In January,
the number of new residential listings (single-family and condos) leaped 109.7 percent from December to 4,821, an increase of 13.6 percent year over year. Active listings were up just 5.45 percent from the month prior, and up 52 percent compared to 2018's record-low January reaching 5,881. Notably, the number of active listings is still significantly below the historic average in the month of January of 13,469 (1985-2018).
"Choices, choices, choices! Buyers should be doing a happy dance because they finally have some choices," said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. "Even though the Denver metro area is still a seller's market in most price ranges, there's no doubt this is the best time to buy in a long time!"
According to Schafer, it's often said that the Denver real estate market doesn't shift into full gear until after the Super Bowl, but with more choices, interest rates lower than expected and warmer weather than usual, homebuyers were putting in more contracts in January, up 33.97 percent from December and 7.24 percent year over year. As such, higher home sales are expected next month.
While buyers are taking advantage of their housing choices, home sellers are still seeing appreciation with the average sold price of a home up 2.89 percent year over year, an increase from $448,132 in January 2018 to $461,101 in January 2019. "Apparently, both homebuyers and sellers can dance as having choices seems to be a good thing for all," adds Schafer.