In February, the Greater Denver Metro housing market proved that the underlying theme of this market is speed: the speed at which buyers are purchasing relative to the number of sellers listing, and the speed at which active properties are going under contract while prices are accelerating.
While many metrics still show detached properties are in higher demand than attached, that gap decreased in February. There were 3,641 closed properties, up 3.70 percent from last year at this time, and in part because attached properties were on the rise. Attached properties saw a 16.29 percent increase in closings relative to last year at this time. The increased demand for attached properties propelled the market to an average close price of $401,552. This is the first time the attached market has had an average price above $400,000. Meanwhile, detached properties saw a 1.80 percent decrease in closed properties relative to last year.
The report additionally confirms that with median days in the MLS at five, close-price-to-list-price ratio 101.90 percent and months of inventory at 0.55, competition remains incredibly high. With properties frequently going over asking price, full appraisal gap waiver appreciation continues to rise. Savviness, creativity, knowledge and guts are all components that will help buyers move towards a path of homeownership in this market.
Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 7,000 real estate professionals and The Voice of Real Estate® in the Denver Metro area released its February Denver Metro Real Estate Market Trends Report today, March 3, 2021.
