Denver Real Estate Market Report for September 2020
Due to all time low numbers of homes for sale, Denver Metro Association of Realtors has stated that now is the “toughest market to buy a house in Denver Metro’s history.” Single-family homes, in particular, are selling incredibly fast, with more homes going under contract in September 2020 (4,595) than new listings hitting the market (4,435) and condos are not far behind with 2,021 new listings becoming available and 1,781 having an offer accepted.
And prices are up overall as well.The average price of a home (single-family homes and condos) in the Denver metro was $538,992 in September 2020, a 12 percent increase from September 2019.
The average price of a home (single-family homes and condos) in the Denver metro was $538,992 in September 2020, a 12 percent increase from September 2019.
Incredibly low mortgage rates – dropping below 3% – have encouraged and enabled home buyers all across the country to relocate. Housing inventory simply is not even close to keeping up with buyer demand. According to DMAR, “This is further evidenced in that the months of inventory hit an all-time low at 0.91 months, signifying a very strong seller’s market. The previous record low was this past August 2020 at 0.92 months.”
We will see if the winter of 2020 slows buyer activity down as it typically does for Denver’s housing market. If you are interested in buying or selling, we would be happy to expertly guide you through the process. Email us at info@usajrealty.com or call 720.398.2999.
First 9 months of 2019
| Days on Market | Avg. Sold Price: Single Family Home | Avg. Sold Price: Condo | # of Homes Sold | # of Homes Pending | Avg. Sold Price Change YOY | |
| Jan. 2019 | 39 | $508,016 | $350,176 | 2,915 | 4,008 | + 2.89 % |
| Feb. 2019 | 39 | $512,312 | $349,801 | 3,468 | 4,443 | + 0.66 % |
| Mar. 2019 | 31 | $530,897 | $360,875 | 4,488 | 5,448 | + 1.79 % |
| Apr. 2019 | 28 | $553,371 | $368,565 | 5,205 | 6,470 | +1.5 % |
| May 2019 | 24 | $555,482 | $380,363 | 6,164 | 6,470 | +3.36 % |
| Jun. 2019 | 23 | $547,461 | $370,442 | 5,772 | 6,101 | +1.57 % |
| Jul. 2019 | 25 | $551,516 | $362,922 | 5,415 | 5,944 | +4.27 % |
| Aug. 2019 | 30 | $537,024 | $373,782 | 5,129 | 5,870 | +3.53 % |
| Sep. 2019 | 33 | $535,032 | $357,500 | 4,506 | 5,343 | +6.06 % |
First 9 months of 2020
| Days on Market | Avg. Sold Price: Single Family Home | Avg. Sold Price: Condo/Townhome | # of Homes Sold | # of Homes Pending | Avg. Sold Price Change YOY | |
| Jan. 2020 | 45 | $532,494 | $355,754 | 3,324 | 4,923 | + 3.98 % |
| Feb. 2020 | 39 | $544,054 | $368,936 | 3,835 | 5,083 | + 5.04 % |
| Mar. 2020 | 29 | $567,382 | $386,344 | 4,296 | 4,992 | + 7.31% |
| Apr. 2020 | 20 | $550, 177 | $379,495 | 3,603 | 3,280 | + 1.52 % |
| May 2020 | 23 | $543,072 | $368,241 | 3,548 | 6,809 | – 1.31 % |
| Jun. 2020 | 24 | $560,435 | $371,172 | 6,179 | 7,381 | + 2.06 % |
| Jul. 2020 | 24 | $601,863 | $383,174 | 7,332 | 7,122 | + 9.27 % |
| Aug. 2020 | 23 | $606,330 | $377,664 | 5,959 | 7,323 | +11.78 % |
| Sep. 2020 | 23 | $599,418 | $384,397 | 5,850 | 6,376 | +12.14 % |
Source: DMAR
Housing Market | Sold Prices and Active Listings in Metro Denver:
Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
Headlines: What’s Happening in Denver
Rents decrease for the sixth month in a row in Denver
“Rents in Denver have been dropping since the coronavirus arrived, with the latest figures from the online real estate company Apartment List putting the median for a two-bedroom at $1,580 in September, down 5 percent compared with September 2019.”
Denver real estate market thriving, except for one area
“Inventory downtown is up about 50% from last year and currently a number of price reductions.”
Why Colorado’s housing market looks so hot even though coronavirus is ravaging the economy
“The loss of hundreds of thousands of jobs in the past five months has widened a housing divide that existed in Colorado before the pandemic. In January, the number of people homeless in the five-county metro Denver region had increased from the year before. By July, the demand for housing pushed prices to record levels.”
Headlines: What’s Happening Nationally
Why, despite the coronavirus pandemic, house prices continue to rise
“House prices picked up in most middle- and high-income countries in the second quarter. In the rich world, they rose at an annual rate of 5% (see chart 1). Share prices of developers and property-traders fell by a quarter in the early phase of the pandemic, but have recovered much of the fall.”
August pending home sales soar to a record high, fueled by rock-bottom mortgage rates
“Pending home sales rose 8.8% in August compared with July, reaching a record high pace, according to the National Association of Realtors survey, which dates to January 2001.”
Mortgage refinancings boom, even as coronavirus hits economy
“The mortgage market recorded its best quarter in years this spring, a reflection of how the housing market is booming in 2020 even as much of the economy stumbles…Refinancings, up more than 200% from a year ago, drove the increase. Mortgage rates hit new lows multiple times this year, falling below 3% for the first time in July. The low rates have made millions more Americans eligible to save money on their monthly payments. Purchase mortgages, though, fell 8% from a year earlier.”
Report for September 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!
