Housing prices in metro Denver declined in February, but the volume of homes put under contract last month in the area increased 4 percent compared with a year ago, according to statistics released today.
Last month, 5,125 homes were put under contract. The median price of a single-family home dropped 5.75 percent to $221,486, compared with February of last year. The median price of a condo dropped 7.73 percent to $133,750, compared with last year.
The difficulty in obtaining financing in the $415,000-plus price range, coupled with the continuing sales of discounted foreclosures in the lower price range, is contributing to this continuing downward pricing curve,” said Larry McGee, president and managing broker of The Berkshire Group.
Meanwhile, there were 25,037 homes on the market, up 2.2 percent from January but just 0.8 percent compared with February 2007.
“That’s no real surprise. Inventory is up as always in February,” said Gary Bauer, an independent analyst who prepares a monthly home-sales report.
“The positive side for the Denver market is we had several good showing weekends, and in spite of the ominous news, as far as oil prices and the other major market areas continuing to have tremendous price declines, we’re still seeing a little bit of insulation, and we’re not being impacted,” Bauer said.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
