Denver Real Estate Market Update June 2020
Hi
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!
- 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.
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!
