The calendar just pointed to spring ahead!
Wondering what the housing market in Denver is doing this time of year?
Well, according to the Denver Gazette, “Spring, the busiest season for the Denver metro housing market, is budding again.
Sellers are listing more homes on the market. Buyer activity is picking up. And prices are higher.
Most homes in the region sold for more than $599,990 in February, according to the Denver Metro Association of Realtors monthly report released Tuesday.
While this year the market is expected to perform similarly to last year, the report said one differentiator is arising: more clarity.
Last year, buyers and sellers were patiently watching if, when and how much interest rates would drop. This year, there’s fewer expectations that interest rates will soften.”
What About The Luxury Market?
And the luxury market?
5820.com, talks about four newly listed hot properties, “As we approach the first official day of spring, Denver’s luxury real estate market is already showing its own signs of awakening. February brought a surge of activity in the $1 million–plus category, with new listings blossoming by nearly 28 percent compared to January. Luxury buyers weren’t far behind, increasing their pending purchases by almost 41 percent month-over-month, according to a report by Denver Metro Association of Realtors (DMAR).”
Market Activity Details
The Denver housing market is starting to heat up this month, with sellers rushing to list homes in anticipation of the busier spring season.
Inventory:
Active listings have surged, with more than 8,500 options on the market, a 55% increase compared to the same time last year.
Sales Activity:
While sales activity is still sluggish compared to last year, with home sales down 17%, the market is expected to see a surge in activity as spring progresses.
Days on Market:
Most homes are staying on the market for about 29 days, faster than the 45 days in January, but slower than last year at 23 days.
Price Trends:
Home prices are up 2.47% year-over-year, with the median price for a single-family home in February at $645,575.
Buyer Sentiment:
Buyers have been slower to act, leading to a more gradual increase in pending sales, according to the Denver Metro Association of Realtors (DMAR).
City Demand Returns:
As companies bring remote workers back to the office, there’s a resurgence in interest in city center properties.
Luxury Market:
Through February, 588 properties priced over $1 million sold in the Denver metro, a 13% increase from 2024.
Attached Homes:
Attached homes are selling faster, with a median of 8 days on the market, compared to 21 days for detached homes.
At Katchen Company, we are here, ready to help you locate your special property and guide you through the challenges that real estate transactions present. We are your essential partner in making complex real estate transactions.
For the DMAR Market Trends Reports click here-