Denver Metro's Housing Market Dec. 2020 & Year End

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Market Trends

You guys remember in back in April when you couldn't find any toilet paper? Well, that's exactly what is currently going on in the housing market for 2020, and heading into 2021. Demand is just out pacing the current supply across the Denver Metro. December was another strong month for the Denver Metro Area housing market. Throughout the month 5,113 homes closed, more than any other December on record. Buyers brought 3,017 New Listings of homes for sale to the market, 18% more than last December. Strong demand kept home prices high. I'm not going to spend too much time on Decembers stats since there's always the holiday dip, but something to note in comparison is the weeks of inventory from five weeks in 2019 down to two weeks in 2020. A clear representation of just how low our inventory of homes are across the Denver metro.

The 2020's Hosing Market Compared To 2019

 

As for 2020, it was record breaking for the Denver Metro housing market. Brokers wrote more contracts on listings and more homes sold than any other year on record. The number of New Listings sellers brought to the market could not keep pace with demand, which pushed down inventory levels and drove up Prices to all-time highs and half of all homes spent a week or less in the MLS. Strong demand kept prices high all year with the Average Closed prices reaching-time highs. Half of all homes Closed sold $450,000 or more. Contracts were written on homes quickly in 2020. The median number of days a home was available for sale in the MLS was 7, which means half of homes for sale were off the market in a week or less.

 

The number of listings that closed in 2022 reached an all-time high. Approximately 71% of all close listings was a single-family homes. The $400K to $500K price range contain 25% of all closed homes.

 

Contracts were written on more listings in 2020 than any other year on record. The number of Pending Listings dipped in April as in-person as pandemic-related stay-at- home orders were put into effect. The most pending listings, 7,300, were recorded in June as coronavirus restrictions were loosened and in-person showings resumed.

 

Strong demand and low inventory levels throughout the Greater Denver Metro Area kept Closed Prices high. Half of all homes sold had a Closed Price of $450,000 or higher. Average  Closed Prices are higher than any point on record.

 

 

Slightly fewer New Listings hit the market in 2020 as compared to the record number we saw in 2019, which did not meet the strong buyer demand. Approximately 46% of all New Listings in 2020 were in the $300-400,00 and $400-500,000 price ranges.

 

Listings were available for sale in the MLS a median of 6 days less than last year, which means half of all available homes were under contract in one week or less. The homes that moved to Pending status the quickest were in the $300-400,000 and $400-500,000 price ranges.

 

Thinking about buying or selling a home?

If you're considering buying a home, contact me today! An local real estate agent and experienced REALTOR® can help you navigate market conditions, see new home listings as soon as they hit the market, negotiate an offer based on the true value of the home, and more!