Denver Real Estate Market Update – September 2020
The Denver real estate market is booming, despite the coronavirus. Since May Denver has seen a lot of action in real estate and we haven’t slowed down.
In August the average sales price came in at $542,784. This was up 0.99% from July. In a typical year we see seasonal price decreases this time of year. But hey, it’s 2020, nothing is normal! The average sales price in August was up 11.78% over August of 2019. We are back in the double digit gains.
5,959 homes sold in the Denver area in August. This was down 18.73% from July 2020. But it was up 4.2% over August of 2019.
7,323 homes went under contract in August. This was up 7.79% over July and up a whopping 32,64% over August of 2019.
Inventory is still very low. 5,496 homes were on the market in Denver at the end of August. This was down 14.78% from July and down 41.22% from August of 2019.
We are sitting in a strong seller’s market. But sellers still need to price their home right. Homes that are priced to sell are going quick but overpriced homes don’t move. I see too many sellers overvalue their home and wonder why their homes aren’t moving in this hot market. If your home isn’t selling, you need to reevaluate your list price.
Buyers are feeling the inventory crunch and many are turning to new built homes. Many builders have been seeing record sales in 2020. If you plan to buy a new built home in the near future, you may want to make a move quick. Lumber prices have skyrocketed up by 60%. The lockdowns affected lumber supply. Many homebuilders have taken prices increases or plan to take increases to make up for the increase in lumber prices.
Planning to buy or 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.