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For the month of April, most of the Denver metro area was not allowing "in-person" showings, which led to many withdrawn listings, and hundreds less listings each week. Beginning 5/8, all counties in the Denver metro area once again were able to show, and listings hit the market daily.
For the month of May, the days in MLS increased from 20 to 23 days, which is amazing considering the Virus situation. The sales decreased 44.2% over last year's sales, and down over last month's sales also. The number of homes that went pending increased dramatically (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 18.1% less new listings than we did this time in 2019. The pending listings saw an increase (4.3%) over the same month 2019, and a sizable increase from March 2020. Sold properties saw a decrease from last year. With 23 days in MLS, this still indicates we are experiencing a Seller's market. (May 2019 we saw 25 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 May 2020
New Listings - 7,317 - up from 4,695 last month (in 2019 it was 8,801)
Pending Listings - 7,566 - up from 3,711 last month (in 2019 it was 7,251)
Closed Listings - 3,438 - down from 3,855 last month (in 2019 it was 6,164)
Days in MLS - 23 days - up from 20 days last month (in 2019 it was 25 days)
Average Sold Price - $495,491 - down from $502,207 last month (in 2019 it was $502,491)
Percent of Sold Price to List Price - 99.4%, same from 100% 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. We are seeing many multiple offers, especially with homes priced below $500,000.
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.