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February saw the average price of a single-family home in metro Denver pass the half-million-dollar mark, according to the Denver Metro Association of Realtors market trends report, issued today.
The average price was $502,986, up almost 12 percent from February 2017.
“This may represent a psychological barrier for some homebuyers wishing to enter the market,” said Steve Danyliw, chairman of the DMAR Market Trends Committee. “Some good news for buyers was the month-end inventory.”
Steve Danyliw
The uptick in inventory can be attributed to the number of new listings in February — 4,638. That's over 5 percent higher than January.
"This is good news as we normally see a small seasonal decrease this time of year," Danyliw said.
Year to date, 5,939 homes have sold which is eight percent less than 2017.
The report also revealed that condos were spending more days on the market, increasing to 72 day this February. Last month it was 43.
University of Kansas Medical Center Research Institute, Inc.
Condos also saw an increase in listings, up four percent from last month.