Denver Real Estate Market Update – February 2020
Housing inventory is low in Denver going into 2020. Although we saw 4,853 new listings come on the market in January, those homes were quickly scooped up by homebuyers. New listings were up a whopping 89.27% from December and up 0.54% from January of 2019. But 4,923 homes went under contract in January. This was up 43.03% from December and up 24.91% from January of 2019.
So even with the flood of new listings, they are selling fast. At the end of January the Denver area had just 4,941 homes on the market. This was down 1.91% from December and down 15.98% from January of 2019.
Average sales price for the Denver area in January came in at $476,003. This was down 1.49% from December and up 3.98% over January of 2019. This number includes both detached homes and attached homes. Lets break that down a bit.
Average sales price for a detached single family home came in at $532,494. This was up .98% from December and up 6.86% from January of 2019.
Average sales price for an attached home, condos and town homes, came in at $355,754. This was down 4.98% from January and down .37% from January of 2019.
As you can see single family detached homes performed much better than attached homes in January.
With right around a month of housing inventory Denver still sits solidly in a strong seller’s market. Up to five months of inventory is considered a seller’s market. Five to six months of inventory is considered a balanced market. And over six months of inventory is considered a buyer’s market.
There is one segment of the market that is currently experiencing a buyer’s market and that is luxury homes. Luxury homes are home priced over one million dollars. There is currently over a six month supply of homes above the million dollar price point. So if you are listing a home above 1 million, keep in mind that the buyers are holding the cards in your market.
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.