What’s going on in today’s Denver real estate market? Let’s take a look at some year-over-year statistics.
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The latest market statistics for February of 2018 are in, so it’s time for a year-over-year update.
Let’s start off with inventory. Inventory this February was up 5.56% from what we saw last year. The average sold price also went up, rising 1.5% month over month and 12.5% since February of 2017.
The average days on market, however, went down. Since February of last year, this figure has dropped by 5.6%.
The number of sold homes also decreased, going down by 2.82% month over month and 9.24% year over year.
As for average home price, this figure has risen. Now, the average home price in Denver is just over $500,000.
But, what do all of these statistics mean for people in our Denver market?
Well, there’s a lot of good news for sellers. There’s been a lot of appreciation over the last year, alone, meaning now is a great time to list. If you plan to list, you might want to do so sooner than later in order to beat the competition.
Buyers shouldn’t despair, though. Inventory is beginning to finally rise. Still, interest rates are also rising. If you’re thinking of buying this year, you may want to lock in a lower rate while there’s still the chance to do so.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.