Market Picks Up as Stay-At-Home Orders Ease
June 2020 Metro Denver Market Update
Following a drop in activity that started in mid-March, the Denver housing market bounced back in May, with new listings up 56 percent compared to April. Although homes sold in May were down nearly 20 percent, the number of pending offers surged, more than doubling from the previous month.
May’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for homes sold during the month declined 1.2 percent from the previous month and 1.3 percent from a year ago;
· Active listings at month end were up 4.6 percent compared to the previous month (but down 19.4 percent from this time last year); and
· The average days in the multiple listing service (MLS) was up 9.5 percent from the prior month but down 4.2 percent from a year ago.
Pent-up demand, low interest rates and more options kept real estate agents busy over Memorial Day, which has historically been a relatively slow weekend for showings and sales. One month does not make a trend, so it is too early to predict if this activity will continue. However, according to a report by Moody’s Analytics, Denver is among the top 10 cities in the U.S. best positioned to rebound from the coronavirus pandemic.
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 May 1, 2020, through May 31, 2020, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.