Denver-area home sales transactions were up in February from a year earlier, but sales prices declined, according to recent data from the Denver Multiple Listing Service (MLS).

For the month of February 2008, 4 percent more homes were sold compared to February 2007. Year-to-date sales also were up through the end of February 2008, with 4.9 percent more sales this year compared to the first two months of 2007.

Sales prices of both single-family homes and condos dropped year to year. The median sales price of metro-area homes that closed in February 2008 was $221,486, down 5.8 percent from the median of $235,000 in February 2007.

For condos, the median sales price was $133,750 last month, down 7.7 percent from $144, 950 in February 2007.

The inventory of unsold homes on the market increased 0.8 percent from February 2007 to February 2008.

So what does all this mean?   Prices have been declining from a year ago, while the number of transactions has increased.  For Buyers, this is good news.  There is a great selection of inventory to choose from of well priced homes and interest rates continue to be attractive.  We have an active market and it's a great time to buy!

Bob Bandy

Denver Real Estate Blog