Greenwood Village, CO – March 8, 2016 – According to the latest data from REcolorado, the provider of REcolorado.com, the most popular, locally run home search site for Colorado home buyers, sellers and renters, the inventory of available homes for sale in the Denver Metro Area is at all-time lows, despite an influx of new listings that came on the market in February.
The High Demand Keep Metro Denver Housing Inventory Low and prices possibly artificially high.
Thanks to continued strong demand, inventory of available homes for sale in the Denver Metro area dipped once again in February. The month ended with 4,405 listings of homes for sale, 12 percent lower than this time last year. Inventory levels remained tight even with the addition of 4,565 listings of new homes for sale, an increase of 20 percent as compared to last month and seven percent more than last year. In February, the supply of inventory in the greater Denver Metro area decreased to approximately six weeks.
Home sales in the Denver Metro area saw a slight dip in in February, with 3,114 homes sold, three percent less than last month and three percent lower than February 2016. On average, homes are spending 43 days on the market, which is two days less than in January and three days less than this time last year.
Home values were relatively unchanged in February, with as the sold price of a home averaged $400,635. As compared to last year, the average sold price is seven percent higher. In February, the average price for a single family detached home was $446,005, an increase of eight percent as compared to last year. The average price of a condo/townhome was $296,815, a year-over-year increase of five percent.
The high demand keeps Metro Denver Housing Inventory Low and drives the rising prices.