DMAR Real Estate Market Trends Report | Feb. '26
As the calendar moved through February, the Denver Metro real estate market found itself at a familiar crossroads: the quiet of winter beginning to give way to the energy of the spring buying season. Each year, this transition marks one of the most telling moments in the market, as buyers who have been waiting on the sidelines start to re-engage, sellers begin preparing their homes for listing and the pace of activity slowly builds momentum. This year, that seasonal shift is unfolding against a backdrop of meaningful change. Inventory levels, pricing dynamics and buyer behavior have all evolved.
Mortgage interest rates saw a steady decline in February and ended the last week of the month below six percent, giving buyers a nudge and homeowners waiting to refinance a little relief. The median sale price for attached homes was down 5.25 percent from a year ago, and down 2.25 percent for detached homes. This combination, along with unseasonably warm weather, led to increased buyer activity in February, reflected in pending properties, which were up 29.26 percent month-over-month and 15.27 percent year-over-year.
“Buyers who entered the market early this year have benefited from softer pricing and lower mortgage rates. Inventory on the market that carried over from 2025 largely represented motivated sellers, negotiating on price and concessions,” said Amanda Snitker, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “Many properties that were competitively priced, in prime locations and condition, received multiple offers. Buyers are selective in this market, but they’re prepared to move quickly when the right opportunity comes along.”
New listings increased 12.15 percent in February, providing eager buyers with a fresh batch to choose from. Meanwhile, homes that were overpriced and needed updating spent much longer on the market, attracting value-focused buyers and bargain hunters, while turnkey-minded buyers gravitated toward homes that were move-in ready. Both types of buyers were active in February, as reflected in the days in the MLS, which decreased month-over-month for both attached and detached properties, down 30.16 percent and 40.00 percent, respectively. Additionally, the number of closed properties increased by 29.89 percent. The close-price-to-list-price ratio increased to 98.70 percent month-over-month, reflecting healthy buyer activity relative to new listings entering the market.
Year-to-date, 2026 is lagging 2025, with sales volume down 13.17 percent and median price down 2.21 percent. The recalibration of inventory and buyer demand experienced over the past 3 years continues to adjust the Denver market. However, February’s activity shows strong momentum into the warmer spring months. Buyers continue to have choices, and sellers are seeing fewer days in the MLS. This balances supply and demand for a healthy market.
Added Snitker, “Mortgage rate fluctuations will continue to be a start-and-stall pressure point for buyers. Exploring rate buydowns and alternative loan terms, such as ARMs, can help reduce the whiplash buyers feel, allowing them to focus on finding the right property rather than on fluctuating rates. Buyers who stay focused on their long-term goals rather than short-term rate movements will find real opportunity.”
DMAR’s monthly report also includes statistics and analyses in its supplemental markets that include properties sold for $1 million or greater, properties sold between $750,000 and $999,999 and properties sold between $500,000 and $749,999.
In the $1 million+ market, month-over-month closings for detached homes between $1 million and $1.49 million climbed 35.37 percent, while homes between $1.5 million and $1.9 million surged 65.85 percent. A slight 2.13 percent dip in the $2 million+ tier did little to slow overall momentum, as strength in the core price brackets pushed total closing activity up an impressive 36.48 percent.
Despite this momentum, homes above $1 million are taking longer to sell. Median days in MLS hit 26 in February, up 73.33 percent year-over-year. Additionally, year-to-date sales volume in this segment was down 13.82 percent from 2025. Price-per-square-foot landed at $370 last month, below each of the past four years and roughly six percent below 2025 levels. Given the broad price spectrum within this segment, along with a mix of attached and detached homes, this metric likely reflects a combination of softer pricing power and shifts in sales composition, rather than a uniform drop in value.
“Outside the spreadsheets, the pre-spring market for this price band appears to be in full swing,” said Michelle Schwinghammer, DMAR Market Trends Committee member and Metro Denver Realtor®. “Showings increased dramatically in February. Multiple offers on turnkey homes in desirable locations with hard-to-find features are absolutely – and somewhat unexpectedly – back. Precision pricing and thoughtful presentation continue to determine outcomes for sellers. When those elements align, homes are snapped up. When they don’t, days in MLS become a liability that’s difficult to overcome.”
Added Schwinghammer, “It’s early in what has been a discombobulated new year, and Denver residents are refreshing their forecast apps, waiting for winter storms that have yet to materialize. Similarly, within this market segment, data suggest we are navigating a normalization phase, with buyers exercising greater selectivity, patience and leverage than in prior years. That’s not a setback, it’s a recalibration.”
Highlights from February’s closed transactions include the sale of the highest-priced detached home, which was a six-bedroom, nine-bath, three-car estate at 181 Race Street in Denver Country Club. The property was purchased by a cash buyer in only nine days, closing at $8,595,000. The highest attached sale was located at 411 Madison Street. This four-bed, five-bath duplex in Cherry Creek also sold to a cash buyer for $2,925,000.
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