The Denver Housing Market in February went from a fast-paced January to a full-speed-ahead despite all the snow.
Our average detached home price was $544, 054. That is up 2.51 percent from January to February and is up 6.11 from last year!
Our average days on market dropped drastically from 39 to 12 and my active buyers were feeling it! I always want buyers to be pre-approved. Sometimes we do a preliminary look but this year, there isn’t time for that. You want to know who your lender is going to be and how much you want to afford if you want to be a homeowner this year.
Interest rates hit an 8-year record low at 3.45% and has dropped even more in the first week in February. Between the Coronavirus and the upcoming election, the rate will probably stay low.
Our inventory of available homes to purchase is low. We ended February with 4,835 homes for sale. Our average is 13,780 and the lowest was in 2016 3,963. Normally we see a nice increase from January to February in available homes and this year we saw a decrease.
What to expect this year:
With record low-interest rates and a decrease in available homes for purchase, we will see prices rising! Take advantage of the low interest rates! If you haven’t refinanced in a couple of years, you want to take a look at your rate and see if it makes sense to do that now.
We are starting the spring-summer demand early. The number of buyers filling out applications for a mortgage is up 10.2 percent from last February.
Denver is the number 3 job market in the Country (reported by the Wall Street Journal).
This is an incredible time to sell. You won’t have much competition.
It is an incredible time to buy, you’ll be able to buy more with the interest rates this low.
It seems to be a perfect storm. The Denver Housing Market this February is fantastic!
I would love to help you do both. Let’s get together and map out a plan that is perfect for you.
Thinking of making a move?
I can help.