Record Breaking August | September 20209/16/2020
- Number of available listings for the month decreased by 41.22% in a year over year comparison
- Number of Homes Sold (closed) decreased 18.73% from a record-breaking July and increased 4.20% in a year over year comparison.
- Single Family Homes placed under contract (pending sale) increased 34.14% in a year over year comparison.
- Average Sold price increased 11.78% in a year over year comparison. The average sale price for a single-family home surged to a new record $606,330
- Less than a one-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
- Average days on market (23) declined slightly from July and 25.81% in a year over year comparison. Bidding wars are once again commonplace in many neighborhoods.
- The average home sold in August for 100.26% of the list price
- Mortgage rates remained at record lows in a range of 2.65%% to 3.00%
- Forward looking data suggests a continued robust market driven by limited supply of homes for sale and extremely low interest rates. Typical seasonal influences have yet to materialize.
- The record breaking performance in August and the projection for continued record low mortgage rates indicates a continuation of the strong market conditions. However, severe economic damage from COVID-19, typical seasonal factors as well as the Presidential election in November continues to suggest now may be the time to sell if a home sale is in your plans for this year. Market conditions vary from neighborhood to neighborhood. Contact me today for update on the value of your home.
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.