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It's that time again! The numbers are in and we are taking a look at how the market is doing! 

Home sales were up in February compared to the past several years running; surpassed only by last February's sales.

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 There were also more homes under contract last month than a year ago by over 10%.

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Average sold price is up again from last month to over $464,000, a 1% increase over last month…

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…and this time last year. The big win there being another $4,200 increase, on average, for homeowners! 

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The average price of a single-family detached home was over $514,000, up 1% year over year. 

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 The price of condos/townhomes remained relatively unchanged from last year, at an average of about $349,000.

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With a significant number of new listings coming on the market in February, inventory levels got another welcome boost. We currently have 7 weeks of inventory, 1 week less than last month...

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...and 1 week more than last year at this time. The influx of new listings is also a sign the 2019 buying and selling season is ramping up.

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 The market looks pretty good for both buyers and sellers. Last year at this time, there weren't as many wins for buyers as there are this year. In February, homes spent an average of 49 days on the market, 5 days fewer than last month...

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...and 5 days fewer than this time last year.

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This year, the $300,000 to 500,000 price ranges saw the bulk of the activity during the month with 45% of all new listings...

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...and 52% of sales. 

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Homes in these ranges are in high demand, spending an average of only 42 days on the market compared to 49 days for the market as a whole. New listings saw year-over-year increases in all price ranges above $300,000. 

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Homes in these ranges are in high demand, spending an average of only 42 days on the market compared to 49 days for the market as a whole. New listings saw year-over-year increases in all price ranges above $300,000. 

 

The biggest challenge sellers will face is competition from their neighbors. Selling during the springtime has historically been the best time of the year to maximize sales price. By the time summer rolls around those who’ve not sold in the spring months are joined by additional inventory and the selling fever tapers off for sellers, resulting in lower average prices for home sellers, but giving home buyers more choices. 

 

As we approach springtime, inventory levels are anticipated to increase, but buyer activity increases as well. The next couple of months should be the best time of the year to get your home sold.

 

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!

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The Altitude Group

Matt Thomas

REALTOR® | MCNE

303-269-1617

Matt@AltitudeRealEstateGroup.com

——————————-

Chad Schneider

REALTOR® | CNE

720-767-2423 (CHAD)

Chad@AltitudeRealEstateGroup.com