According to the monthly trends report from the Denver Metro Association of Realtors, Denver’s housing market surged in February as the snow melted and temperatures creeped up. More sellers opted to list their homes, the median sale price increased, and the number of days on the market dropped.

The early rush hour in the Denver market signals the pent-up desires of sellers, who have been sitting on the sidelines due to the dramatic run-up in interest rates since last spring. Although the rates decreased some from their highs last fall, they don’t appear to be dropping below six percent anytime soon. So, it appears that sellers waiting for optimum sale and rate conditions have decided to jump back in.

At the end of February, the number of active listings was 5,511, up 46% from the 3,778 in February 2023 and 350% from the 1,226 available in February 2022. The number of active listings was also up 13% from January’s 4,871 available homes. That increase was the second largest percent increase on record, the DMAR report said. Historically, the average number of available listings in February is 12,671.

Pent-up buyer demand is keeping prices high and cutting the days on the market. February’s median close price climbed to $576,584, up 2% from $565,000 in January and up 2.4% from $563,000 in February 2023.

The number of days on the market dropped to a median of 23 in February from 36 in January.

Buyer demand also pushed the close-to-list price ratio to 99.3%, up from 98.4% in January and 98.9% in February 2023.

The number of closed sales, 2,864, was up 31% from January’s 2,183 closed sales but down slightly from February 2023’s 2,877 closed sales.

Industry insiders agree that if you’re on the selling side, now is the time to ensure your home is in show-ready condition by removing clutter, servicing HVAC systems, washing windows, and cleaning sewer lines. Performing these tasks helps create multiple offers and maximizes your profits.

If you’re thinking of buying or selling this spring, now is the time to get started. Reach out to one of the experienced professionals at Metrowest today and let’s go over your options!