• Warm weather and no postseason Broncos games are sure bets to bring out home buyers. January saw an increase of 89.27 percent of new listings from the month prior. We are coming off record low inventory, but that is notable. Buyers like what they saw as 70 more homes went under contract in January than those showed up as new listings. Pricing the home right and making repairs up-front seems to be the key to rewarding those sellers with an average of 15 days on market.
  • Detached average home prices are up 6.86 percent year over year to $543,494. Attached average home prices are down a bit at 0.37 percent year over year. That’s the first January price drop in at least the past four years.
  • In December, 65 percent of closed transactions in the Denver Metro area utilized conventional loans with 12.9 percent being paid for in cash. FHA loans are on the rise and surpassed cash as the second most popular financing type accounting for 15.3 percent up from 13.8 percent a year prior. If you are thinking about selling, check if your property is FHA qualified. If not, you may be missing out on a 55.3 percent of the homebuyer market comprised of millennials who may be utilizing FHA financing as their preferred financing type.