In February, for the first time in seven years, median home prices in Metro Denver declined compared to a year ago. The last time we saw a year-over-year decline in prices for single-family homes was in October 2011. For condos, it was in 2012. Sellers may not be happy to hear this, but it’s still a great time to sell a home – showing activity remains strong. Buyers are getting some relief and are shopping now to close later this spring or during summer.
Homes that Sold
3,054 homes sold during February in Metro Denver. That was up 4.77% over the previous month and down 10.91% over the previous year. Homes are lingering on the market, which gives buyers a bit more leverage. The average home sold in February spent 39 days on the market, down 7.4% from January and up 21.88% from February 2018. Sellers still have to price well if they’re looking for a quick sale.
In Metro Denver, single-family homes sold for an average price of $512,312 a 1.86% increase over January and a 9.7% decrease over February 2018. The median price was $430,100. Single-family homes took an average of 41 days to sell. Condos sold for an average price of $349,801, up .36% from 2018. Condos spent 34 days on the market on average, an increase of 17.24% over 2018.
In Metro Denver, there were 6,017 homes for sale. This was a 2.31% increase over the prior month and a 47.33% increase over the previous year. Of these, 4,102 were single-family homes while 1,915 were condos. Buyers are enjoying more choice and negotiating power. though there are still more buyers than homes for sale. New construction homes can be purchased at better prices than in previous months.
*Based on data from the Denver Metro Association of REALTORS®.