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Consumer Demand Brings New Residential Real Estate Listings and Rising Home Prices

In Denver Real Estate, Market News | on March, 05, 2015 | by | 0 Comments

DENVER – March 5, 2015 –REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, today released its February 2015 statistics on the Denver-area housing market. The monthly report, which includes data from REcolorado’s 16,000 members who operate throughout the greater Denver Metro area, shows the continuation of a very competitive housing market.

Motivated by increasing home values, sellers brought 4,537 new listings to the market in February, a 14 percent increase as compared to last month and a four percent year-over-year increase. The new inventory was quickly scooped up by buyers eager to make purchases, which kept sales strong. The number of properties that sold in February was up 13 percent as compared to last month. Additionally, the number of homes that went under contract was up 15 percent month over month and saw a seven percent year-over-year increase.

The decline in the number of available homes that began in July 2014 continued into the first quarter, keeping inventory at historically-low levels. At the close of February, 5,087 active listings were on the market, a one percent decrease over last month and 25 percent lower than last year.

“We’re seeing an impressive number of new home listings come on the market this year as sellers begin responding to consumer demand,” said Kirby Slunaker, president and CEO of REcolorado. “Even with the increase in new listings, our historically-low inventory levels remain the biggest challenge facing the Denver-area housing market, as they are undoubtedly contributing to rising average home prices and reducing the amount of time homes are on the market.”

Low residential housing inventory levels contributed to the increase in home prices in February. The average sold price for a single family home in February reached $344,796, surpassing the all-time high seen in July 2014. Average sold prices were up five percent month over month and 17 percent year over year. According to REcolorado statistics, the average sold price of a single family home has risen 39 percent since February 2012.

Representative of the competitive housing market, sellers continued to see a very quick sales cycle in February. The average days on market remained at just 39 days, 13 days less than February 2014.

 

About REcolorado

Since 1984, REcolorado has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. Updated every 15 minutes with new and sold listings and powered by the state’s largest network of real estate professionals, REcolorado.com is Colorado’s most accurate home search tool. REcolorado.com also offers consumers mortgage resources, information about Colorado neighborhoods and cities, sold listings, open houses, and a comprehensive database of real estate professionals.

REcolorado is the largest Multiple Listing Service (MLS) in Colorado. With 16,000 professional members who operate throughout the state, it is REALTOR® owned and serves Aurora Association of REALTORS®, Douglas Elbert REALTOR® Association, Denver Metro Association of REALTORS®, Mountain Metro Association of REALTORS®, and South Metro Denver REALTOR® Association.

 

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