See below for our full report for February 2019 and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market each month. To get on the email list, please reach out to marketing@usajrealtystg.wpenginepowered.com and request to be added.
How is the Market Doing?
With low mortgage rates and the job market strong, DMAR predicts that 2019 will still be a strong year for the market. Inventory saw a big leap forward year-over-year in February to the tune of a 47 percent increase. February 2018 only had 4,084 active listings and we had 6,017 this February, which is a good sign for home hunters wanting more options and less competition.
Buyer activity is also on the rise with the most homes going under contract since last August. Sold homes were up also slightly up, with an increase of 4.77 percent from last month. High buyer confidence is a good sign for the health of the market, especially this early in the year and with all the snow Denver has experienced. Year-to-date, 2019 has had more homes go under contract than we had this time last year.
Average sold prices for single-family homes and condos remained pretty much the same year-over-year, while median prices took a slight dip of about 2 percent compared to last year. The average price of a single family home was $512,312 (a .36 percent increase from last year) and the average price of a condo was $349,801 (a .24 percent increase from last year).
Key Takeaways for February 2019 via DMAR for Metro Denver
Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
- Active Inventory in February 2019: 6,017
- January 2019: 5,881
- December 2018: 5,577
- November 2018: 7,530
- October 2018: 8,539
- September 2018: 8,807
- August 2018: 8,228
- July 2018: 7,643
- June 2018: 7,436
- May 2018: 6,437
- April 2018: 5,160
- March 2018: 4,619
- February 2018: 4,084
- January 2018: 3,869
- December 2017: 3,854
- November 2017: 5,131
- October 2017: 6,312
- September 2017: 7,586
- August 2017: 7,360
- Median Sold Price for a condo in Denver metro in February 2019 was: $297,500
- January 2019: $290,000
- December 2018: $298,225
- November 2018: $299,450
- October 2018: $299,250
- September 2018: $301,625
- August 2018: $299,000
- July 2018: $300,000
- June 2018: $305,000
- May 2018: $306,331
- April 2018: $297,000
- March 2018: $295,000
- February 2018: $296,000
- January 2018: $285,000
- December 2017: $285,000
- November 2017: $272,000
- October 2017: $275,000
- September 2017: $268,000
- August 2017 $275,000
- July 2017: $270,100
- Median Sold Price a single-family residence in Denver metro in February 2019 was: $430,100
- January 2018: $425,000
- December 2018: $430,000
- November 2018: $427,000
- October 2018: $435,000
- September 2018: $428,000
- August 2018: $445,000
- July 2018: $450,000
- June 2018: $452,500
- May 2018: $450,000
- April 2018: $455,000
- March 2018: $440,875
- February 2018: $435,000
- January 2018 was $416,000
- December 2017: $415,000
- November 2017: $405,000
- October 2017: $415,000
- September 2017: $409,000
- August 2017: $410,000
- July 2017: $420,000
What’s Happening in Denver:
Denver was the #2 destination for people who moved in 2018
“The website HireAHelper.com, which helps people find moving help, analyzed more than 30,000 moves booked through its site and identified Chicago as the top destination. Denver came in second and Colorado Springs ranked sixth.” – Denver Channel
What’s next for River Mile: City-sized Elitch Gardens project steaming ahead in Denver
“Remarkably, in a city wracked by arguments about development, gentrification and density, the enormous redevelopment project faces little if any resistance. With a series of city approvals last year, the River Mile project is approaching the start of what could be decades of construction.” – Denver Post
What’s affordable housing? Where’s affordable housing in Denver?
“Under CHFA rent restrictions, a Denver family of four earning 50 percent of AMI — $44,950 a year — could get a two-bedroom apartment for $1,012 a month. CHFA cites research showing that a Colorado household must earn $52,680 to afford the statewide median rent of $1,317 without spending more than that 30 percent of income.” – Denverite
Denver’s tiny home village has been celebrated as a success. But now it’s stuck.
“A new model to help the homeless has hit its latest roadblock in Globeville.” – Denver Post
Are Declining Home Prices in the Metro Area a Trend or a Hiccup?
“It’s tough to say whether there really is a market slowdown based on the data we have so far. Colorado’s market, like many others, is highly cyclical. The spring selling season starts in April or May, while Nov. through March are slow in real estate. On top of the limited data on sales there are many factors that are likely influencing sales:
- Rates have been going up and down almost daily and is likely keeping people on the sidelines.
- This is the first January in four years where Denver has gotten some real winter weather with snow and cold, both of which decrease peoples’ mood for real estate shopping.
- With limited data, large sales can swing the averages. For example, what if there was a $20 million sale in Boulder in Jan. 2018 and only a $5 million sale as the largest sale in Jan. 2019? With limited numbers to compare, it is relatively easy for the data to become skewed.” – Colorado Biz
What’s Happening Nationally:
Report: Lackluster home sales push inventory growth in January
Homebuilder confidence climbs as economy strengthens
“Declining mortgage rates partnered with a healthy economy contributed to homebuilder confidence increasing two points to 62 in February, according to the National Association of Home Builders/Wells Fargo Housing Market Index.” – Housing Wire
Good news homebuyers, there are more homes for sale
“In January, the number of homes newly listed for sale rose 4.4% from the previous year, boosting the number of homes for sale up 6.3%, the largest supply increase since May 2015.” – Housing Wire
Report for Metro Denver:
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!