Denver Real Estate Market Update – August 2020
Looking at the numbers, you would never guess that we are in the middle of a coronavirus pandemic. Despite covid19, the Denver real estate market is hot.
Average sales price in July came in at $540,890. This was up 6.44% over June 2020 and up 9.27% over July of 2019. The average sales price for a single family detached home came in at $601,863 which is a record in the Denver area.
Anther record was broke in July, for most homes sold in a single month in the Denver area. 6,664 homes sold which was up 7.85% over June 2020 and up 12.47% over July 2019.
7,122 homes went under contract in July, which was down 3.51% from June 2020 but up a whopping 27.07% over July 2019.
Inventory remains tight with just 6,449 homes on the Denver market at the end of July. This was up 1.03% over June 2020 but down 31.09% from July 2019,
There were 7,620 new listings in July, which was up 3.56% from June 2020 and up 14.85% from July 2019.
It is encouraging to see a booming real estate market in Denver despite covid19. However the longer term affects of the virus on the real estate market are still unknown.
Buying or selling 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.