The Colorado Association of Realtors® (CAR) has released their monthly, statewide market snapshot report for February, and the news is great. The state as a whole is in a growing seller’s market. Homes are selling quickly, most in line with their list prices, reflecting the demand for properties is continuing. There are many reasons people want to live in Colorado, among them is better affordability alongside a higher quality of life. Seeing how the market is steadily increasing in positive directions reflects what many who live here already know, that Colorado is an excellent place to live, work and play.
Taking a closer look at the Colorado Market Snapshot, both median and average sale prices have gone up. Median list prices in February were up 9.9% compared to last year at the same time, while average list prices were up 7.5%. Median sale prices, what buyers are paying sellers, also increased, 8.8% to $315,000. Average sale prices rose by 12.0% up to $394,385.
These two figures show different points of view when looking at the market. The median price is the mid-line price of homes sold in a specific time period, in this case, one month. Average price takes the total number of homes sold and averages their prices. Depending on the value of your home, and the neighborhood you live in, chances are your property could garner a figure somewhere within these ranges, making this a great data resource to work with when determining what to list your home at on the market.
Two other key data points to watch are the Days on the Market and Pending Contract/Sales. The average days on the market in Colorado went down in February, from 63 days in 2016, to 59 days this year. Comparing from January to February 2017, there has been a 5-day decrease in the average number of days on the market, from 65 to 60. These figures show homes are moving faster, which means more buyers are making offers.
The number of pending offers at the end of a month is another indication of how much a region is in demand. For Colorado, this has gone up 10.4% comparing February 2017 to the prior year, and up 7.1% from the month before. As demand increases, if inventory remains low, prices tend to increase at a faster rate, a classic supply vs demand scenario.
With the latest results from the CAR Market Snapshot, it is clear to see our market is thriving. This is a great time to list your property. When you are ready to sell, or buy your home, work with a Realtor® who understands the market, and how to work with real estate trends to help their clients successfully sell their homes. We at Springs LifeStyles Real Estate are here to help you with all your real estate needs! Call Kathy Stenberg at (719) 963-4867 or you can email her at firstname.lastname@example.org You can also visit us at our website for available listings and additional information.