Denver Metro average single-family home prices reach record high in February
This message seems to play as a broken record every month, I know, but, even as mortgage rates have begun to creep above 4 percent for the first time in over two years, demand for Denver metro homes remains sky-high.
With an average closed price of $739,950 in February, Denver metro single-family homes have never been more expensive. That price represents a 17.1 percent jump from February last year! Wow.
Source: Denver Metro Association of Realtors
Inventory, too, remains low, which makes sense because price is the ultimate reflection of the supply-demand relationship. The 853 single-family active listings at the end of February represents a 23.8 percent drop in the number from a year ago.
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Stay calm and breathe
In all of this, I have a message for sellers, who may have forgotten that the market remains just that. In the last month, despite the continued heat of the market, I have seen sellers not go under contract in the first weekend of listing.
In normal times, that is an expected occurrence. The past couple of years have made sellers think this should happen for every property. That is simply not true and as 2022 brings new factors — such as rising interest rates and resolving (we hope!) pandemic — I’ve found myself reminding sellers to remain calm if they don’t have 10 offers in their first weekend of listing.
The same message holds for buyers. Take a deep breath. The perfect Denver home for you and your family is out there — we’ll find it. It might just take a little longer than it would have five years ago. :).