Metro Denver’s Median Home Price Reaches $400K In February; Housing Inventory Increasing As Well


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By Kurt Sevits of KMGH Channel 7 DENVER

 

DENVER -- The Denver metro area's real estate market is experiencing  sizable increases in both home prices and housing inventory in the February of 2018.

The median home price for residential properties, which includes single-family detached homes and condos combined reached a new milestone in February.... $400,000, according to the latest report from the Denver Metro Association of Realtors. Last year at this time, the median was a little less than $360,000.

The rise in the median price represents an increase of nearly 4 percent from January and more than 12 percent from the same time last year.

The average single-family detached home price also hit a new record in February, surpassing $500,000 for the first time.

While continually rising prices may not be good news for prospective buyers in the metro area, a boost in the housing inventory should be a welcome sign as more homes enter the market.

The number of active listings in February rose to 4,084, an increase of 5.56 percent from January and 5.31 percent higher than February 2017. Condos saw an especially large rise in inventory, increasing by more than 11 percent since this time last year. Single-family homes were up 3.32 percent.

"This is good news as we normally see a small seasonal decrease this time of year," said Denver-area Realtor and DMAR Market Trends Committee Chairman Steve Danyliw, adding that new listings entering the market have helped. "These new listings may be 'fence-sitters' jumping in as concerns of increasing interest rates mount."

Despite the increase, inventory is still incredibly low: The historical average number of active listings for February is more than 14,000.

The most expensive home that sold in all of metro Denver last month (or just outside the metro area, rather) was a five-bedroom single-family home in Evergreen that sold for $5,100,000.

About Kevin Schneider

Relevant Experience and Accomplishments • Have owned and managed a real estate brokerage, involving marketing of residential and commercial real estate, property management, and handling of foreclosures with various commercial banks, REO servicing companies, and including HUD and VA acquisitions. • Familiar with different types of appraisals used for marketing and lending purposes. • Have been honored with the “President’s Award” for top salesperson when working at Re/Max, also several awards for top listing agent and selling agent at Keller Williams. • Have “on-line” Multiple Listing Service connected to the Metropolitan Denver area as well as the Boulder/Northern Colorado region. • Have several designations from the National Association of Realtors- GRI- Graduate of the Real Estate Institute. Recognized as Top Performers In Their Industry. e-Pro- Efficiency in Internet Marketing and Real Estate Business. CRS- Certified Real Estate Specialist- Only 4% of all Realtors nationwide hold this designation, yet they are involved in over 25% of all transactions nationwide. CIPS- Certified International Property Specialist- Less than 2000 Realtors globally hold this designation. They have dealt with International real estate markets in their transactions.
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