Denver area closed sales in February jumped 31% from January

Denver’s housing market surged in February as the snow melted and temperatures climbed. More sellers opted to list their homes, the median sale price increased, and the number of days on market dropped, according to the monthly trends report from the Denver Metro Association of Realtors.

“The days when sellers waited for their spring gardens to bloom before listing their homes for sale are now long gone. The February weather may have said ‘winter,’ but the market said, ‘spring,’” said Colleen Covell, an association market trends committee member and realtor at Mile Hi Modern, in the February report.

“The early rush hour in our market signals the pent-up desires of sellers, who have been sitting on the sidelines due to the dramatic run-up in interest rates since last spring. Although the rates have decreased some from their highs last fall, they do not appear to be dropping below six percent anytime soon. Tired of waiting for optimum sale and rate conditions, sellers decided to jump back in.”

At the end of February, the number of active listings was 5,511, up 46% from the 3,778 in February 2023 and 350% from the 1,226 available in February 2022. The number of active listings was also up 13% from January’s 4,871 available homes. That increase was the second largest percent increase on record, the DMAR report said. Historically, the average number of available listings in February is 12,671.

Pent-up buyer demand is keeping prices high and cutting the days on the market.

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

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

Buyer demand also pushed the close-to-list price ratio to 99.3%, up from 98.4% in January and 98.9% in February 2023.

The number of closed sales, 2,864, was up 31% from January’s 2,183 closed sales but down slightly from February 2023’s 2,877 closed sales.

“Well-informed and educated sellers know interest rates have ticked up again, however, they also know that many buyers are experiencing spring fever and are sick of sitting on the fence watching home prices increase,” said Libby Levinson-Katz, chair of the DMAR Market Trends Committee.

Denver’s housing market surged in February as the snow melted and temperatures climbed. More sellers opted to list their homes, the median sale price increased, and the number of days on market dropped, according to the monthly trends report from the Denver Metro Association of Realtors.

“The days when sellers waited for their spring gardens to bloom before listing their homes for sale are now long gone. The February weather may have said ‘winter,’ but the market said, ‘spring,’” said Colleen Covell, an association market trends committee member and realtor at Mile Hi Modern, in the February report.

“The early rush hour in our market signals the pent-up desires of sellers, who have been sitting on the sidelines due to the dramatic run-up in interest rates since last spring. Although the rates have decreased some from their highs last fall, they do not appear to be dropping below six percent anytime soon. Tired of waiting for optimum sale and rate conditions, sellers decided to jump back in.”

At the end of February, the number of active listings was 5,511, up 46% from the 3,778 in February 2023 and 350% from the 1,226 available in February 2022. The number of active listings was also up 13% from January’s 4,871 available homes. That increase was the second largest percent increase on record, the DMAR report said. Historically, the average number of available listings in February is 12,671.

Pent-up buyer demand is keeping prices high and cutting the days on the market.

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

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

Buyer demand also pushed the close-to-list price ratio to 99.3%, up from 98.4% in January and 98.9% in February 2023.

The number of closed sales, 2,864, was up 31% from January’s 2,183 closed sales but down slightly from February 2023’s 2,877 closed sales.

“Well-informed and educated sellers know interest rates have ticked up again, however, they also know that many buyers are experiencing spring fever and are sick of sitting on the fence watching home prices increase,” said Libby Levinson-Katz, chair of the DMAR Market Trends Committee.