Update on the Denver Housing Market
We’ve seen very healthy appreciation gains already in 2020. The median price of a single-family home jumped 8 percent year-over-year, about the same as last month. The median sold price of condos in Denver rose by 5.35 percent.
For the eighth month in a row, the number of active listings was down month-over-month. 2019’s inventory peaked in June with 9,520 active listings and sank to an annual low of 5,037 in December. In January, we started out the year with 4,941 listings in January and in February the number shrunk to 4,835. We expect to see this number rise significantly next month as many early spring listings hit the market.
New listings rose to 5,112 from last month’s 4,852. The market was extremely active in February: 3,490 new homes hit the market and 3,508 went under contract.
The market was extremely active in February: 3,490 new homes hit the market and an almost equal number (3,508) went under contract.
See below for our full report for February 2020’s housing market and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market each month. To get on the email list, please reach out to marketing@usajrealtystg.wpenginepowered.com and request to be added.
The median sold price for a single-family home in metro Denver for February was $469,900 and the median sold price for a condo was $315,000 (DMAR).
If you are weighing your options of buying or selling in this year, a Usaj Realty Realtor would be happy to assist you in expertly navigating the Denver market. Many factors go into deciding what could be right for your particular situation, so sitting down with an expert can be a great opportunity to discover the best route for you.
Key takeaways for February 2020 via DMAR:
Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
- Active Inventory in February 2020: 4,835
- January 2020: 4,941
- December 2019: 5,037
- November 2019: 6,988
- October 2019: 8,557
- September 2019: 9,286
- August 2019: 9,350
- July 2019: 9,359
- June 2019: 9,520
- May 2019: 8,891
- April 2019: 7,012
- March 2019: 6,292
- February 2019: 6,017
- January 2019: 5,881
- December 2018: 5,577
- November 2018: 7,530
- October 2018: 8,539
- September 2018: 8,807
- August 2018: 8,228
- July 2018: 7,643
- June 2018: 7,436
- May 2018: 6,437
- April 2018: 5,160
- March 2018: 4,619
- February 2018: 4,084
- January 2018: 3,869
- December 2017: 3,854
- November 2017: 5,131
- October 2017: 6,312
- September 2017: 7,586
- August 2017: 7,360
- Median Sold Price for a condo in Denver metro in February 2020 was: $315,000
- January 2020: $310,000
- December 2019: $308,788
- November 2019: $312,000
- October 2019: $306,875
- September 2019: $312,000
- August 2019: $310,000
- July 2019: $312,000
- June 2019: $310,000
- May 2019: $315,000
- April 2019: $305,000
- March 2019: $300,000
- February 2019: $297,500
- January 2019: $290,000
- December 2018: $298,225
- November 2018: $299,450
- October 2018: $299,250
- September 2018: $301,625
- August 2018: $299,000
- July 2018: $300,000
- June 2018: $305,000
- May 2018: $306,331
- April 2018: $297,000
- March 2018: $295,000
- February 2018: $296,000
- January 2018: $285,000
- December 2017: $285,000
- November 2017: $272,000
- October 2017: $275,000
- September 2017: $268,000
- August 2017 $275,000
- July 2017: $270,100
- Median Sold Price for a single-family residence in Denver metro in February 2020 was: $469,900
- January 2019: $460,000
- December 2019: $450,000
- November 2019: $453,250
- October 2019: $456,000
- September 2019: $450,000
- August 2019: $459,900
- July 2019: $469,912
- June 2019: $465,000
- May 2019: $470,000
- April 2019: $460,000
- March 2019: $450,000
- February 2019: $430,100
- January 2019: $425,000
- December 2018: $430,000
- November 2018: $427,000
- October 2018: $435,000
- September 2018: $428,000
- August 2018: $445,000
- July 2018: $450,000
- June 2018: $452,500
- May 2018: $450,000
- April 2018: $455,000
- March 2018: $440,875
- February 2018: $435,000
- January 2018: $416,000
- December 2017: $415,000
- November 2017: $405,000
- October 2017: $415,000
- September 2017: $409,000
- August 2017: $410,000
- July 2017: $420,000
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In the News: What’s Happening in Denver
Denver ranked #3 best job market
“Denver has the nation’s number three job market in the U.S., as reported by the Wall Street Journal.”
The 10 best cities in the U.S. to move to right now
“Denver can seem effortlessly cool compared to other cities, a mid-size metro near the mountains with perks for people with active lifestyles and job opportunities few can beat. But strategic investments and developments over the last decade have made sure Denver’s quality of life, including excellent parks and walkability, has kept pace with an expanding population— which grew by 20 percent over the last decade”
In the News: What’s Happening Nationally
Mortgage rates hit an 8 year low
“Mortgage rates continue to drop as they hit an eight year low at the end of February. The average rate, as quoted by Freddie Mac, hit 3.45 percent with .7 percent discount.”
The affordable housing crisis, explained
“It’s affecting Americans across the income spectrum. The National Low Income Housing Coalition found in 2018 that a renter working 40 hours a week and earning minimum wage can afford a typical two-bedroom apartment (i.e., not be cost-burdened) in exactly zero counties nationwide.”
Coronavirus Fears Cause Mortgage Rates To Tumble As Investors Flee To Safe Havens
“As the coronavirus spreads across the globe, the U.S. housing market is bracing for the economic fallout from the epidemic, which was first identified in Wuhan, China, on December 31, 2019. The rapidly spreading disease, named COVID-19, has contributed to projections that foreign real estate investment will plunge considerably this year. Against this backdrop, mortgage rates are falling as investors run for cover in safe-haven assets, creating a new opportunity for thousands of borrowers to cut their monthly payments or shop for new mortgages.”
More people want to purchase a home this year, but will they be able to?
“Mortgage rates are low, applications are up and an increase of Americans say they plan on purchasing a home. In fact, 84% of Americans said buying a home is a priority to them, up significantly from 2018’s 75%, according to the latest NerdWallet Home Buyer Report. The survey estimates that nearly 100 million Americans plan on purchasing a home in the next five years, while about 27 million are planning to buy in the next 12 months. More Americans are seeing the brighter side of things, as 44% said they feel better about their ability to buy a home this year.”
Report for February 2020:
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!
