February 2023 Housing Market Stats
As we head into the busy season for buying and selling homes in the Denver Metro area, there has been a notable surge in housing market activity. The latest REcolorado data for February 2023 reveals a sharp increase in new listings, with a rise of 20% from the previous month. Closings also saw a significant uptick, with a 31% increase during the same period. Furthermore, the number of pending listings, a crucial indicator of future closings, also witnessed a positive trend.
How this impacts Buyers
Buyer activity saw a seasonal increase in February as home shoppers got a jump on the busy buying and selling season. Buyers and sellers executed 18% more contracts in February compared to last month. Due to higher home prices and interest rates, the number of pending listings is lower compared to previous years
Forecast for Sellers
Inventory challenges are expected to persist in 2023, thanks in part to what economists are calling the “lock-in” effect. Many would-be sellers are choosing to stay in place in order to keep the lower mortgage rate they previously “locked in” for their current home. The number of new listings that came on the market was lower than any February since 2010.
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