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Denver Housing Market Report for February.

Buying or selling a Denver house?

If your selling your Denver house knowing what is happening right now is key!

Denver Housing Market Report for February.
Buying or selling a Denver house?
Then you must know what is happening to the price of houses in Denver right now. This Denver housing market report will help you understand what your house is worth if you need to sell your house. If you are on the other side and want to buy a house it is just as valuable. If you understand and know what the current value of houses are in your Denver neighborhood then you will understand if you are potentially going to get a steal of a deal or not.

Let’s start with some great news.

House prices in Denver rose 6% when compared to the average sales price of a year ago.

Who said things were slowing down in Denver? Single-family house prices rose 6% and multi-family units/condos rose 5% when compared to the previous year. The real estate market in Denver is off to a great start for sure.

Let’s run through the numbers.

Active Real Estate Listings in Denver.

The number of properties listed for sale in Denver for February 2020 was 4,941. This is 15% less than the previous year however it was a big jump from the month of December. “Buyers are often worried about lack of options late in the year. I always coach them to be patient and advise them that more houses will come up for sale soon.’ said Tina F, local Denver agent.

How many homes sold in December for February?

The number of houses sold in February was 2,991. A year ago the number of homes sold was 0.84% less. Not a big difference and no need for further comment.

How much are homes selling for in Denver currently?

The median price of houses sold in Denver for February was $420,000. This was a jump of 5.79% when we compare the median price to a year ago. The average price also rose considerably. The average price of a house sold in Denver was $476,003. This is 3.98% more than a year ago.

Therefore we can safely say that house prices in Denver are continuing to rise. We talked to a Denver person who has owned their home for 8 years. “I thought house prices might finally stop going up but this report says otherwise. Don’t get me wrong, I’m not complaining. It’s great for me however I do worry about people who are wanting to buy a house. I couldn’t afford to pay for my house at its current value.”

How long do Denver houses stay on the Market?

In February this year, the number of days that w house was listed before it went under contract was 45. This is actually higher than a year ago by 4.65%. It is not a huge jump however it is something to pay attention to. Economist James said “An increase in days on market could be due to a number of things. Maybe prices are getting too high, or maybe there are fewer people buying houses. Another reason for the jump is that statistically, we are not working with large numbers. Therefore even a small increase in actual days can move the needle. Personally, it is something i watch but this one month doesn’t give me much cause for concern.”

Denver housing market in the review.

So the latest numbers show that the Denver housing market is still in good shape. It will be interesting to see how the year develops. We are sitting at the top of a long period of growth. Maybe it will keep going up for a number of years yet however as my co-workers always say… cautious optimism.

I recently called and spoke to a company that is located between Cincinnati and Dayton, Ohio. This company also buys houses for cash. Nichell from Ohio Cash Buyers said to me, “We get a variety of calls from people in all kinds of circumstances. Usually, they will call us saying, I need to sell my house fast in Cincinnati, or Dayton, or one of the suburbs, to stop a foreclosure, or to wrap up a Probate case. The services we provide not only solve their immediate problem, but also help them out with all sorts of other stressors and hassles they may be dealing with – so instead of losing it all to the bank, or being stuck in a rut, or trying to sell through a Realtor and losing thousands of dollars in fees, we’re able to give them true peace of mind quickly. We are proud to support our local communities this way! Having talked to Shaun at length, it is great to hear we are not the only company out there working for the greater good of our local communities and not just trying to make a quick buck. I really love the services I provide, and I even stay in touch with many of the people we buy houses from!”