By Aldo Svaldi
The Denver Post
Buyers braved deep snow and higher mortgage rates to snap up homes as soon as they came on the market in metro Denver last month, according to two separate reports.
Sellers brought 4,537 new listings to the market in February, a 14 percent increase compared with January, according to REcolorado, which runs the state’s largest multiple listing service.
But buyers were there waiting. Sales were up 13 percent to 2,832 and homes put under contract up 15 percent to 5,177 in February from January.
The inventory of homes available for sale was 5,087, a 1 percent decrease from January and a 25 percent decline from February 2014.
“Even with the increase in new listings, our historically low inventory levels remain the biggest challenge facing the Denver-area housing market, as they are undoubtedly contributing to rising average home prices and reducing the amount of time homes are on the market,” Kirby Slunaker, president and CEO of REcolorado, said in a statement.
A separate report from the Denver Metro Association of Realtors, which looks at a smaller area, showed the inventory of active listings reaching a record low of 4,079 despite a 13 percent surge in new listings.
DMAR reports that 4,240 homes went on the market; 4,077 were placed under contract, a 16 percent jump from January; and 2,667 homes closed at a median sales price of $295,900.
The increase in sales occurred despite the region breaking a 103-year-old monthly record for snowfall and a jump in mortgage rates from January, the group said.
“No winter weather blues on the high end of the market,” Jill Schafer, a member of DMAR’s Market Trends Committee, said in a statement. “February’s 22 inches of snow in the Denver area did not bury the high-end market last month. In fact, it heated up.”