Here are the results of the 7 country Metro Denver housing report for February. Here are the highlights—

  • Buyers purchased 2,990 homes and condos last month, which was down 2.8% from a year ago.
  • Owners put 4,381 new homes and condos on the market last month, a 1.3% increase from last February and a 7.4% increase from February 2016.
  • Buyers placed 4,137 homes and condos under contract, a slight drop of 1.3% from last year.
  • The average sales price of an attached home rose $50k to $344k, a 16.9% increase in 12 months!
  • The average sales price of a detached home rose $46k to $495,142, an increase of 10.2%.
  • All-together sales prices last month rose 11.6% year over year.
  • The median price of an attached home rose 17.5% or $44k to $294,900.
  • The median price of a detached home rose 9.4% or by $37k to $432k.
  • All-together median prices rose 12.3% last month to $398,700.
  • The sales to list price ratio exceeded 100% for the first time in February!.
  • Median CDOM dropped to just 6 days last month, a 50% decrease from February 2017.
  • We ended the month with just 3,908 homes and condos for sale down 2.3% from last year and down 15.1% from 2 years ago!
  • We have 1.31 months of inventory currently based on the number of homes sold.
  • However, we have more homes under contract than we do actively for sale.
  • Year to date new listings are up 7.9% from 2014; but are down 24.9% from 2013.
  • Year to date sold listings reveal that 66.1% of all homes sold with a conventional loan and another 16.7% sold to cash buyers. In other words, about 83% of all homes have been sold to people with money and/or great credit.
  • It’s very tough for FHA and VA buyers to compete in this market, which saddens me.