The housing market continued to favor sellers in February, according to a recent report from Denver’s Metrolist. Metrolist reports that the average sold price in February was $332,600 for homes and $212,300 for condos. That represents a 10% and 20% rise over February 2013 respectively. In addition to better returns on their properties, sellers enjoyed a brisk market. Homes spent an average of 55, and condos 47, days on the market, 29% and 35% less time, respectively, than one year ago.
These factors are likely due to the fact that inventory is still low.
The number of listings was down significantly over February 2013, both for homes, which numbered 60% less than last year, and condos, which were down 56%. A total of 4,000 homes sold in February, 22% less than at this time in 2013. A total of 1,200 condos sold, 9% more than in February 2013.
While inventory for established homes dropped, activity for new home building was up in the earlier part of 2014, according to Inside Real Estate News. The Home Builders Association of Metro Denver reported that builders pulled permits for 520 single-family detached homes in January, representing a 4.63% increase from the 497 pulled permits in January 2013.
“The numbers are continuing to improve,” Jeff Whiton, CEO of the HBA, told Inside Real Estate News. “Last year was a very good year and we beat it… I think we are going to see increases not just from the big production builders, but we will see more small, infill builders returning to the market.” Whiton noted that he felt 2014 home building activity would top that of 2013, which should be good news for buyers looking for more properties to choose from in the market overall.
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