Home Sales in Denver Metro Area Surge in June
July 2020 Metro Denver Market Update
The COVID-19-induced housing slowdown appears to have ended, as a record number of homes – nearly 7,700 – went under contract in June. With just under 7,400 new listings during the month, supply-and-demand dynamics drove average prices higher for both single-family homes and condominiums.
June’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for homes sold rose 3.1 percent from the previous month and 2.1 percent from a year ago;
· The average days in the multiple listing service (MLS) was unchanged from both the prior month and a year ago; and
· Active listings at month end were down 11 percent compared to the previous month and nearly 34 percent from this time last year.
Especially notable was the decline in the number of active listings for single-family homes, with the inventory at the end of the month down 40 percent from a year ago. Increased buyer activity – spurred on by 30-year mortgage rates near 3 percent – has given sellers the advantage across nearly all segments of the market. The one exception is with homes in the $1 million-and-above segment, where the amount of inventory has given buyers the upper hand.
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This update is based on information provided by the Denver Metro Association of Realtors® for the period of June 1, 2020, through June 30, 2020, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.