Wednesday, September 9, 2020

Denver Real Estate Market Update September 2020

Denver Real Estate Market Update September 2020

The year of the Pandemic Summer, and the Hot Temps for the month of August have translated into a Hot Real Estate Market! This has possibly been the most active and productive August in recent history in the Denver Market! 

By the numbers:

  • We saw 5,959 homes/townhomes and condos Closed, which is up 4.2% vs 2019!
  • Active Listings at month end were 5,496 which is 41% less than 2019
  • New Listings were at 6,786 which is about the same as 2019
  • Pending homes were at 7,323 which is 32% ahead of 2019!
  • Sold Homes were 5,959 which is 4.2% more than 2019

The big story again is the Average Price in August!  Single Family Homes Closed at an average price of $606,330 which is up 13.8% vs August 2019! 

  • Condos and Townhomes Closed at an average price of $377,664 which is up a more normal 1.65% vs August 2019! 
  • This confirms the general trend of Buyers flocking to Single Family Homes and out of multi-family units due to seeking distance from neighbors during COVID-19! 

To give a yearly update and some perspective, we have seen 39,078 Residential Closings YTD through August 2020.  We saw 39,836 Closings in the same time frame for 2019! 

The Bottom Line is the Market has almost caught up with last year for Total Activity, and will probably exceed 2019 by the end of September!  This is a very resilient Market during a Pandemic!  

The Market is moving differently in certain parts of town, but much of the Buyer demand has been moving in the suburbs, Douglas County, the Foothills and the Luxury Market!  Low Interest rates continue to help drive the demand! 

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 is open for business!

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