Early Spring Market
The real estate market in February was unusually busy for this time of year. Market statistics reflected a significant increase in new under contract sales compared to January 2020 and year-over-year with February 2019. The supply of homes for sale declined in February and remains historically low which will continue to support the market. Given the market activity in February a strong early Spring market is very likely. A few highlights from February:
- Number of available listings for the month decreased by 19.64% in a year over year comparison.
- Number of Homes Sold increased 3% from prior month
- Single Family Homes placed under contract (pending sale) increased 13.90% in a year over year comparison.
- Average Sold price increased 5.04% in a year over year comparison.
- Less than a two-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
- Average days on market (39) decreased 15.22% from January.
- Mortgage rates in February remained in a range of 3.50% to 3.75%
- Strong sales activity in February combined with a persistent low inventory of homes for sale is setting the stage for a strong early Spring market
Bottom line, current market conditions are generally positive for most buyers and sellers. The low supply of homes for sale will continue to be a dominate market influence in 2020. Favorable mortgage interest rates, low inventory of homes for sale and continued strong demand for homes will foster an active early Spring Market. If a move is in your future, now is a great time to start the preparation process. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on February 2020 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report
or contact us for more information.
Questions? Let’s talk – contact us anytime to discuss your questions, plans or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.