Denver Real Estate Market Update – April 2020
If I handed you the Denver Real Estate Market Update report for April you would never guess that we are in the middle of the coronavirus pandemic. Buyers are still buying. Sellers are still selling.
A deeper look and you will see a bit of a slowdown. But like I said, just looking at the numbers, you would have never guessed. We will see if there is a big difference when I have the May report sitting in my hands.
In March we saw record breaking average home price in the Denver area. The average sale price came in at $513,526, which was up 5.53% over March 2019 and up 7.31% over February of 2020. The average sales price of a detached home came in at $567,382. The average sales price for an attached home came in at $386,344.
4,296 homes sold in March. This was up 12.02% from February but down 5.12% from March of 2019.
4,992 homes went under contract in March. This was up 8.03% from February but down 7.64% from March of 2019.
Inventory is still tight. March ended with 5,776 homes on the Denver market. This was up 19.46% from February 2020. But still down from March 2019 by 8.2%.
There were 6,663 new listings in March. This was up 30.24% from February and up 7.38% from March 2019.
We did see a rise in March of homes withdrawn from the market. March is not typically a time when we see many homes withdrawn from the market. But with the coronavirus many people don’t want buyers coming into their home. We saw 761 homes withdrawn from the Denver market in March. 625 of those homes were taken off the market in the last two weeks of March.
On April 8, the state of Colorado decided to disallow showings of homes. I was surprised to see that even with this restriction in place there were still 123 homes per day going under contract in the Denver area. This number is lower than normal, but I was surprised to see so many homes still going under contract despite the restriction. On April 27th, the state of Colorado lifted the restriction of showing homes. I’m sure this will help elevate the number of homes going under contract moving forward.
How will the coronavirus affect the Denver real estate market? Unfortunately I do not have a crystal ball. And I believe that the affects will vary based on how long people are out of work.
After the housing crash of 2007 people are nervous about the repercussions this virus will have on this market. Will it feel the same as 2007? There are many reasons why we can expect this to be different. Watch the video above to hear my thoughts on that.
Planning to buy or sell in the Denver area? Contact Courtney Murphy. Courtney is a Denver metro Realtor with experience in both resale and new built home sales.