatively unchanged.
In January, the average price of a single-family detached home was to over $501,000, up 1% year over year.
The price of condos/townhomes rose 3% year over year to nearly $357,000.
In January, the number of new listings in the Denver Metro area saw a 14% increase from last year. Homebuyers are ❤️ loving the extra choices!
The count of active listings of homes for sale at the end of January was almost 5,600, 42% higher than last year...
...and 4% lower than the end of last month.
We currently have 8 weeks of inventory, 1 week more than last month...
...and 2 weeks more than last year at this time.
In January, homes spent an average of 54 days on the market which is virtually unchanged compared to this time last year and compared to last month.
January brought a welcome increase to inventory levels in the greater Denver Metro area thanks to over 4,800 new listings hitting the market, more new listings than we’ve seen in January since 2013. Homebuyers ❤️ love that!
Compared to last year at this time, there are 17% more listings priced between $300,000 and $500,000.
We ❤️ love to keep you educated on the local market and we would ❤️ love to continue to be your real estate resource.
As always, we know everyone’s situation is unique, so please give us a call to discuss how the real estate market impacts you. We’d ❤️ love to hear from you!
The Altitude Group
REALTOR® | MCNE
REALTOR® | CNE