Denver Home Sales Dip In February

Dated: 03/10/2014

Views: 742

From The Denver Post 3/7/14
By Aldo Svaldi

Denver home sales take a big dip in February, N. Colo. stays steady

By Aldo Svaldi
The Denver Post
Posted:   03/07/2014 01:52:52 PM MST1 comments | Updated:   2 days ago

Metro Denver saw home sales plunge by a fifth in February from January, but even that big drop failed to boost the inventory of homes on the market, according to a report Friday from Metrolist. In February, buyers closed on 2,645 homes, a 21 percent decline from the 3,342 properties that closed in January, according to Metrolist. February started cold and has three fewer days than January, but that alone can't explain such a big decline. New mortgage rules went into effect in January and they could have disqualified some borrowers or, more likely, slowed down the timing of purchases, suggested Gary Bauer, an independent real estate analyst. "That is causing some of the under contracts to sit out there." Metrolist's numbers show homes under contract, but not yet sold, rose 10 percent to 4,001 in February from January. The number of homes sold plus those put under contract only dropped 4.6 percent in February from January. That may partially explain why the inventory didn't spike. But Boulder mortgage banker Lou Barnes said the market's biggest challenge remains a lack of supply. "We are locked up," he said, of the lack of sellers. The number of homes available for sale dropped to 7,441 from 7,610, and the average time of the market for listings fell to 57 days from 61 between January and February. "We continue to maintain a supply of just 11 weeks, and while prices are stable now, we expect them to increase as buyers become more active in the spring and summer," said Kirby Slunaker, Metrolist's CEO and president, in a statement. The average price of a home sold declined 3 percent from $302,251 in January to $294,565 in February, the report said. Bauer said such a large percentage drop in closings would have worried him much more if it had happened in the spring or summer. "We aren't in the prime buying season," he said. Data provided by Coldwell Banker shows that unlike metro Denver, Boulder, Weld and Larimer counties saw the number of home closings rise in February from January. Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or twitter.com/aldosvaldi
Denver home sales
Feb 2014: 2,645

Jan. 2014: 3,342
Feb. 2013: 2,967
Source: Metrolist

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Ranae Urso

My name is RaNae Urso and I specialize in residential sales and buyer representation in the Denver Metro area. I have been in the real estate business over 14 years of my 30 years in Colorado. I enjo....

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