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Front Range Real Estate Market Update, August 19, 2021

Where were you in 2011? In the same home? In a different state or town? Let’s compare key real estate statistics from July 2011 to what happened in Metro Denver last month.

Active Listings
July 2011: 22,860 | July 2021: 4,816  |  See Graph

The fewest active listings between 2011 and 2021 were during May of this year when there were just 3,132. Before that, our record low was during January 2016 when only 3,961 homes were for sale. During the past ten years, the most homes for sale were during August 2011, when there were 12,555.

Closed Listings
July 2011: 3,616 | July 2021: 6,670 |  See Graph

We had just 1,884 closings during January 2011, the fewest of any month during the past decade. July 2020 was when we had the most closings – 7,667. So, even with low inventory, we’re still seeing quite a bit of activity in the market. Our second-best month for closing was during May 2019, when there were 6,389.

Average Closed Price
July 2011: $249,316 | July 2021: $639,096 |  See Graph

Prices have risen dramatically over the past 10 years as we all know. The highest average closed price was $654,566 in June 2021 and dipped a bit in July. The lowest was $247,759 in October 2011.

Average Days in the MLS (Number of days on the market)
July 2011: 87 | July 2021: 10 |  See Graph

What a difference a decade makes! Homes are selling much more quickly than they did during July 2011, when the average time a home spent on the market was 87 days. Homes that sold in January 2012 took 61 days to sell, while in June and July of 2021 the average has been just 10 days.

Months Supply
July 2011: 7.7 | July 2021: .8  |  See Graph

How long would it take to sell all homes on the market now if no new homes came up for sale? Whenever that number is over 4, it’s a buyers market; any number under 4 indicates a seller’s market. In July 2011 we had a buyer’s market. We’re currently experiencing a seller’s market with less than a one-month supply of homes during July.

Ready to make your move? We can give you tips on what to do – and what you don’t need to do – to get top dollar when you sell your home. Click here to schedule a call so we can talk about your plans.


Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1269
Back On Market – 253
Price Increase – 145
Price Decrease – 720
Pending – 1851
Withdrawn – 124
Closed – 1685
Expired – 127
Previous Week:
New Listings – 1529
Back On Market – 254
Price Increase – 180
Price Decrease – 740
Pending – 2091
Withdrawn – 139
Closed – 1692
Expired – 178

Based on data from REColorado®