Front Range Real Estate Market Report, July 9, 2020

June numbers are out. As the economy opened, a combination of low interest rates, pent up demand and low inventory led to more homes being under contract than came on the market. 7,676 homes went under contract last month. That’s a record high, up 27.38% compared to June 2019 and 16.25% higher than May 2020. Because of high demand and low inventory, we saw the second-highest average price ever in local real estate, $509,736 for all residential properties.

Homes that Sold
4,086 homes sold, up 58.37% compared to May and down 3.86% compared to June 2019. Detached homes took an average of 22 days to sell, 8.33% faster than the prior month and the same as June 2019. Attached homes took 30 days to sell, an increase of 20% over May and up 11.11% over June 2019.

Pricing
The average price for detached homes was up 3.3% over May to $560,435 and up 2.29% over June 2019. Attached homes sold for an average of $371,172, which was up .8% from last June and up 1.26% compared to May 2020. The median closed price for all homes sold in the Denver Metro area was $447,500, up 1.73% compared to the prior month and up 4.56% year-over-year.

Inventory
At the end of June, there were 6,383 homes for sale. From 1985 to 2019, the June average has been 16,376. Low inventory continues to be the biggest factor in Metro Denver real estate. The record low June was 2015, with 6,197 listings, so we weren’t far above that this year. There was a record decrease in inventory from May to June – 10.98, due in part because of the large number of homes sold in May.

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Reach David and Tom at The Principal Team at 720-408-7409.

Metro Denver Real Estate Market Activity

We saw over 2,000 homes come on the market in the last seven days. Some of these had been withdrawn during March or April and many are brand new to the market. Low interest rates and more homes to choose from make this a good time to purchase a home. There were a fair number of price decreases, which could indicate that buyers want to ensure they’re getting the best deal possible, shopping around more and negotiating more strongly.

During the last week:
New Listings – 1370
Back On Market – 274
Price Increase – 196
Price Decrease – 987
Pending – 1979
Withdrawn – 149
Closed – 1640
Expired – 249

Previous Week:
New Listings – 1543
Back On Market – 332
Price Increase – 230
Price Decrease – 1088
Pending – 2533
Withdrawn – 168
Closed – 2574
Expired – 421

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Based on data from REColorado®