Strong demand for Denver homes for sale during the month of February pushed inventory levels to record lows, according to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com. REcolorado’s February 2016 report includes data from REcolorado’s 18,000 members who operate throughout the greater Denver Metro and surrounding area.
After an uptick in January, inventory of available homes for sale in the Denver Metro and surrounding area dipped despite a strong influx of new listings coming on the market. The month ended with 4,968 listings of homes for sale, six percent lower than last month and two percent lower than February 2015. During February, sellers added 4,639 new listings of homes for sale, an increase of 12 percent as compared to last month and two percent more than last year.
In February, the supply of inventory in the greater Denver Metro area decreased to approximately 7 weeks, which means at the current sales rate, it would take just 7 weeks to sell all listed homes.
With over 50 percent of total sales in February, the most sales activity was seen in the $150,000 to $350,000 price ranges. Homes for sale in this price range also spent the least amount of time on the market. Overall, the average days a home spent on the market in February was 36 days.