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Extreme Market Conditions | May 2021

5/5/2021
The Denver Metro Housing Market is experiencing an historical record-breaking Spring Market.  Record low number of homes for sale and a record high average sale price for a detached single- family home.  Despite the record low number of homes for sale total sales in April increased 2.90% from a recording shattering March.  Available homes sold fast and for record high prices!  Pending sales in April increased 5.9% from March.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected the lowest number of active listings on record for April, a decrease of 64.16% in the number of active detached single-family listings at the end of April compared to one year ago.  The 2,594 homes (detached and attached) available for sale at the end of April was 48% below the previous all-time record.  An estimated 15,000 homes for sale is required for the market to even approach a balanced market.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.

  • Number of available listings (detached and attached) at the end of April decreased by 62.16% in a year over year comparison. 
  • Number of homes Sold (closed) increased 28.45% in a year over year comparison. 
  • Number of homes placed under contract (pending sale) increased 89.2% from a year ago at the height of the pandemic. 
  • Average Sold price increased 24.20% in a year over year comparison. The average sale price for a detached single-family home was a record $699,039. 
  • 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 (4) declined 20% in a year over year comparison for detached homes. Bidding wars continue to be the norm in most neighborhoods. 
  • The average detached home sold in April for 105.39% of the list price. 
  • The statistics for attached homes (townhomes, condos) continued to improve in April with an increase of 12.8% in pending sales from March. 
  • Mortgage rates settled a bit in a range of 2.95 to 3.25% 
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust market with bidding wars is now a reality. 
  • 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 as was evident in the increase in rates in February. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home. 

Below is a Denver real estate market snapshot based on April 2021 Statistics from DMAR Market Trends  *

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.

May 2021  Market Update Infographic Template.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear  Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park  All information deemed reliable but not guaranteed and should be independently verified.  All properties are subject to prior sale, change or withdrawal.  Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | APRIL 2021

Extreme Seller's Market | April 2021

4/7/2021
The Denver Metro Housing Market is heading into the Spring Market in record breaking fashion.  Record low number of homes for sale and a record high average sale price for a detached single- family home.  Despite the record low number of homes for sale total sales in March increased 23.99% from February.  Available homes sold fast and for record high prices!  Pending sales in March increased 24.84% from February.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected a decrease of 70.70% in the number of active detached single-family listings at the end of March compared to one year ago.  The 1,921 homes (detached and attached) available for sale at the end of March was, as an example, a fraction of the approximately 28,000 homes for sale at the end of 2007 and the estimated 15,000 homes for sale required for the market to even approach a balanced market.  Continued low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.

  • Number of available listings (detached and attached) at the end of March decreased by 66.74% in a year over year comparison. 
  • Number of homes Sold (closed) increased 1.20% in a year over year comparison. 
  • Number of homes placed under contract (pending sale) increased 28.10% in a year over year comparison. 
  • Average Sold price increased 15.26% in a year over year comparison. The average sale price for a detached single-family home was a record $674,990. 
  • 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 (4) declined 33.33% in a year over year comparison for detached homes. Bidding wars continue to be the norm in most neighborhoods. 
  • The average detached home sold in March for 104.12% of the list price. 
  • The statistics for attached homes (townhomes, condos) improved dramatically in March with an increase of 38.47% in pending sales in a year over year comparison. 
  • Mortgage rates normalized a bit in a range of 2.95 to 3.25% 
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust early Spring market is now a reality. 
  • 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 as was evident in the increase in rates in February. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.

Below is a Denver real estate market snapshot based on March 2021 Statistics from DMAR Market Trends *

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.

April 2021 | Market Update Infographic.png

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

*Stats & Trends provided by Denver Metro Association of Realtors for 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear  Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park  All information deemed reliable but not guaranteed and should be independently verified.  All properties are subject to prior sale, change or withdrawal.  Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SOURCE: DMAR Market Trends | MARCH 2021

New Highs - New Records | March 2021

3/10/2021

The Denver Metro Housing Market continued the start of the year in record breaking fashion.  Record low number of homes for sale and a record high average sale price for a detached single- family home.  Despite the record low number of homes for sale total sales in February increased 13.43% from January.  Available homes sold fast and for record high prices!  Pending sales in February increased 7.17% from January.  With barely two weeks inventory of available homes for sale the market continues to be close to sold-out.  Market statistics reflected a decrease of 65.01% in the number of active detached single-family listings at the end of February compared to one year ago.  The 2,024 homes (detached and attached) available for sale at the end of February was, as an example, a fraction of the approximately 28,000 homes for sale at the end of 2007 and the estimated 25,000 homes for sale required for the market to return to a potential buyer’s market.  Record low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market is the limited number of homes for sale.

