North Metro Denver Real Estate Market Report February 2020

North Metro Denver Real Estate Market Report February 2020

In February, 5,122 new listings came on the entire metro market, up 5.56 percent from the month prior which saw a massive month-over-month increase. Home sales were up 3.16 percent in February so the month ended with only 4,835 active listings, down 2.15 percent from January and 19.64 year over year.

“While the stock market struggled with fears of the spreading coronavirus, real estate stayed strong,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “Homebuyers and sellers leaped into action and took full advantage of the extra day in February. Despite being one of our snowiest Februarys on record, real estate agents put more homes on the market, up 5.56 percent from the prior month. We shifted 7.08 percent more homes into a pending status and closed 3.16 percent more deals than in January.”

North Metro Denver Real Estate Single Family Home Sales by Price

Last month, the luxury single-family market alone closed on 126 homes, up 20 percent month over month and 7.69 percent from last year. “There are more buyers ready to purchase a home priced over $1 million than we saw in 2019. Single-family sellers are enjoying a more crowded marketplace. That said, these new homeowners are still able to negotiate the sale. The reported close-price-to-list-price ratio shows that homes are selling at 96.63 percent of the asking price.

Overall, luxury listings are staying on the market less time than last month as reflected in a decrease in both the median and average days in the MLS, at 47 and 76 days respectively. Usaj comments, “Days on market for luxury homes is another indicator that the market is moving faster in this price band. Homebuyers are out looking at homes and making decisions quickly despite the snowfall we saw last month.” The condo market is also up in the number of closed homes in February which experienced a 7.14 percent increase from the prior month and
15.38 percent year over year.

Brighton Single Family Homes YTD Over the Last 5 Years

Westminster and Brighton were the stars in February with significant increases in sales up 15% and 40% respectively. New listings are going under contract in days and my clients are all dealing with multiple offer situations. Homes in the $300k-$400k range are only on the market for a day or two with 5-15 offers per property. Fewer homes to choose from pushes prices up in a community that already has an affordability issue so now is the time to get homes listed and on the market.

Thornton Single Family Homes YTD Over the Last 5 Years

If you are a home seller this spring season, it may benefit you to think about selling sooner than later. Buyers are motivated with the low interest rates and can buy more home for their dollar. I have great strategies for my buyers in multiple offer situations to help them win the home of their dreams. I am also working with buyers to help them purchase new homes . For more data on trends, watch for next month’s market report!

If you want similar in-depth information and a breakdown of different areas such as Gleneages Estates, Todd Creek, Brighton Crossing-Brighton East, Eagle Shadow, Keenesburg and Cavanaugh Hills download the full 11-page North Metro Denver Real Estate Market Report February 2020

Helping You Make Informed Decisions Regarding North Metro Denver Real Estate

I produce this monthly report to provide you with a high level overview by looking at the patterns and trends. My goal is to help YOU make sense of the numbers so you can make informed decision. It is my hope that this report helps you to ”See the Big Picture and All the Details!”

If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Home Estimate that I routinely prepare for my clients, please contact me, I would be happy to go to work and get that to you.

This report covers Single Family Homes for the Brighton, Thornton, Broomfield and Westminster area which includes the specific areas such as Gleneagles Estates, Todd Creek, Brighton Crossing-Brighton East, Eagle Shadow and Cavanaugh Hills.

You will also see a ”slice” of the data by Price Range and by Area for Single Family Homes to provide a more insightful view of the market.

Get your North Metro Denver February 2020 Real Estate Market Report Now

How can I help you with Your North Metro Denver Real Estate Needs?

This North Metro Denver Real Estate Market Report February 2020 and the level of detail is representative of what you can expect from me as your Real Estate Agent. I hope I can provide the same amount of expertise and insight for you when you are looking to buy or sell in the North Metro Denver area.

Do you wonder what your home is worth in the current market? Do you have questions or want more information about something in the market report? Do you desire a specific Home Estimate that I routinely prepare for my clients? Please contact me or visit this link to get the ball rolling.

Christina Kern
Associate Broker
Residential Home Specialist & Global Luxury Specialist
Coldwell Banker Residential Brokerage North Metro Office
(303) 915-0809