Monthly Market Snapshot
- Median Sold Price: $350,000 (+2.3% MoM)
- Average Sold Price: $396,783
- New Listings: 5,139
- Active Listings: 5,300 (+1.8% MoM)
- Sold Listings: 3,073 (-5.5% MoM)
- Under Contract Listings: 5,585
- Months of Inventory (MOI): 1.72 Months
- Days on Market (DOM): 34
- Close-to-List Price Ratio: 99.6%
The Starter Pistol Has Fired
While the calendar says winter, the Denver housing market officially entered its spring cycle in February 2017. The latest data reveals a market characterized by intense buyer competition and a persistent shortage of available homes across the Front Range.
The executive summary for February is one of rising momentum. The most telling metric this month is the “Under Contract” count of 5,585, which significantly outpaces the 5,139 new listings that hit the market. In simple terms, houses in the Denver real estate market are being claimed faster than they can be replaced.
We are seeing a 2.3% MoM increase in Median Sold Price, pushing the benchmark to $350,000. Although Sold Listings saw a negative trend of -5.5%, this is primarily a lagging indicator reflecting slower contract activity in January. You can track how this compares to previous performance in our January 2017 Market Report.
The Months of Inventory (MOI) stands at 1.72, firmly cementing Denver’s status as a strong Seller’s Market. In a balanced market, we typically look for 4 to 6 months of inventory; at less than two months, the leverage remains squarely with those listing their homes. For a broader view of these cycles, visit our Denver Housing Market Trends hub.
Breaking the $350,000 Ceiling
The Denver metro area reached a psychological milestone this month as the Median Sold Price hit $350,000. When we look at the segment breakdown, the story becomes even more nuanced. For single-family detached homes, the median price climbed to $382,000, while the single-family attached (condos and townhomes) market remains a vital entry point for first-time buyers with a median of $255,000.
Perhaps the most impressive stat is the 99.6% Sold-to-List price ratio. This indicates that, on average, sellers are receiving nearly their full asking price. In many desirable Denver neighborhoods, multiple-offer scenarios are driving final sales prices well above the initial list price.
Inventory & Velocity
Inventory remains the primary challenge for the Denver metro area. While we saw a 1.8% MoM increase in active listings, the total pool of 5,300 homes is remarkably low for a metropolitan area of this size. High demand and low supply continue to influence the real estate advice we provide to our clients.
Homes are moving with incredible velocity. The average Days on Market (DOM) dropped to 34 days. This figure includes the time required for inspections and financing, meaning most homes go under contract within the first week. For buyers, the “window of opportunity” to view a home and submit an offer has narrowed to a matter of hours in many cases.
Buyer Strategy
For buyers in this market, February’s data is a call to action. With an MOI of 1.72, you cannot “wait and see.” However, speed without a plan is a recipe for frustration. Buyers should focus on the attached market if priced out of detached homes, as that segment saw a 16.5% year-over-year increase in active listings.
It is also imperative to have a “clean” offer. To succeed, you must be prepared to offer at or above asking price with limited concessions. If you are ready to begin your search, our Denver Buyer’s Guide offers a step-by-step roadmap to winning in a competitive environment.
Seller Opportunities
If you have been waiting for the “right time” to sell, the data suggests that time has arrived. February offers a unique “sweet spot” for sellers: buyer demand is surging, but the massive wave of late-spring inventory hasn’t yet arrived to compete with your listing.
Sellers who price their homes accurately according to recent comparables are being rewarded with fast sales and high retention of their asking price. To understand the current value of your property, explore our home selling resources and professional valuation tools.
Conclusion: A Trajectory of Growth
Comparing February to the previous month shows a clear acceleration. The $8,000 jump in median price signals that the winter plateau is officially over. As we look ahead, the forward-looking metrics—New Listings and Under Contracts—suggest that the March 2017 Market Report will likely show a massive spike in closing volume. Denver continues to be one of the most vibrant and fast-paced real estate markets in the country.
Frequently Asked Questions
What was the median home price in Denver in February 2017?
The median sold price for the Denver metro area in February 2017 was $350,000, representing a 2.3% increase from the previous month.
Is Denver a buyer’s or seller’s market right now?
With 1.72 months of inventory (MOI), Denver is currently a strong seller’s market. A balanced market typically requires 4 to 6 months of inventory.
How fast are homes selling in Denver?
Homes in Denver are moving quickly, with an average of 34 days on market (DOM) in February 2017. Most desirable homes go under contract within the first weekend of listing.
