Last year the spring selling season — when the number of homes sales typically peak in the region — cooled due to high housing prices and rising interest rates. However, the market this year is showing signs of a better start.

A surge of homes went on the market in February, according to a recent monthly Market Trends report from the Denver Metro Association of Realtors, and average prices were up 3% from the same time last year.

Many home sellers who have been holding out for more favorable conditions are not wanting to miss out on the region’s hot spring selling season, the association said.

The metro Denver 11-county area saw 1,000 more new listings compared to January. Buyers have plenty more options as active listings at the end of February were up nearly 13% from the month before and 46% from the same point in 2023. That is a difference of 5,500 homes on the market in February 2024 and 3,800 in 2023.

The average home sold for more than $676,500, the report said. That is up 3.27% from the prior month, and 3% from February 2023.

Most homes were on the market for 23 days, down two days from 2023.

This pent-up demand was most evident in multi-million-dollar homes.

The number of new listings nearly doubled for condos or townhomes worth more than $1 million from January. There were 690 listings for single-family homes in this segment, up nearly 59% from the month before and 52% from 2023.

With buyers having more choices, they are also taking more time to make a final decision.

There were fewer sales closed in February compared to last year. The month saw 2,860 closed sales this year to 2,880 in 2023. More than 3,500 sales were pending in February, up 1.8% from the year before.

Total sales volume nearly reached $2 billion in February, the report said. The number of closed sales for all home types was down less than .5% from 2023, according to the report. Pending sales were up 1.8%.

If you are looking to turn your dreams of buying a home into a reality, there is no time like now to start the process. Contact Metrowest today and let’s explore your options!