If you’ve ever wondered if weather affects the real estate market, this late winter is proof positive. The spring selling season has gotten off to an early start due to unseasonably warm weather. Pair that with low inventory and high demand and you’ve got a great spring seller’s market in Colorado. It makes a difference in the tactics of the listing Realtor.
Activity declines during the winter
Usually the amount of activity for listings in the residential home market in the area declines during the winter. For instance, February saw a total of 3,878 units and the number of sales decreased by 12.21% compared to the previous month. The difference this rather warm February was that even though listings were lower, condo inventory was up 19.25% with single-family inventory down 7.6%. This caused extreme competition and frustrated buyers.
Median home details
So in the single family home market, the median home looks like this: detached single-family home has 1,742 square feet, four bedrooms, three bathrooms, spent 11 days on the market and was built in 1983. The median attached single-family home/condo was 1,151 square feet, two bedrooms, and two bathrooms, spent six days on the market and was built in 1984. These median homes sold for an amount that remained relatively unchanged at $447,838 while the median price rose 3.68 percent to $394,000.
This February there was a surge of new listings with a monthly increase of almost 20%. Of course that increase was overshadowed by an even bigger increase in contracts. We’re talking to the tune of homes under contract increasing 17.82% from last month, and 4.79% from February of last year.
So what does this say? It says don’t be afraid to list. It’s needed and your home will sell.