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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.

JUNE SURGE | July 2020

7/15/2020
The real estate market resumed strong to pre-COVID performance in June.   Market statistics reflected a 16.25% increase in new under contract sales compared to May and a 27.38% increase compared to year ago. The supply of homes for sale decreased 10.98% compared to May and 32.95% to a year ago as demand dramatically exceeded supply.  The market has now recovered COVID-19 sales losses.  A few highlights from June: 

  • Number of available listings for the month decreased by 10.98% from May and decreased 32.95% in a year over year comparison
  • Number of Homes Sold (closed) increased 57.30% from May and decreased 4.09% in a year over year comparison.
  • Single Family Homes placed under contract (pending sale) increased 16.25% from May and increased 27.38% in a year over year comparison.
  • Average Sold price increased 2.06% 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 (24) remained steady for the month
  • Mortgage rates remained at record lows in a range of 2.85%% to 3.15%
  • Forward looking data suggests a continued robust market driven by limited supply of homes for sale and extremely low interest rates.
  • The powerful market surge in June and the projection for continued record low mortgage rates indicates a continuation of the strong market conditions seen earlier this year prior to COVID-19. Severe economic damage from COVID-19 as well as the Presidential election in the Fall 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 June 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 Market Trends JuLY 2020.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.

MAY REBOUND! | June 2020

6/11/2020

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 
The powerful market rebound in May and the projection for continued record low mortgage rates indicates a resumption of the strong market conditions seen earlier this year prior to COVID-19.  Severe economic damage from COVID-19 as well as the Presidential election in the Fall suggests 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 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. 


DMAR Market Trends June 2020.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. 

COVID-19 Market Disruption | May 2020

5/14/2020

The real estate market in April was dramatically impacted by COVID-19.  Market statistics reflected a significant decrease in new under contract sales compared to April 2019. The supply of homes for sale increased in April from March, however, is down 2.24% from 2019. The average sales price was up 1.25% from 2019 and average days on market decreased from March 2020, both are very good signs.  A few data points from April:

  • 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

Residential Real Estate Services have been deemed to be an essential service.  To learn how the Tom Gross Team is serving the needs of our sellers and buyers while maintaining safe practices click on COVID-19
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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