February 2018 Housing Market Statistics
The latest data from REcolorado show steady trends in the Greater Metro Denver Area housing market this February. While home sales remain unchanged year-over-year, average sold prices continue to increase. New home listings rose year-over-year, but with median days on market of only 7 days, homes continue to sell quickly across the Denver area.
During the month of February, 3,221 homes sold, unchanged from last year and up 7% from January. Year to date, sales are just slightly lower than 2017 figures.
In addition to strong home sales, February saw a lift in the number of homes going under contract. Throughout the month, contracts were placed on 4,390 homes, a 13% increase from last month.
Home Sales Year-Over-Year Change
February 2017 -- 3,225
The average price of a single family home reached $453,788 in February, a year-over-year increase of 13% and 2% higher than last month.
The price of a single-family detached home rose above the half-million dollar mark for the first time, reaching $502,157. Sold prices for condos/townhomes reached $346,204, up 17% from last year.
Sold Prices Year-Over-Year Change
February 2017 -- $402,771
New and Active Listings
As compared to last year at this time, the number of new listings that were brought to the market increased 2%.
Buyers, prepared to quickly scoop up new listings, kept inventory in check across the Greater Denver Metro area. February ended with 4,179 active listings of homes for sale, up 6% from last month, but down 5% year over year.
New Listings Year-Over-Year Change
February 2017 -- 4,572
Average Days on Market
On average, homes spent 51 days on the market in February, 7 days longer than February 2017 and 2 days less than last month.
In February, condos/townhomes sold in an average of 73 days, while single-family detached homes sold in an average of 41 days. Homes priced in the $200-300,000 range sold the quickest, in just 19 days, 3 days less than last month.
Median Days on Market was two days less than last year, at 7 days.
Days on Market Year-Over-Year Change
February 2017 -- 44 days
The Greater Denver Metro Market by Price Range
Demand was strong across all price ranges in February, with 69% of new listings that came on the market resulting in a sale. The market saw the most activity from homes priced in the $300,000 to $400,000 price range, with 25% of new listings coming on the market and 29% of sales.