Low Inventory Fuels Hot Real Estate Market
September 2020 Metro Denver Market Update
The number of home sales in August dropped from the all-time record high in July. However, the metro Denver market still set a record for the most sales during any August on record. This is especially notable given the lack of inventory, with the number of active listings 41 percent lower than a year ago.
August’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for homes sold rose 1 percent from the previous month and 11.8 percent from August 2019;
· The average days in the multiple listing service (MLS) dropped 8 percent from the prior month and nearly 26 percent from a year ago; and
· Active listings at month end were down 15 percent compared to the previous month and more than 41 percent from this time last year.
Sales are especially strong for single-family homes. Along with pushing the average price for a single-family home to a new record high, demand has created an extreme sellers’ market for homes priced in the $500,000 and $749,999 segment, which has only three weeks of inventory. In contrast, the average price for a condominium was down nearly 2 percent in August, and condos priced above $750,000 have at least 4.5 months of inventory.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of August 1, 2020, through August 31, 2020, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.