- There were 7,170 active listings at the end of May, 4.6% more than April but 19.36% less than the previous year when there were 8,891.
Thursday, June 18, 2020
Denver Real Estate Market Update June 2020
I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats.
The economy is probably headed to a W-Shaped Recovery, but we are certainly seeing a V-Shaped Recovery in the Real Estate Market right now!
Sellers had the upper hand with low inventory in all price ranges except for homes priced over $1 million, where there were 9.50 months of detached luxury home inventory and an abundance of attached luxury homes for sale, with more than 23 months of inventory. Anything over six months is considered a buyer's market.
As expected, the number of closings was down in May following the weeks of strict showing restrictions, dropping 19.71% month over month and 48.86% year over year.
The average closed price didn't slip much month over month but dropped back below $500,000 to $495,925. That was a 1.24% lower than April but 2.43% higher year to date.
The Memorial Day weekend, and the beginning of Summer is usually a slower time for real estate sales but the boost in buyer activity kept agents busy this past holiday. Does this mean our market has recovered from COVID-19? Not quite yet, but it appears we are well on our way. Low interest rates, renewed optimism and an increasing number of new choices are all positives.
The Biggest Metric in May was over 6,800 homes Pending in the Denver Metro Area! That is a Record!
This very positive Market, and the continued strong demand for Buyers will help us get back on track as soon as we get a green light to show homes again!
Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate will be open for business soon!