Denver Real Estate Market Update- July 2020
Denver continues to show signs of a strong real estate market. In March, before covid19 restrictions Denver’s average home sales price hit an all time high at just over $513k. During the lockdown and showing restrictions average sales price dropped below $500k. But in June average sales price came in at $509,736. It’s back up over $500k and the second highest average sales price ever.
5,581 homes sold in June. This was up a whopping 57.3% over May. Not surprising since Realtors in Denver were not allowed to show homes for the majority of April.
The big news in June were the number of homes that went under contract. 7,676 homes went under contract in June setting a record for the Denver area. This was up 16.25% over May and up 27.38% over June of 2019.
If you have been out shopping for a new home you know that there aren’t a lot of choices. Inventory is pretty tight right now. June ended with 6,383 homes on the market. This was down 10.98% from May and down 32.95% from June of 2019.
7,364 homes were listed in June. But with the 7,676 homes that went under contract those homes were getting bought up quick.
Denver is still sitting in strong seller’s market territory. But sellers still need to price their homes right. Many buyers who aren’t finding what they want in the resale market are looking at new built homes. Most of the new built home communities are enjoying an increase in sales.
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.