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.
For the month of April, most of the Denver metro area was not allowing "in-person" showings, which led to many withdrawn listings, and hundreds less listings each week.
For the month of April, the days in MLS decreased from 30 to 20 days, which is amazing considering the Virus situation. The sales decreased 15.1% over last year's sales, and up over last month's sales also. The number of homes that went under contract decreased substantially (understandably when you cannot view a home until you have it under contract) from last month.
The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw an increase in active listings, and we have 15.1% less new listings than we did this time in 2019. The pending listings saw a decrease (48.1%) over the same month 2019, and a sizable decrease from March 2020. Sold properties saw a decrease from last year. With 20 days in MLS, this still indicates we are experiencing a Seller's market (March 2019 we saw 28 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 April 2020
New Listings - 4,695 - down from 6,675 last month (in 2019 it was 7,526)
Pending Listings - 3,711 - down from 5,912 last month (in 2019 it was 7,148)
Closed Listings - 3,855 - down from 4,635 last month (in 2019 it was 5,205)
Days in MLS - 20 days - down from 30 days last month (in 2019 it was 28 days)
Average Sold Price - $502,207 - down from $513,795 last month (in 2019 it was $495,759)
Percent of Sold Price to List Price - 100%, same from 99.9% last month
Buyers - Usually the spring buying season starts mid-January or early February and did not disappoint, and started with a fury. Razor-thin inventory had buyers again making crazy offers, and most saw multiple offers. Once we saw the virus in Denver, the ability to show a home "-in-person" was stopped for a few weeks. The new "normal", you will see gloves, booties & sanitizer in listings, don't touch the light switches or doors.
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.
Denver’s unemployment latest rate is 4.6% for March. (sure this number will significantly increase.) The national average of 4.4% was for March 2020. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. Lockhead Martin announced they are hiring many more employees. See who else is adding employees. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. I recently got a first time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first-responders a fabulous deal!
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.