May Denver Metro housing market statistics from REcolorado show year-over-year declines as a result of the coronavirus. The count for closed listings was 44% lower than last year at this time as buyers postponed their home purchasing. The number of New Listings sellers brought to the market also slowed, down 17% from a year ago. Home prices held somewhat steady, up less than 1% from last year. On average, homes spent 24 days on the market, the same number of days as this time last year.
Month-over-month indicators for the housing market showed increased activity as in-person home showings and the availability of live-stream tools provided the ability for shoppers to see more homes. Home closings were down 13% compared to April, but the listings that moved into Pending status saw a 119% increase, indicating market activity picked up significantly. To meet the high demand, sellers brought 7,337 New Listings to the market, up 52% from last month. Prices and Days in MLS remained steady.
HOMES CLOSED: Down - 44%
In the Denver Metro Area this May, 3,437 homes closed, a year-over-year decrease of 44%. As compared to last month, sales saw a 13% decrease.
In May, the count of listings in Pending status was 6,935, which is 119% more than last month and up 14%, from May 2019.
PRICES: 0% Change
In May, the average price of a home in the Denver metro area was $502,441, a year-over-year increase of less than 1%. Compared to last month, there was also an increase of less than 1%.
Single-family residences sold for an average price of $542,479, down 2% year over year. The price of multi- family/ condos/townhomes was up 4% from May 2019, at an average of $394,670.
NEW LISTINGS: Down - 17%
Throughout the month, sellers brought 7,337 new listings to the market, down 17% compared to last year, but up 52% from last month.
The count of active listings of homes for sale at the end of May was 6,960, 18% lower than last year and 4% higher than the end of last month.
We currently have 9 weeks of inventory, two weeks more than last month and three weeks more than last year.
DAYS IN MLS: No Change
Days In May, homes spent an average of 24 days on the market, the same number of days as this time last year, and 3 days more than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 25 days.
The median number of days a home spent on the market in May was 8, 1 day more than this time last year.
MAY'S 2020 TOTAL SATS
YEAR TO DATE
Year-to-date data from REcolorado shows the coronavirus is continuing to impact the market. The count for closed listings is 13% lower than last year’s year-to-date figures and average price of those listings is up 3% as demand continues to be strong while inventory is low. The number of new listings that came on the market is down 11% year to date. On average, homes spent one day less on the market as they did at this point in 2019.
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