Both sellers and buyers were ready for January! We had over 4,800 new listings come on the market (that’s 89% more than in December). However, you wouldn’t know this by our end-of-month stat: 4,900 homes went under contract by the end of the month, so we had slightly less inventory at the beginning of February.
With that big dip in transactions over the holidays, 34% fewer closings happened in January. No doubt that stat will see a big boost next month thanks to the surge of activity. Yet we were still short on inventory, so the average sales price remained steady for single-family homes and condos.
– Most of the single-family home sales in January were in the price range of $500k – $749,999 (our premier market).
– The largest selection of condos was priced between the $300k to $400k.
– Buyers with the most negotiation power were purchasing properties over $1 million (our luxury market).
– It remained a strong seller’s market for all of the price ranges under $1 million.
But buyers are hoping the early bird gets the worm. With such low mortgage interest rates and our occasionally warm days, the Denver-area housing market has heated up well before spring. So homeowners can prepare to list their homes as soon as possible. We are more than ready for you!
Please contact me with all of your real estate questions. It’s my pleasure to strategize plans for my clients. I’d love to hear about your needs so we can craft the best real estate experience for you!
Source: DMAR monthly market trends report.