Denver housing prices for single family and condos, up 2.89% in January

Denver housing prices for single family and condos were up 2.89% in January; an increase from $448,132 in January 2018 to $461,101 in January 2019.  Active listings were up just 5.45% from the month prior, and up 52% compared to 2018’s record-low January reaching 5,881. Typically, the Denver real estate market doesn’t shift into full gear until after the Super Bowl, but with more choices, lower interest rates, homebuyers were putting in more contracts in January, up 33.97% from December and 7.24% year-over-year. Notably, the number of active listings is still significantly below the historic average in the month of January of 13,469 (1985-2018). Average days on the market stood at 42, up slightly from 35 in 2018.

As of January 2019, 93 homes have sold for $1 million or greater – down 33.11% from December and 14.68% year-over-year. The total closed dollar volume in the luxury segment was $150,646,236, down 24.26% from December and 9.37% year-over-year. There are 7.65 months of inventory in the $1 million plus price point, which basically means it’s a buyer’s market.

 February housing stats

For the month of February, the Denver housing prices for single family and condos were up 1.38%. However the rate at which Denver housing prices are increasing continues to moderate. Active listings stood at 6,017, up 47.33% year-over-year. The average sold price for single family and condos were at $460,703 in February. Overall, the Denver metro area is still in a strong seller’s market with only 1.92 months of single family inventory available. Only detached homes priced over $1 million were in a buyer’s market with 6.58 months of inventory. At the current rate of sales, there are 2.07 months of attached home inventory overall. But, buyers are in the power position with 6.24 months of inventory for condos priced between $750,000 and $999,999, and 7.31 months of inventory over $1 million.

Sales activity for the luxury segment for the month of February stood at 119 homes – up 22.68% from the previous month and down 6.3% year-over-year. The total closed dollar volume was $178,766,560, up 13.99% from the previous month, and down 4.94% year-over-year.