The 2021 selling and buying season is off to a very active start in the Denver Metro area. Fueled by strong demand and low inventory, the Average Closed Price for homes is at another all-time high. Sellers have picked up the pace, bringing more homes to the market for buyers. Still, inventory levels remain very low with homes spending a median of only four days on the market.
The housing market across Colorado showed incredible year-over-year growth. This time last year, home buyers and sellers were adapting to strict physical-distancing measures to slow the spread of the coronavirus, which greatly impacted the housing market. This year, buying and selling spring season is in full bloom!
HOMES CLOSED: Up 37%
In the Denver Metro area this April 5,442 Homes Closed, which is more than any other April on record. The number of April closings was 37% more than April 2020 and 4% more than last month.
In April, the count of listings in Pending status was 5,901, 88% higher than last year and up 5% from last month. The substantial year-over-year increases are the result of coronavirus restrictions that were in effect in April 2020.
PRICES: Up 24%
In April, the average price of a home in the Denver metro area climbed to another all-time high, $621,174. Averaged Closed Prices are up 24% year over year and are 6% higher than last month.
Single-Family Residences sold for an average price of $695,671, up 27% year over year. The price of Multi-Family/Condos/Townhomes was up 17% from April 2020, at an average of $441,493.
NEW LISTINGS: Up 38%
The buying and selling season is in full swing. Throughout the month, sellers added 6,658 New Listings of homes for sale to the market, 38% more than last year at this time and 15% more than last month.
The count of Active Listings of homes for sale at the end of April was 2,057, 69% lower than last year, but 17% higher than the end of last month. We currently have 2 weeks of inventory, 5 weeks fewer than last April and 1 week more than last month.
DAYS IN MLS: Down 8 Days Less
In April, homes spent an average of 13 days on the market, 8 days fewer than last April and 6 days fewer than last month. On average, Single-Family Residences were on the market 10 days, while Multi-Family/ Condos/Townhomes were on the market 21 days.
The median number of days a home spent on the market in April was 4, 1 day fewer than April 2020.
YEAR TO DATE
The 2021 selling and buying season is off to a very active start in the Denver Metro area. Fueled by strong demand and low inventory, the Average Closed Price for homes is at an all-time high and the amount of time homes are spending actively available for sale is at a record low. The pace at which sellers are listing their homes for sale has picked up, giving buyers a bit more inventory to choose from. Still, inventory levels remain very low.
THINKING ABOUT BUYING OR SELLING A HOME?
If you're considering buying or selling a home, contact me today, your local real estate agent and experienced REALTOR to 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!