Motivated by increasing home values, sellers brought 4,537 new listings to the market in February, a 14 percent increase as compared to last month and a four percent year-over-year increase. The new inventory was quickly scooped up by buyers eager to make purchases, which kept sales strong. The number of properties that sold in February was up 13 percent as compared to last month. Additionally, the number of homes that went under contract was up 15 percent month over month and saw a seven percent year-over-year increase.
The decline in the number of available homes that began in July 2014 continued into the first quarter, keeping inventory at historically-low levels. At the close of February, 5,087 active listings were on the market, a one percent decrease over last month and 25 percent lower than last year.
Low residential housing inventory levels contributed to the increase in home prices in February. The average sold price for a single family home in February reached $344,796, surpassing the all-time high seen in July 2014. Average sold prices were up five percent month over month and 17 percent year over year. According to ReColorado statistics, the average sold price of a single family home has risen 39 percent since February 2012.Read more at ReColorado.com, and download a copy of the report here.
Below, you can watch this month's market report video, featuring Live Urban broker Jana Miller, who visit Denver's Sloans Lake neighborhood.
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