Denver Housing Market Update
Buyer demand broke a multitude of records this past year in the Mile High City. December 2020 set the record low for the number of active listings and July 2020 set the record high for the most homes sold. According to DMAR, “This is the first time in Denver Metro’s history that there were over 60,000 homes (62,985 to be exact) purchased throughout the year, that’s 6.95 percent more than the previous year.”
This demand has taken its toll on the supply of homes for sale, with December ending with only 2,541 actives homes for sale across all 11 counties included in the report, down 39.17 percent from December 2019. For buyers of single-family detached homes, the picture is even more grim with only 1,316 active units available at the end of December and a huge portion of those homes (400) being priced at or above $1 million.
The average close price of all homes (attached and detached) in December 2020 was $547,461 up 13.47 percent from December 2019. The average close price of single-family detached homes alone jumped an even higher 17.06 percent to $616,895.
The average close price of detached single-family homes in December 2020 was $616,895, up an astounding 17.06 percent from December 2019.
A Quick Glance at the Numbers:
|Days on Market|
Avg. Sold Price:Single Family Home
|Avg. Sold Price: Condo||# of Homes Active||# of Homes Sold||# of Homes Pending|
Avg. Sold Price Change YOY
During these unprecedented times, Usaj Realty would love to carefully assist you with finding your next place to call home, or selling your current property. Our acumen, attention to the market and negotiation skills will all go to work in order to advocate for your goals. Email us at firstname.lastname@example.org or call 720.398.2999. We measure our success by the happiness of our clients!
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 Colorado
Unpredictable Factors Deliver Record Setting 2020 Housing Market Across Colorado
Headlines: What’s Happening Nationally
Why the Big Short in Housing Supply Will Remain in 2021
“As the housing market has recovered from the initial impacts of the pandemic, nominal house price appreciation has soared, but affordability actually improved until recently due to the house-buying power benefit from historically low mortgage rates. However, for the second month in a row, the Real House Price Index (RHPI) increased, indicating declining affordability. The reason? Rapid nominal house price appreciation has finally outpaced the house-buying power benefit from historically low mortgage rates.”
Report for January 2021:
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!
Whether buying or selling, Usaj Realty is dedicated to helping you stay competitive. Your Usaj Realty broker will communicate effectively, learn your goals like the back of their hand, and work closely with you to negotiate the best terms possible, and expertly manage your transaction from start to finish, ensuring peace of mind.
Email us at email@example.com or call 720.398.2999.