Ready to Make Your Move?Market Update, June 25, 2020
For years, home prices have risen steadily in the Denver metro area, but we may be seeing some stabilization in pricing now. The average price for a home that sold in the area during May was $494,550, down from $502,168 in April and down from $511,702 in March. Normally, May and June see the highest prices of the year. So far this year, prices in the metro area peaked in March. We’ll see what prices are this month.
For the past few weeks, we’ve seen a large number of price decreases in homes that are for sale. This could also mean that prices are leveling off. First-time home buyers and others who have been sitting on the fence waiting for better home prices may start making moves to purchase homes now. We’ve heard many stories about people saving more money during this time, which could also help people who want to purchase homes.
The future is still very unpredictable and we recommend that buyers and sellers remain flexible and keep their goals in mind. Remember that the market tells us what homes are really worth; a property is worth what someone will pay for it.
Questions? Give us a call.
Reach David and Tom at The Principal Team at 720-408-7409.
Metro Denver Real Estate Market Activity
Activity slowed a bit this week, with fewer new listings, closings and homes that went under contract. Showings dipped 1.1% lower than what we saw at this time last year. We expected a surge of activity in the real estate market once stay-at-home orders were relaxed and it looks like we’ve seen that. Is the surge over? Perhaps, but we’ll have to keep an eye on the data in the coming weeks. Click the graph to see data comparing this year’s showing activity compared to last year.
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[one-half-first]During the last week:
New Listings – 1469
Back On Market – 356
Price Increase – 200
Price Decrease – 1181
Pending – 2423
Withdrawn – 177
Closed – 1661
Expired – 210[/one-half-first][one-half]Previous Week:
New Listings – 1730
Back On Market – 328
Price Increase – 226
Price Decrease – 1356
Pending – 2649
Withdrawn – 228
Closed – 1804
Expired – 220[/one-half]
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