Denver median home value rose 2.05% in February to $576,584 for both single-family homes and condos. On a year-over-year basis, the median home price increased by 2.41% from $563,000.

In February, active listings at month-end edged upwards to 5,511, marking a 13.14% increase from the previous month. Furthermore, active listings surged by an impressive 45.87% compared to the previous year. With the arrival of spring, the growing inventory is presenting buyers with more choices. In fact, new listings have surged by 29.12% from the previous month and by 22.63% compared to the same time last year.

Pending sales increased slightly by 12.70% month-over-month to 3,514, indicating that buyers are carefully selecting the right home for their needs. Consequently, successful sellers in this market have invested time in ensuring that their homes are in show-ready condition.

Serious buyers are discerning and are aware that inventory is growing. They also recognize that by expanding their search parameters, they can access more options and choices in the market. Buyers are aware that they have leverage in negotiating both price and terms upfront, including addressing inspection concerns. With the rise in mortgage rates, buyers are cautious about paying top dollar and expect their new home to be move-in-ready, prompting sellers to address deferred maintenance before closing.

Buyers are increasingly concerned about the availability of home insurance, which has become a significant issue across the nation, including in Denver. As a result, they are taking into account home insurance considerations before making an offer.

Closed home sales in February increased by 31.20%, reaching a total of 2,864 sales. This number is nearly identical to last year’s figures, with 2,877 homes being closed during the same period.

In February, the average price for single-family homes surged to $753,920, representing a 3.09% increase from January’s $731,353 and a 3.40% rise from the previous year’s $729,156.

The average price for condos rose slightly to $469,923, showing a 1.65% rise but a slight decrease of 1.89% compared to last year’s figure of $478,982        

The key takeaway from this month’s market update is that “ Denver median home value rose 2.05% in February and up year-over-year and with the arrival of spring, the growing inventory is presenting buyers with more choices”