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The real estate market recovered dramatically in May. Market statistics reflected a 105% increase in new under contract sales compared to April. The supply of homes for sale increased 4.6% in May as many sellers who withdrew their homes from the market due to COVID-19 concerns returned to the market.   The market is now on track to potentially recover COVID-19 sales losses by the end of June.  A few highlights from May: 

• Number of available listings for the month increased by 4.6% from April and decreased 19.36% in a year over year comparison 
• Number of Homes Sold (closed) decreased 19.71% from April and decreased 48.86% in a year over year comparison. 
• Single Family Homes placed under contract (pending sale) increased 104.6% from April and increased 4.1% in a year over year comparison. 
• Average Sold price decreased 1.31% in a year over year comparison. 
• Less than a two-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) increased 9.52% from April (primarily due to properties originally listed on the market in March and April) and decreased 4.17% in a year over year comparison. 
• Mortgage rates dropped to record lows in a range of 2.85%% to 3.15%  
• Forward looking data suggests a robust recovery in the market and a resumption of a strong real estate market for the year 

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. 

• The number of available listings for the month increased by 18.68% from March and decreased 2.24% in a year over year comparison.
• The number of homes sold decreased by 24% from March and decreased by 31% in a year over year comparison.
• Single-family homes placed under contract (pending sale) decreased 26.25% from March and decreased 43.36% in a year over year comparison.
• The average sold price for all sales increased by 1.25% from 2019.
• Less than a two-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 (20) decreased 33.33% from March and 31.03% in a year over year comparison.
• Mortgage rates decreased to a range of 3.00% to 3.25% 
• All data suggests a major market disruption that has been contained by the underlying strength of the Denver Real Estate Market.

Market data in April confirms a major market disruption, however, some of the data offers hope that the market will rebound from the impact of the COVID-19 restrictions and related economic distress.  The increase in average sold price from 2019 and the decline in days on the market is a signal of strong buyer demand across several price ranges.  

The economic impact has been dramatic and COVID-19 restrictions are challenging, however, we have adapted to meet the needs of our buyers and sellers.  Given the uncertainty of the market in the future, if a home sale or purchase is in your plans for this year, we suggest you move forward with your plans now. Market conditions vary from neighborhood to neighborhood.  If you would like information on the value of your home or the market conditions in your neighborhood please do not hesitate to give us a call

Below is a Denver Real Estate Market Snapshot based on April 2020 Statistics from DMAR Market Trends