Denver Real Estate Market Update – January 2020
Denver entered 2020 with tight housing inventory once again. We had seen some relief earlier in the year. But as the year went on, we saw inventory tighten. Denver had 5,037 active listings at the end of December. This was down 27.92% from November 2019 and down 9.68% from December 2018.
2,558 new listings came on the market in Denver in December. This was down 29.94% from November but up 11.46% over December of 2018.
4,195 homes sold in December which was down just 1.69% from November but up 10.72% over December 2018.
Average sales price in December came in at $484,812, down just 0.33% from December and up 4.93% over December of 2018. The average price of a single family detached home came in at $530,715. And the average price of an attached home came in at $372,877.
Average days on the market in December was 41, which was up 17.14% over November but no change from December of 2018.
2019 was a record breaking year in Denver for total sales volume at 28.4 billion dollars. This represented 58,404 homes sold in the Denver area in 2019. Out of the last five years this is the second most homes sold in the Denver area by year, following only 2017. And even though more homes were sold in 2017, sales volume was higher in 2019 due to the higher home prices.
With just over a month’s supply of housing inventory sellers still easily hold the cards in this market. But sellers still must price their homes right. The market is not as frenzied as it was two years ago and overpriced homes sit on the market.
Homebuyers are enjoying the low interest rates but not the lack in choices. But if you are currently in the market to buy a home, don’t lose heart, we are moving into the selling season where you will be sure to see more choices.
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.