The Spring Real Estate Season Has Begun!
These February 2018 Denver Real Estate Statistics show signs of yet another busy spring real estate market here in Denver. The number of new listings rose 10% from January 2018 which means that buyers had more homes to consider. However, compared to 2017 when we saw a 15% increase in new listings from January to February, we are still painfully short on inventory. Demand remains high as we saw the average number of days on the market shrink by 12%, down to 29 days. Prices also continue to rise with the median price for all homes (attached and detached) nearly reaching $400,000. All of this despite one of the largest rises in interest rates for 30-year fixed mortgages that we’ve seen in recent years.
All signs point to an incredibly competitive spring real estate market with prices rising every day. The race continues for buyers who aim to purchase homes before another rise in interest rates. Sellers who list their homes at market value will likely see bidding wars and multiple offers.