As we look into February posted stats it is a reminder that the spring season will be here before you know it, it's worth taking a closer look at the current state of the housing market in Denver. Despite a rising average mortgage rate of 6.65%, homeowners who bought their homes earlier are sitting pretty, having locked in rates below 4%. This is one reason why we're seeing historically low inventory numbers, as homeowners are less inclined to sell and move on. Spring market is still looking to be a busy one, with an uptick in inquiries and sellers looking at estimated values
However, for homebuyers, now is a great time to act. Active inventory is up 208.16% from last year, providing a wide range of options for buyers to find their next home. In February, 3,740 homes found a buyer, which is an increase of 22.51% from January, but still down -24.87% from last year. Additionally, new listings are down significantly year-over-year, with only 3,451 new homes coming online for the 3.3 million people who live in the Greater Denver Area, the lowest number of new listings this time of year since 2014.
Busy Spring Market awaits
With an active inventory that's up 208.16% from last year but down 8.3% from just last month makes us believe that it's going to be a busy spring market. It's crucial to act quickly to make sure financing is in order so you can act when needed. In the past 2 weeks we have noticed the phone starting to ring with new buyer inquiries and sellers wanting info on forecasting the spring market, so contact Tyler and his team to set up a game plan and ensure you're making the right financial decisions
The report covers transactions from the greater Denver metro area, including the counties of Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.