Spring home market blooms early in Denver metro

Denver’s housing market surged in February because the snow melted and temperatures climbed. Extra sellers opted to record their properties, the median sale value elevated, and the variety of days on market dropped, based on the month-to-month developments report from the Denver Metro Affiliation of Realtors.

“The times when sellers waited for his or her spring gardens to bloom earlier than itemizing their properties on the market at the moment are lengthy gone. The February climate could have mentioned ‘winter,’ however the market mentioned, ‘spring,’” mentioned Colleen Covell, an affiliation market developments committee member and realtor at Mile Hello Trendy, within the February report.

“The early rush hour in our market indicators the pent-up needs of sellers, who’ve been sitting on the sidelines because of the dramatic run-up in rates of interest since final spring. Though the charges have decreased some from their highs final fall, they don’t look like dropping beneath six p.c anytime quickly. Bored with ready for optimum sale and charge situations, sellers determined to leap again in.”

On the finish of February, the variety of energetic listings was 5,511, up 46% from the three,778 in February 2023 and 350% from the 1,226 out there in February 2022. The variety of energetic listings was additionally up 13% from January’s 4,871 out there properties. That enhance was the second largest p.c enhance on document, the DMAR report mentioned. Traditionally, the common variety of out there listings in February is 12,671.

Pent-up purchaser demand is preserving costs excessive and slicing the times available on the market.

February’s median shut value climbed to $576,584, up 2% from $565,000 in January and up 2.4% from $563,000 in February 2023.

The variety of days on market dropped to a median of 23 in February from 36 in January.

Purchaser demand additionally pushed the close-to-list value ratio to 99.3%, up from 98.4% in January and 98.9% in February 2023.

The variety of closed gross sales, 2,864, was up 31% from January’s 2,183 closed gross sales however down barely from February 2023’s 2,877 closed gross sales.

“Effectively-informed and educated sellers know rates of interest have ticked up once more, nevertheless, additionally they know that many patrons are experiencing spring fever and are sick of sitting on the fence watching residence costs enhance,” mentioned Libby Levinson-Katz, chair of the DMAR Market Tendencies Committee.