Denver Real Estate Market Update – May 2020
Because of the coronavirus Realtors were not allowed to show homes in the Denver area for most of the April. And the numbers do reflect that.
In April the average sales price came in at $503,231. This was down 1.79 percent from March. Typically we see an increase in average sales price from March to April. Average sales price was up 1.52 percent from April of 2019. Although still up year over year, we have been seeing a higher year over year increase in prior months.
The average sales price for a detached single family home came in at $550,177. And the average sales price for an attached home came in at $379,495.
3,603 homes sold in the Denver area in April. This was down 24.34 percent from March and down 30.78 percent from April of 2019.
3,280 homes went under contract in April. This was down 29.1 percent from March and down 45.70 percent from April of 2019. Although home sales were down so much year over year, remember that homebuyers were not able to view homes in person for much of the month. Many buyers purchased homes sight unseen. And even with these showing restrictions an average of 109 homes in the Denver area went under contract each day.
At the end of April there were 6,855 homes on the market. This was up 18.68 percent over March. But down 2.24 percent from April of 2019. 4,679 new listings came on the market in April, down 29.81 percent from March and down 37.82 percent from April 2019. There are currently just 1.75 months of inventory on the market. So Denver still sits well into seller’s market territory.
It is still too soon to see what the long term effects that the coronavirus will have on the Denver real estate market.
As a Realtor I had a slow April. But my hopes returned in May. Showing restrictions were lifted and my phone started ringing. I started taking new buyers out to look at homes. And within the first week of the month one of my new buyers found themselves in a multiple offer situation on a home priced at %570,000. This may not have been welcome news to my buyer but it was welcome news to me. People are out shopping for homes! In fact, I watched and saw many homes we were looking at going under contract within days.
In talking with other Realtor friends I have found that they are having the same experience. And I have had conversations with many of the sales representatives for new built homes and I keep hearing the same thing, “sales are strong”.
Like I said, it’s too early to know the longer affects of the coronavirus on the Denver real estate market, but May has come full force with an encouraging start.
Planning to buy of sell a home in the Denver area? Contact Courtney Murphy. Courtney is a Denver metro Realtor and long time resident with experience in both resale and new built home sales.