June Market Watch report show signs of a very robust housing market. Throughout the state, there was an increase in buyer activity as social distancing restrictions were relaxed. Pending listings saw significant gains as brokers wrote contracts on homes. Denver Metro housing market statistics from REcolorado show signs of a market that is heating up as several indicators showed year-over-increases. The count for Closed Listings was 3% higher than last June and the number of Pending Listings was 28% than last year as buyers re-entered the market. The number of New Listings sellers brought to the market was 2% lower than this time last year, which pushed supply of inventor down to just 5 weeks. Home prices held somewhat steady, up less than 2% from last year. On average, homes spent 24 days on the market.
Month-over-month indicators showed increased activity as in-person home showings and the availability of live-stream tools gave shoppers the ability to see more homes. Home closings were up 69% compared to May, amd the listings that moved into Pending status saw a 3% increase. To meet the high demand, sellers brought 7,415 New Listings to the market, making this the highest single-month count of New Listings we’ve seen in 2020! Compared to May, prices and Days in MLS remained steady.
HOMES CLOSED +3%
In the Denver Metro Area this June, 5,992 homes closed, a year-over-year increase of 3%. As compared to last month, sales saw a 69% increase.
In June, the count of listings in Pending status was 7,723, which is 17% more than last month and up 28%, from June 2019.
In June, the average price of a home in the Denver metro area was $508,951, a year-over-year increase of 2%. Compared to last month, there was an increase of 3%.
Single-family residences sold for an average price of $559,290, an increase of 2% year over year. The price of multi-family/ condos/townhomes was up 1% from June 2019, at an average of $370,180.
NEW LISTINGS -2%
Throughout the month, sellers brought 7,415 new listings to the market, down 2% compared to last year, but up 1% from last month. This is the highest single-month count of New Listings we’ve seen so far this year. The count of active listings of homes for sale at the end of June was 6,382, 31% lower than last year and 8% lower than the end of last month.
We currently have 5 weeks of inventory, four weeks less than last month and two weeks less than last year.
DAYS IN MLS - No Change
June homes spent an average of 24 days on the market, the same number of days as this time last year, and the same as last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 29 days.
The median number of days a home spent on the market in June was 9, unchanged from this time last year.
YEAR TO DATE
Although gains were made from a strong June, REcolorado’s year-to-date data shows the market continuing to lag, a result of the coronavirus. The count for closed listings is 10% lower than last year’s year-to-date figures. The Average Closed Price of those listings was up 2% thanks to continued strong demand and low inventory levels. The number of new listings that came on the market was down 9% year to date. On average, homes spent the same amount of time on the market as they did at this point in 2019.
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.