  • Number of available listings (detached and attached) at the end of February decreased by 58.14% in a year over year comparison.
  • Number of homes Sold (closed) increased 3.70% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 7.03% in a year over year comparison.
  • Average Sold price increased 19.44% in a year over year comparison. The average sale price for a detached single-family home was a record $632,581.
  • 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 (4) declined 75% in a year over year comparison for detached homes. Bidding wars are now the norm in most neighborhoods.
  • The average detached home sold in February for 102.54% of the list price.
  • The statistics for attached homes (townhomes, condos) improved in February but are 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 normalized a bit in a range of 2.75%% to 3.25%
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. A very robust early Spring market is now emerging.
  • 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 as was evident in the increase in rates in February. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home. 

Below is a Denver real estate market snapshot based on February 2021 Statistics from DMAR Market Trends 

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.

dmar infographic_mar-21.png

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

Fast Start! | February 2021

2/10/2021
The Denver Metro Housing Market started the year in record breaking fashion.  Record low number of homes for sale and a record high average sale price for a detached single-family home.  Despite the record low number of homes for sale total sales in January declined only 10.29%.  Available homes sold fast and for record high prices!  Pending sales in January increased 28.32% from December.  With barely two weeks inventory of available homes for sale the market was close to sold-out.  Market statistics reflected a decrease of 61.69% in the number of active detached single-family listings at the end of January compared to one year ago.  The 2,316 homes (detached and attached) available for sale at the end of January was, as an example, a fraction of the approximately 28,000 homes for sale at the end of 2007 and the estimated 25,000 homes for sale required for the market to return to a potential buyer’s market.  Record low mortgage rates combined with high migration of home buyers to the Denver Metro Area continue to fuel this record-breaking market.  The only thing restraining this market back is the limited number of homes for sale. 

  • 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. 
Below is a Denver real estate market snapshot based on January 2021 Statistics from DMAR Market Trends 

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.

mtr infographic 2-21_r1.png


Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

Record Breaking Year! | January 2021

1/12/2021
The Denver Metro Housing Market wrapped up the year in record breaking fashion.  Although seasonal factors contributed to a month over month decline in activity, the number of closed sales in December hit a new all-time high despite record low inventory of homes available for sale.  With less than two weeks inventory of available homes for sale the market was close to sold-out.  Market statistics reflected a decrease of 60.83% in the number of active single-family listings at the end of December compared to one year ago.  The 2,541 homes (detached and attached) available for sale at the end of December was, as an example, a fraction of the 28,000 homes for sale at the end of 2007 and the estimated 25,000 homes for sale required for the market to return to a balanced market.  The record low inventory of homes for sale was largely the result of a record number of closed sales in December and for all of 2020 driven in large part by record low interest rates. 
 
  • Number of available listings (detached and attached) at the end of December decreased by 51.13% in a year over year comparison.
  • Number of homes Sold (closed) increased 11.91% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 9.38% in a year over year comparison.
  • Average Sold price increased 13.12% in a year over year comparison. The average sale price for a detached single-family home was $616,895.
  • 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.)
  • Average days on market (20) declined 52.38% in a year over year comparison for detached homes. Bidding wars are commonplace in many neighborhoods.
  • The average detached home sold in December for 100.68% 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 2.75%
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. Typical seasonal influences may continue during the next 30-45 days.  However, a 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.
Below is a Denver real estate market snapshot based on December 2020 Statistics from DMAR Market Trends 

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.

dmar infographic_jan-21.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

Seasonal Slowdown? | December 2020

12/11/2020
The Denver Metro Housing Market calmed down a bit in November.  Although seasonal factors certainly had an impact, the primary issue was a sharp decline in the number of homes available for sale.  Market statistics reflected a decrease of 51.13% in the number of active listings at the end of November compared to one year ago.  With only 3,415 homes (detached and attached) available for sale at the end of November there was barely a one-month supply of homes in the marketplace.  Evidence of seasonal impacts could be seen in the 25.49% decline in closed sales from October and a decline of 1.81% in the average closed sale price compared to October.  The supply of homes for sale decreased 29.16% compared to October.  The number of pending sales decreased 18.28% compared to October.  
 
  • Number of available listings (single family homes detached) at the end of November decreased by 62.73% in a year over year comparison
  • Number of homes Sold (closed) increased 11.91% in a year over year comparison.
  • Number of homes placed under contract (pending sale) increased 15.57% in a year over year comparison.
  • Average Sold price increased 13.12% in a year over year comparison. The average sale price for a detached single-family home was $615,766
  • 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 (22) declined 37.14% in a year over year comparison. Bidding wars are once again commonplace in many neighborhoods.
  • The average home sold in November for 100.61% of the list price
  • Mortgage rates remained at record lows in a range of 2.35%% to 2.75%
  • Forward looking data suggests a continued robust market constrained only by the limited supply of homes for sale. Typical seasonal influences may continue during the next 45 days.
  • 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 into next year. If a move is in your plans for 2021 now is an ideal time to discuss home preparations and a timeline for selling in the New Year. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on November 2020 Statistics from DMAR Market Trends 

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.

dmar infographic_dec-20.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

New Month - New Records | November 2020

11/11/2020
The Denver Metro Housing Market broke more records in October with more closed and pending sales than any October on record.  Although the market slowed a bit from September’s record-breaking pace the results were amazing.   Market statistics reflected a 16.33% increase in closed sales compared to a year ago. The supply of homes for sale decreased 43.66% compared to a year ago as demand dramatically exceeded supply.  The number of pending sales increased 22.9% compared to a year ago despite the low inventory of homes for sale.

