Thousands of new homes are going up for sale in the Denver metro, but they're being snapped up just as fast. As a result, the number of houses for sale hit an all-time record low in February.
There were 3,878 total units listed last month, the lowest for any month on record, according to the Denver Metro Association of Realtors. Compare that to February 2006, when buyers had their pick of nearly 26,000 homes.
Single-family homes are particularly hard to find. There were almost 8 percent fewer for sale last month compared to a year earlier, while the median sale price was up 11 percent.
Condos, meanwhile, are getting easier to come by, with 19 percent more available in February 2017 than 2016. Still, condos' median sale prices also saw double-digit increase.
"The spring selling season is off and running as unseasonably warm weather heats up an already hot market," said Steve Danyliw, chairman of the DMAR research committee, in a written release. Still, he expects that rising interest rates and concerns over affordability will "cool things a little."
