Key Takeaways for February 2018 via DMAR for Metro Denver:

• Active Inventory was up 5.56% compared to last month and was 5.31% higher from February 2017
  • February 2018 Active Listings: 4,084
  • January 2018 Active Listings: 3,869
  • December 2017 Active Listings: 3,854
  • November 2017 Active Listing: 5,131
  • October 2017 Active Listing: 6,312
  • September 2017 Active Listings: 7,586
  • August 2017 Active Listings: 7,360
• Median Sales Price for a condo in Metro Denver in February 2018 was $296,000
  • January 2018 was $285,000
  • Same as December 2017 at: $285,000
  • Up from November 2017: $272,000
  • Down from October 2017: $275,000
  • Up from September 2017: $268,000
  • Down from August’s $275,000
  • And up from July’s $270,100
• Median Sales Price a single-family residence in Metro Denver in February 2018 was: $435,000
  • January 2018 was $416,000
  • Up from December 2017: $415,000
  • Up from November 2017: $405,000
  • Down from October 2017: $415,000
  • Down from September 2017: $409,000
  • Down just slightly from August’s 2017: $410,000
  • And down from July’s $420,000

An Overview of the National Market:

• “According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, sales of new single-family homes fell by 7.8 percent over the month of January…The decline in sales over the month of January coincides with an increase in interest rates.” – NAHB, New Single-family Home Sales Start 2018 Lower
• “Another data report reaffirmed the seemingly non-stop rise in home prices during 2017, with the new S&P CoreLogic Case-Shiller Indices report tracking more upticks during December. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.3 percent annual gain in December, up from 6.1 percent in the previous month.” – NMP, No Surprise Here: Home Prices Are Still Increasing
• “The Federal Housing Finance Agency (FHFA) reported that contract mortgage rates rose by four basis points to 4.05 percent in January 2018.” – NAHB, Mortgage Rates Rise

What’s Happening in Denver:

• “For the first time on record, the average sold price of a single-family home in the Denver-area passed the half million-dollar mark settling at $502,986 in February.” – DMAR
• Denver ranks as the #6 city where millennials are moving – Realtor.com Where are America’s Millennial Meccas, Gen X Hot Spots, and Boomer Boomtowns? 
• “A new study shows Coloradans are taxed less for their properties here than almost anywhere else in the
  country.” – Denver CBS, Colorado has some of nation’s lowest property taxes
• “Denver’s high cost of housing and lack of affordable alternatives appears to be city residents’ biggest concern, and a majority are likely to support some increase in property or sales taxes to fix the problem.” – Denver Business Journal, Affordable housing tops list of Denver worries in poll
• “There’s been a lot of hoopla about letting developers build taller buildings near the 38th and Blake transit station in exchange for creating affordable housing, but some developers question whether the plan will do much create housing Denver’s working-class families can afford.” Confluence, Denver demands more affordable living units, but will they be the kind that keep families downtown?