So, How’s The Market? | February 2024

The Denver Metro housing market is showing signs of an early start to the buying and selling season as household express optimism that mortgage rates could decrease.
Inventory levels in February were 25% higher than last year and 176% higher than two years ago! There were 4,267 new listings in February.
In February, there were year-to-year and month-to-month increases in home closings. Media closed prices were up 3% at $575,000.
3,454 contracts were executed on homes in February, this is 1% higher than last year and 11% higher than last month. Most homes stayed on the MLS for a median of 25 days.

Closed listings were up 7% from last February and compared to last month, they were up by 40%.

The median closed price of a Denver metro home in February was $575,000, which is 3% higher than this time last year. From January to February, prices increase by 2%, this is a result of strong sales of homes prices at or above $1 million.

Homes spent a median of 25 days in the MLS, this is 2 days less than last year and 12 days less than last month.

In February, 4,258 new listings were brought to the market, 21% more than last year. This is the second consecutive jump in new listings, 25% from January and 145% more than the beginning of the year.

Buyers executed 3,451 contracts on homes in February, 11% higher than last month.

The price range that saw the most activity in the Denver Metro Market in February was $500 – 600,000. In this range, 620 homes closed and 811 new listings of homes for sale were brought to the market. Contracts were executed on homes priced $500-6000,000 in In a median of 35 days.

Standing inventory was 25% higher than last year with 5,218 homes actively available in the Denver Metro area. The gross sales volume in February was 10.5% higher than last year.