February 2016 – the lowest month of inventory I’ve seen in over 5 years! No wonder buyers are so competitive for available properties. In February there were only 3598 available listings. Just to put in perspective, in January of 2011 there were 21,630 available properties. WOW.
If you are looking to buy, you NEED an experienced agent helping you through this craziness. I just wrote an offer of $265k for a buyer on which there were 41 offers. YES, 41! Although she didn’t win that one, the NEXT one she DID!
Here’s a snapshot of what the February brought to the real estate market in Denver:
- The average (including million dollar properties AND condos) days on market was 36 days
- The average sales price in Denver went up to $376,000 ($373k previous month, $344k last year same time)
- The total number of properties sold was 2895 (up from 2807 same time last year)
- Active inventory still low at 3598 listings
- The average 30 year fixed rate on a mortgage at 3.64% with .5 points
We are into the 2016 year and early spring with limited inventory. If you are interested in selling, it is a hot market right now! There are ways around to getting into your new home, it just takes a experienced agent. Contact me today!
Lori Vialpando Coldwell Banker Residential 303-324-5731 homes@lori-v.com #DenverRealtorRuns
For a pdf version of the report click here: Feb 2016
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