DENVER — For the first time in seven years, the price of a home in the Denver metro area dropped year-over-year, according to the Denver Metro Association of Realtors.
February was the first month since 2012 that the median single family home price declined year-over-year in the Denver metro area, which includes 11 counties around the Mile High City.
However, the median price for a home is still more than $430,000 in the metro area.
In February, the median single-family home price in the Denver metro was $430,100 – that’s down 2.18 percent compared to a year ago.
The median number of days that homes spent on the market went up from just seven to 15 days.
Experts say this could be due to the fact that a year ago there were only 3,015 active single-family home listings in February while this year there were a thousand more listings – up 36 percent.
“For nearly a decade buyers have been overpaying because that’s what the market has dictated,” said Denver real estate expert Clay Short. “Now it looks like it has kinda turned a corner, at least the buyers hope so.”
Short also notes that people often don’t buy as much in the winter as compared to the summertime.
According to Forbes, Denver is the most competitive housing market in the nation.
We know that supply is higher than recent past, but experts say so is the number of interested buyers because of people moving to Colorado.
Only time will tell if this is a trend or if February was just a blip on the radar.