Buyers are coming back!
- Inventory dropped in February to 3,645 total properties for sale in the 8 county Denver market, down from 4,521 in January. This is a significant drop for January to February
- Pending Homes status increased 49.6% in one month. The 4,274 pending contracts shows the buyer pool has made a more back into the market.
- Sold Data will lag for a couple of months till the Pending Contracts start to close.
- Denver Metro housing market experienced a strong start to the year. There was an uptick in both buyer and seller activity. The number of listings that moved from Active to Pending status increased nearly 50% from December, indicating increased closings in the upcoming months.
- Although sellers brought 69% more New Listings to the market than we saw in December, inventory levels remain low, especially in the more affordable price ranges. High prices and mortgage rates give prospective sellers little incentive to list their homes. • Median Closed prices have been declining steadily following their peak in the spring of 2022. They dipped again in January and are now 14% lower than the 2021 peak. Home prices are staying in check as buyers exercise their negotiating power. In January, the median closed price was 4% lower than the median list price.
- More and more Colorado brokers are entering their listings in REcolorado, giving us the chance to produce rental market statistics. The rental market saw year-over-year gains in terms of the number of properties leased and median leased price.
All Information comes from ReColorado on February 13th, 2023.
