Denver Metro's Housing Market Watch - August 2020

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Market Trends

Despite the pandemic, RE Colorado market statistics for August reveal a strong buying and selling season. In Denver, a record number of homes sold in the month of August as compared to this month previous years. Homes remained in high demand in August. Sellers brought nearly 7,000 new listings to the market, while over 7,400 listings were in Pending status. Prices for single-family homes surpassed $600,000 for the first time this August, selling for an average price of $602,191. As we head into fall, there are currently 4 weeks of inventory in the Denver Metro Area.

 

HOMES CLOSED: 12% Increase


A record number of homes sold in the  month of August as compared to this month in previous years. Throughout the month, 6,381 homes closed, a year-over- year increase of 12% but a 13% decrease month over month. A normal season adjustment as kids go back to school.  Homes remained in high demand in August. The count of listings in Pending status was 7,405, which is 34% more than August 2019 and 9% higher than last month.

 

PRICES: 11% Increase

The average price of a home in the Denver metro area in August was $539,252, a year-over-year increase of 11%. As compared to last month, prices saw a marginal increase. Home price increases were driven by Single-family residences, which sold for an average price of $602,191, a 13% year-over-year increase. This is the first time prices for single-family homes have surpassed $600,000. The average price of multi-family/condos/townhomes was $377,451, up 2% year over year.

NEW LISTINGS: 2% Increase


Throughout August, 6,876 new homes hit the market, 2% more than this month last year. After 3 months of increases in New Listings, we saw our first decrease as 10% fewer homes for sale hit the market. At the end of August, there were only 5,778 Active properties on the market, 39% fewer than last year at this time and a 3% lower than last month. Currently, there are 4 weeks of inventory, 3 weeks fewer than this time last year and unchanged from last month.


DAYS IN MLS: 23 Days on Average (8 Days less) 


Days Denver Metro homes spent an average of 23 days on the market in August, 8 days fewer than this time last year and 2 days fewer than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/ townhomes were on the market 24 days. The median number of days a home spent on the market in August was 7, down 8 days from last year.

 

AUGUST 2020 STATS 

 

YEAR TO DATE

Year-to-date measures indicate we’re having a strong buying and selling season despite the pandemic. Compared to last year, the count of New Listings is 5% lower, and the number of Closed Listings is just 1% lower. As the busy season progresses, we’re seeing the year-over-year delta for these measures decrease. The average Closed Price is up 5% from last year due primarily to high buyer demand and low inventory levels. Homes spent an average of 28 days in the MLS, 1 day less than the previous year.

 

Thinking About Buying Or Selling A Home?


If you're considering buying and or selling home this year, an experienced real estate agent 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! Contact me today, your local REALTOR® about housing market trends in your area.