Our Denver real estate market continues to thrive. It is official, the country has been in a recession since February, and as predicted last fall, the recession has nothing to do with real estate.
The Denver Metro Area Stats:
We expected our numbers to be lower than last year with COVID restrictions still in effect through May 9th for the City of Denver. The suburbs open a little bit earlier, but even though businesses were opening, they still had restrictions and continue to have restrictions in June.
We were able to start showing properties again and sellers put their house on the market.
We ended the month with 7,170 active listings. Our record average is 15,803, record high was 2006 with 30,547, and the record low was 5,463
Interest rates dropped to a record low 3.15%.
May purchase applications rose again as expected. They were up 9% over last year, and we know that was people taking April off.
Also as expected we had one number that increased in our year over year stats: Prices!
- The closed median prices went up 2.13%
- Detached home prices were up .64%
- Attached home prices were up 3.81%
The Denver real estate market inventory has been trending down which means, we could see record low inventory again. We are seeing record high mortgage applications so the demand is here. This means the prices will continue to rise.
Sellers need to get their homes on the market soon.
Even though we have had a relatively good year, we have a short window of opportunity to get some more homes sold before the end of the year. COVID promises to slow us down again this fall and then it is an election year, which always causes a slowdown.
I am “sold out”. I have sold all of my listings as ,we say, and am looking for more people to help. If you or someone you know is thinking about selling or buying a home I’d love it if you could send them my name and give me theirs.
I appreciate you staying connected what is happening in the market!
Thinking of making a move?
I can help.