Denver Metro's Housing Market Watch - July 2020

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Market Trends

REcolorado market statistics for July show the real estate market in Denver is going strong. In fact, a record-setting number of new listings came on the market, up 15% compared to last year, and the highest single-month count of Closed listings ever recorded in Denver!

Closed listings were 21% higher as compared to last year and up 16% from last month. Pending listings also saw a significant increase, up 27% year over year but down slightly compared to June 2020. 

 

HOMES CLOSED: +21% 

In July, a record number of homes sold in the Denver Metro area. Throughout the month, 7,186 homes closed, a year-over-year increase of 21% and a 16% increase month over month.

Also in July, the count of listings in Pending status was 7,099, which is 27% more than July 2019 and down 4% from last month.

  

PRICES: +9%

The average price of a home in the Denver metro area in July was $539,340, a year-over-year increase of 9%. As compared to last month, prices were 6% higher.

Single-family residences sold for an average price of $599,463, a 10% year-over-year increase. The average price of multi-family/ condos/townhomes was $383,764, up 6% year over year.

 

NEW LISTINGS: +15%

Throughout the July 7,638 new homes hit the market, a 15% increase compared to last year, and a 3% increase from last month. This is the highest single-month count of New Listings we’ve seen in 2020.

At the end of July, there were 5,952 Active properties on the market, a 37% year-over-year decrease, and a 7% month-over-month decrease.

Currently, there are 4 weeks of inventory, 3 weeks less than this time last year and 1 week less than last month.

 

DAYS IN MLS: -1 Day
 

Denver Metro homes spent an average of 25 days on the market in July, one day less than this time last year and the same amount of time as last month.

On average, single-family residences were on the market 24 days, while multi-family/condos/ townhomes were on the market 26 days.

The median number of days a home spent on the market in July was 7, down 4 days from last year.

 

July 2020 Totals 

 

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 down just 6% and the number of Closed Listings is down 4%. As the busy season progresses, we’re seeing the year-over-year delta for these measures decrease. The average Closed Price is up 4% from last year due primarily to high buyer demand and low inventory levels. Homes spent the same amount of time on the market this year as they did the previous year.

After a strong July, year-to-date metrics show the housing market is rebounding from the pandemic lows earlier this year. Other parts of the state saw similar gains, with Closed listings up 58% year over year in Chaffee County and up 16% year over year in Routt County.

 

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.