Last month, the greater Denver Metro housing market again broke an all-time record: a new inventory low with only 2,316 total properties on the market, translating into an inventory shortage and opportunity for appreciation to accelerate. This comes from the February 2021 Market Trends Report from the Denver Metro Association of Realtors (DMAR).

Not to be outdone, single-family detached properties also hit a record average price of $629,159, while attached properties hit a record of $397,792. According to DMAR’s numbers, single-family home sellers saw a 101.03 percent close-to-list-price in January and a drop to five days in the MLS, down from six last month and 24 days last year. Overall, the drive in demand has been proportionally higher for single-family detached properties than attached properties, explaining why the market is currently experiencing historic low inventory for single-family detached properties.

Andrew Abrams, Chair of the DMAR Market Trends Committee, noted that while at the end of the month there weren’t a lot of homes to choose from, it didn’t affect the number of properties going under contract. He reported there were 4,459 pending properties in January, which is only a 1.09 percent decrease from last year at this time, and 2020 saw similar numbers.

The report confirms that if interest rates stay low and inventory remains scarce, there will continue to be multiple buyers for every appropriately-priced house, and sellers across the state of Colorado will continue to have the opportunity to navigate through multiple offers and differing terms of their choice, ultimately choosing one contract while disappointing several others.

While it may seem daunting, becoming a homeowner in 2021 is an achievable goal. It’s crucial to have your finances in place and be ready to move quickly. Having an experienced pro on your side can make all the difference, so give Metrowest a shout today and let’s explore your options!