The Denver real estate market usually starts with a flurry either January or February, and this year again we were faced with razor-thin inventory. Buyers were in multiple offer situations UNTIL COVID reared its ugly head in our State in March. We were seeing new listings come on, then the Attorney General said we no longer were able to show homes. In May sales were again in full force, and we saw more homes going pending (by far) than new listings coming on the market. Usually by August parents are preparing their children to return to school, and sales slow down, but it barely did so this year. The interest rate is unbeatable right now.
For the month of August, the days in MLS decreased to only 23 days. The sales increased 11.6% over last year's sales, and decreased a bit over last month's sales. The number of homes that went pending increased substantially from last month.
The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw an increase in new listings, and we have .7% more new listings than we did this time in 2019. The pending listings saw an increase (24.4%) over the same month 2019, and an increase from July 2020. Sold properties saw a huge increase from last year. With 23 days in MLS, this still indicates we are experiencing a Seller's market. (August 2019 we saw 31 days in MLS) Sellers should remember to list a home properly, as those over-priced homes will sit on the market. (this includes land, attached properties, single family homes and up to the mega million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
Stats for the Month of August 2020
New Listings - 6,792 -down from 7,625 last month (in 2019 it was 9,657)
Pending Listings - 8,154 -up from 8,015 last month (in 2019 it was 6,745)
Closed Listings - 6,381 - down from 7,184 last month (in 2019 it was 5,720)
Days in MLS - 23 days - decreased from 25 days last month (in 2019 it was 31 days)
Average Sold Price - $539,415 - up from $539,068 last month (in 2019 it was $485,681)
Percent of Sold Price to List Price - 100.1%, up from 100% last month
Buyers - If you have thought about buying a home this year - NOW IS THE TIME! The interest rate is unbelievable - below 3%. You can buy more home than you could just six months ago.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home. I may recommend unless you HAVE to sell right now, it may be easier once showings are allowed.
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.