Home listings surge again in February, but prices hold steady

With an increase in active listings in Denver and statewide, potential home buyers now have more options and purchasing power.

The latest market trends housing report from the Colorado Association of Realtors reveals:

• In February, new single-family listings in the seven-county Denver metro area reached 4,284, marking a 12% increase from January and a 13% increase from the previous year.
• Condo/townhome new listings in the Denver metro totaled 1,654, showing a 10% increase compared to February and an 18% increase from February 2024.
• Active single-family listings in the Denver metro have increased by 15% from the previous year, now standing at 8,019.
• Active condo/townhome listings in Denver have surged by about 33% to reach 3,562.
• Statewide, new single-family listings rose by about 4% from January to February, with an 8% increase from the previous year.
• New condo/townhome listings statewide saw a 4% uptick from January and a 13% increase compared to the previous year.

In addition to January’s record availability, February saw further increases in listings. Nearly 4,000 new single-family listings were added in the Denver metro area last month, marking a 105% increase from December and a 27% increase from the previous year. Statewide, there were 6,682 new listings, reflecting over a 90% increase from December and a 23% increase year-over-year.

The median sales price for single-family homes in the Denver metro area rose by nearly 2% from January to February, reaching $620,000, which is 3.3% higher than the previous year. Meanwhile, the median price of condos and townhomes in the Denver metro remained steady in February but is down 3.6% from February 2024.

Statewide, the median price for a single-family home is $575,000, showing a 1% increase from January and a 4% increase from February 2024. The median price for condos and townhomes statewide is $409,000, with a 2% decrease from January and a 4% decrease from February 2024.

Kelly Moye of Compass noted that despite increased activity, buyers are still cautious, leading sellers to adjust their strategies and pricing to attract interest and close deals.

“As the market continues to evolve, it remains to be seen when buyer confidence will fully return,” Moye said.

Although there is ample home inventory available, buyers are hesitant due to economic uncertainties, a turbulent political climate, and high inflation, according to Colorado Springs-area realtor Jay Gupta.

“Regrettably, these factors are severely undermining consumer confidence in making housing purchases,” Gupta stated.

To stay competitive and close sales, sellers are advised to consider offering concessions, being flexible in negotiations, and setting competitive asking prices.

“Many sellers are willing to provide concessions to help buyers with interest rates or closing costs,” mentioned Aurora-area realtor Sunny Banka.