The Denver Metro housing market typically sees an increase in activity as the busy home buying and selling season gets underway, and this year is no exception. According to REcolorado data, from January to February the number of new listings increased by 20%, and closings increased by 31%. Additionally, the number of pending listings saw an uptick, which is a leading indicator of future closings.
How This Impacts Buyers
Buyer activity saw a seasonal increase in February as home shoppers got a jump on the busy buying and selling season. Buyers and sellers executed 18% more contracts in February compared to last month. Due to higher home prices and interest rates, the number of pending listings is lower compared to previous years.
Pro Tip: Having a complete set of available listings in the MLS helps combat low inventory and better serve buyers. Make REcolorado work for you by saying “Yes” to the MLS!
Forecast for Sellers
Inventory challenges are expected to persist in 2023, thanks in part to what economists are calling the “lock-in” effect. Many would-be sellers are choosing to stay in place in order to keep the lower mortgage rate they previously “locked in” for their current home. The number of new listings that came on the market was lower than any February since 2010.
Pro Tip: With fewer homes coming up for sale, it’s time to get creative to generate new listings. Learn how to use the suite of tools available through REcolorado to build your farm area, keep in touch with clients, and create business opportunities by visiting the Grow Your Business Learning Path on REcolorado.com.
Rental Market Activity
REcolorado metrics from rental listings indicate an active and strong rental market in February. The number of properties that were leased was up more than 50% from last year. The Denver Metro rental market also experienced year-over-year increases in activity—the number of leased properties doubled and leased prices are up 6%.
More Colorado Market Stats
REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we providing housing market data and collaboratively produce statistics reports with local REALTOR® associations.