New Record Highs Reached in July
August 2020 Metro Denver Market Update
The housing market appears to be one of the more resilient sectors of the economy. In July, the number of closings in any one month was 7 percent higher than the previous all-time high in June of 2017. The average price for a single-family home also went above $600,000 for the first time, 10 percent higher than a year ago.
July’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for homes sold rose 6.4 percent from the previous month and 9.3 percent from July 2019;
· The average days in the multiple listing service (MLS) dropped 4 percent from the prior month and nearly 8 percent from a year ago; and
· Active listings at month end were up slightly compared to the previous month but were down more than 31 percent from this time last year.
Although inventory was up slightly, the number of pending home sales in July was 27 percent higher than a year ago, which should translate into another big month for closings in August. With more people working from home and schools delaying a return to in-person classes, more people are thinking about where they live and considering a move. This could mean that we will have a more active market in the fall than we have had in previous years.
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 July 1, 2020, through July 31, 2020, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.