Denver Metro's Housing Market Watch - May 2020

Market Trends

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.

Homes Closed

 

 

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.

New Listings


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.

Day on the Market

 

MAY'S 2020 TOTAL SATS

 

May 2020 Totals

 

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.

YEAR TO DATE STATS

 

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.