Fast Start! | February 20212/10/2021
- Number of available listings (detached and attached) at the end of January decreased by 53.13% in a year over year comparison
- Number of homes Sold (closed) decreased 10.29% in a year over year comparison.
- Number of homes placed under contract (pending sale) decreased 1.09% in a year over year comparison.
- Average Sold price increased 18.69% in a year over year comparison. The average sale price for a detached single-family home was a record $629,159
- Less than a two-week supply of detached homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
- Median days on market (5) declined 79.17% in a year over year comparison for detached homes. Bidding wars are now the norm in most neighborhoods.
- The average detached home sold in December for 101.03% of the list price
- The statistics for attached homes (townhomes, condos) is strong but not as strong as detached homes due to the impact of Covid-19 and desire/ability (work at home) of some homeowners to buy homes with more land and space.
- Mortgage rates remained at record lows in a range of 2.35%% to 2.85%
- Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust early Spring market appears likely.
- The continued strong demand for homes, limited supply of homes for sale and the projection for continued low mortgage rates indicates a likely continuation of the strong market conditions in 2021. If a move is in your plans for 2021 now is an ideal time to discuss home preparations and a timeline for selling in 2021. Although record low interest rates are projected to continue for some time, the rates are artificially low due to government intervention and consequently could rise more quickly than expected. Market conditions vary from neighborhood to neighborhood. Contact me today for an 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.