February 2019 Housing Market Statistics
With a significant number of new listings coming on the market in February, inventory levels got another welcome boost. The influx of new listings is also a sign the 2019 buying and selling season is ramping up.
In February, 3,391 homes sold in the 11-county Denver Metro Area, a slight 1% decrease from last year and a month-over-month increase of 16%.
The number of homes that moved to Under Contract in February was 10% higher than last year. Throughout the month, contracts were placed on 4,616 homes, a 15% month-over-month increase.
Home Sales Year-Over-Year Change
February 2018 -- 3,427
The average sold price of a home saw a slight increase. In February, homes sold for $464,354 on average, a 1% increase from last month and 1% higher than last year.
The average price of a single-family detached home was $514,385, up 1% year over year. The price of condos/townhomes remained relatively unchanged from last year, at an average of $349,351.
Sold Prices Year-Over-Year Change
February 2018 -- $460,141
New and Active Listings
The Denver Metro Area hit a five-year high for new listings in the month of February. With 5,089 new homes for sale brought to the market, we saw a 9% increase from last year. Compared to last month, new listings are up 6%.
The count of active listings of homes for sale at the end of February was 5,832, 39% higher than last year and 4% higher than the end of last month.
We currently have 7 weeks of inventory, 1 week less than last month and 1 week more than last year at this time.
New Listings Year-Over-Year Change
February 2018 -- 4,671
Average Days on Market
In February, homes spent an average of 49 days on the market, 5 days fewer than last month and 5 days fewer than this time last year. On average, single-family detached homes were on the market for 49 days, while condos/townhomes were on the market for 51 days.
The median amount of time a home spent on the market in February was 17 days, 10 days more than this time last year.
Days on Market Year-Over-Year Change
February 2018 -- 54
The Greater Denver Metro Market by Price Range
The $300 to 500,000 price ranges saw the bulk of the activity during the month with 45% of all new listings and 52% of sales. Homes in these ranges are in high demand, spending an average of only 42 days on the market.
New listings saw year-over-year increases in all price ranges above $300,000. The number of new listings in the price ranges below $300,000 decreased 12%.