  • Number of available listings for the month decreased by 43.66 % in a year over year comparison
  • Number of Homes Sold (closed) increased 16.33% in a year over year comparison.
  • Single Family Homes placed under contract (pending sale) increased 22.9% in a year over year comparison.
  • Average Sold price increased 16.20% in a year over year comparison. The average sale price for a single-family home was $625,100
  • 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 (24) declined 29.41% in a year over year comparison. Bidding wars are once again commonplace in many neighborhoods.
  • The average home sold in October for 100.29% of the list price
  • Mortgage rates remained at record lows in a range of 2.35%% to 2.75%
  • Forward looking data suggests a continued robust market driven by limited supply of homes for sale and extremely low interest rates. Typical seasonal influences may materialize during the next 45 days.
  • The recording breaking performance in October and the projection for continued record low mortgage rates indicates a likely continuation of the strong market conditions. However, the continued impact of COVID-19, approaching winter weather and a typical holiday slowdown suggests now may be the time to sell if a home sale is in your plans for this year. If a move is in your plans for 2021 now is an ideal time to discuss home preparations and a timeline for selling in the New Year.  Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on October 2020 Statistics from DMAR Market Trends 

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.

dmar infographic_Nov-20.jpg

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

Stunningly Strong September | October 2020

10/14/2020
The Denver Metro Housing Market broke more records in September, with more closed and pending sales than any September on record.  Although the market slowed a bit from August’s record-breaking pace the results were stunning.   Market statistics reflected a 16.51% increase in closed sales compared to a year ago. The supply of homes for sale decreased 42.91% compared to a year ago as demand dramatically exceeded supply.  The number of pending sales increased 26.63% compared to a year ago despite the low inventory of homes for sale.

  • Number of available listings for the month decreased by 42.91% in a year over year comparison
  • Number of Homes Sold (closed) decreased 10.76% from a record-breaking August and increased 16.51% in a year over year comparison.
  • Single Family Homes placed under contract (pending sale) increased 26.31% in a year over year comparison.
  • Average Sold price increased 12.14% in a year over year comparison. The average sale price for a single-family home was $599,418
  • 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 August and 30.30% in a year over year comparison. Bidding wars are once again commonplace in many neighborhoods.
  • The average home sold in September for 100.24% of the list price
  • Mortgage rates remained at record lows in a range of 2.35%% to 2.75%
  • 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 recording breaking performance in September and the projection for continued record low mortgage rates indicates a continuation of the strong market conditions. However, severe economic damage from COVID-19, approaching winter weather, 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 an update on the value of your home.
Below is a Denver real estate market snapshot based on September 2020 Statistics from DMAR Market Trends 

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.

dmar infographic_oct-201024_1.jpg
 
Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

Record Breaking August | September 2020

9/16/2020
The Denver Metro Housing Market broke more records in August, with more closed sales than any August on record.  Although the market cooled a bit from July's record-breaking pace the results were stunning.  Market statistics reflected a 16.47% increase in sales volume compared to a year ago. The supply of homes for sale decreased 41.22% compared to a year ago as demand dramatically exceeded supply.  The number of pending sales increased 32.64% compared to a year ago despite the low inventory of homes for sale. 

  • 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.
Below is a Denver real estate market snapshot based on August 2020 Statistics from DMAR Market Trends 

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.

dmar infographic_Sep-20-1.png
Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

JULY STUNNER | August 2020

8/12/2020
The real estate market out performed all expectations in July.  Market statistics reflected a 14.80% increase in sales volume compared to June and a 22.89% increase compared to a year ago. The supply of homes for sale decreased 31.09% compared to a year ago as demand dramatically exceeded supply.  The market has now moved past the COVID-19 sales losses.  A few highlights from July: 

  • Number of available listings for the month decreased by 31.09% in a year over year comparison
  • Number of Homes Sold (closed) increased 7.85% from a record-breaking June and increased 12.47% in a year over year comparison.
  • Single Family Homes placed under contract (pending sale) increased 28.91% in a year over year comparison.
  • Average Sold price increased 9.27% in a year over year comparison.  The average sale price for a single-family home surged to a new record $601,863
  • 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 (24) remained steady for the month.  Bidding wars are once again common-place in many neighborhoods.
  • Mortgage rates dropped to 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 July and the projection for continued record low mortgage rates indicates a continuation of the strong market conditions.  However, severe economic damage from COVID-19, potential 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 can change quickly.  Contact me today for update on the value of your home.

Below is a Denver real estate market snapshot based on July 2020 Statistics from DMAR Market Trends 

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.

dmar infographic_aug-20.png

Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home.  If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.

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