Denver’s real estate market experienced spring-like activity last month, with new listings increasing 11%, pending sales increasing 22%, and closed sales rising 22% over January.
According to the monthly trends report from the Denver Metro Association of Realtors, the median closed price also increased 4% to $599,990.
“If January is seen as a metaphor for hitting the snooze button, then February symbolizes the wake-up call to start moving,” said Andrew Abrams, a market trends committee member.
“The transition from the start of the year begins as a trickle, slowly gaining momentum into summer. With February caffeinated and ready to buy and sell properties, it marks an important turning point.”
Amanda Snitker, chair of the DMAR Market Trends Committee, said inventory usually increases in spring as sellers return to the market after winter.
Listing increase
February recorded 8,554 listings, an 11% increase from January and a 55% increase from February 2024.
The average active February listings from 1985 to 2024 is 12,492. The record high was 25,484 listings in 2006, and the record low was 1,226 listings in 2022.
The average active listings increase from January to February is .08%. This year’s increase is the third-largest percentage increase on record. The first was 23% in 2001, and the second was 13% in 2024.
Luxury sales
In the luxury segment, homes priced over $1 million saw a 28% increase in new listings, a 41% increase in pending transactions, and a 22% increase in closed sales. Attached homes are selling faster, with a median of 8 days on the market, compared to 21 days for detached homes.
Through February, 588 properties priced over $1 million sold in the Denver metro for $976 million, a 13% increase from 2024.
“Within the $1+ million segment, it’s no surprise that the likelihood of a buyer bringing a contingent offer increases,” said market trends committee member Michelle Schwinghammer.
“With that being the case, sellers may want to plan for the possibility of a longer transaction to make a deal sprout in spring, or possibly even summer.”
The detached market is a seller’s market with 2.9 months of inventory, while the attached market is balanced at 4.8 months.
“With higher inventory, the basics always work,” Snitker said. “Homes that are priced well, updated and well-maintained will appeal the most to buyers and sell quickly.”
Denver’s real estate market saw an 11% increase in new listings and a 22% rise in pending and closed sales.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
