February market stats are here, and as I said last month, Spring Selling Seasons is here!
From REColorado: "The 11-county Denver Metro housing market is stirring awake, with signs pointing to a potentially busy season ahead. While affordability remains a hurdle for many, a combination of factors is leading to cautious optimism for both buyers and sellers.
More Homes on the Market, Rising Seller Confidence
The biggest news? Inventory! After years of tight supply, the number of existing homes available for sale is showing signs of loosening. This is thanks, in part, to a surge in seller confidence. Encouraged by the possibility of moderating mortgage rates, coupled with strong prices, sellers are bringing their home listings to the market. February saw a 25% increase in new listings compared to last year, and this marks the second consecutive month with a significant jump.
Strong Demand Pushes Prices Up
According to Fannie Mae's January 2024 Home Purchase Sentiment Index®, buyers are showing an openness to moving. Prospective buyers were active in February, executing 6% more contracts on homes than we saw last year at this time. Additionally, following an uptick in activity in December and January, this February saw year-over-year and month-over-month increases in home closings. Increasing demand pushed the median closed price to $575,000 - a 3% increase from last year.
