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Front Range Real Estate Market Update, August 6, 2020

There still aren’t enough homes for sale in Metro Denver to satisfy buyer demand. Statistics for July indicate scarcity of choice was one reason detached homes sold at a record average price last month – $601,863. This is nearly ten percent higher than a year ago (9.92% to be precise) and up 7.68% compared to June. Pending home sales in July were up 27.07% compared to July 2019. Since most homes take about 30 days to close, we expect to see a very high number of closings this month.

The median price of a home that sold last month was $503,950. For attached homes like condos, the median was $332,893 and the average was $383,174. Detached homes that sold last month spent an average of 23 days on the market, while attached homes spent 26 days in the MLS.

People from around the world still love Colorado and want to call our state home which also causes prices to rise. A recent study found that people under 35 with an income of $100,000 or more moved to Colorado more than any state except Washington. Atlas Van Lines analyzed moves and found that many of our incoming residents last year were from Idaho, Washington, North Carolina and New Mexico.

Metro Denver Real Estate Market Activity

We didn’t see as many homes come onto the market last week as we did the week before, but we’re still seeing a very large number of closings and homes under contract. During July, closings were up 7.85% compared to June. ShowingTime statistics indicate that showings in Colorado are up 10% compared to this time last year and up 3.4% over before the pandemic started to have an impact in the middle of March.

During the last week:
New Listings – 1386
Back On Market – 327
Price Increase –  311
Price Decrease – 1093
Pending – 2271
Withdrawn – 231
Closed – 2270
Expired – 439

Previous week:
New Listings – 1426
Back On Market – 375
Price Increase – 200
Price Decrease – 1129
Pending – 2340
Withdrawn – 197
Closed – 1979
Expired – 215

Based on data from REColorado®