Demand in February continued to be suppressed due to higher mortgage rates with eager buyers and sellers looking ahead to the next Federal Reserve meeting. Pending listings in February closely mirrored those from the same period in 2023. In the Greater Metro Denver area, new listings surged by 19.3% compared to the previous month, representing a significant 14.9% increase over the previous year. The average price for single-family homes remained high, surpassing historical February data dating back to 2020.
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Demand - Pending Sales
Demand, a snapshot of the new pending sales, increased by 9.8% when compared to last month. This data point is nearly identical to what we saw at this time last year.
New Listings
February saw 3,783 new homes enter the market. This data point saw an increase of 19.3% when viewed month-over-month.
Supply - Active Listings
The active listing inventory dropped by 169 homes compared to February 2023 - a 3.4% decrease. This was also a decline of 2.3% when compared to last month.
Percent of Closed Price to List Price
This data point increased by 0.8% compared to last month and was up 0.4% compared to February 2023.
Average Days in MLS
February saw the number of days on the market at 46 days, on average. Last year at this time we saw 47 days, on average. Last month saw 49 days.
Average Showings to Pending
February saw the number of showings until pending at 17, on average. Last year at this time we saw 18.7, on average. Last month saw 17.8.
Showings Per Listing
February saw the number of showings per listing at 8.4. This is up 7.7% from last month but down 3.4% year-over-year. Last year we saw 8.7.
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Reports based on data from REColorado®, Inc.
GREATER METRO DENVER INCLUDES THE FOLLOWING COUNTIES:
- Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
- Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.
- © 2020 Land Title Guarantee Company. All rights reserved.
Mortgage Data Source: Freddie Mac
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