MAY REBOUND! | June 20206/11/2020
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
Below is a Denver real estate market snapshot based on May 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.
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