Metro Denver’s robust housing market is further evidence that the city is the No. 1 place to live, as recently reported by U.S. News & World Report.
There were 2,895 homes sold in January, a 5.5 percent increase over the 2,745 homes sold during the previous month and 3.1 percent more than the 2,807 sold during the same month last year. The median home price increased to $335,000 in February, up 4.7 percent from $320,000 during the previous month and 11.7 percent compared to February 2015.
Strong demand caused inventory to decline. There were 3,598 homes on the market in February, down 4.8 percent from January and 0.1 percent from the February last year.
“We all know that Denver is a fantastic place to call home,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “Strong home sales are proof that Denver deserves the top ranking of best places to live as more people continue to flock to Colorado.”
Sales in Denver’s luxury market — homes valued at $500,000 or more — remained stable, with 430 homes sold in both January and February but up 4.8 percent from the 408 sold during February 2015. While the number of luxury homes sold remained steady in February, the median price dipped 0.6 percent to $645,000 in February but up 1.6 percent compared to the same month a year ago.
Home sales in Boulder increased 20.7 percent to 227, compared with 188 sold in January. The number of sales was up 10.7 percent from the 205 sold in February last year. With sales rising, the median price of homes in Boulder continued to increase, reaching $430,000 — a 10.8 percent increase over February last year.
Northern Colorado also saw an increase in home sales. There were 688 homes sold in Northern Colorado in February, down 18.4 percent from the 581 sold in January and 2.7 percent from the 670 homes sold in February 2015. The median price increased to $295,000, up from $285,000 in January. The number of homes on the market continued to decline, with just 1,374 homes for sale, a 52.3 percent drop from the same month a year ago and down 1.5 percent from January.