Denver Metro's Housing Market Watch: January 2021

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Market Trends

The housing market was active across Colorado in January with many markets experiencing record-low inventory and all markets seeing high demand from buyers. Across the state, contracts are being written on homes in a median of one week or less. The number of active Listings for sale in the 11-county Denver Metro Area reached a record low at just under 2,200 at the end of January. Demand was strong, with 3,164 homes sold, while the number of new listings sellers brought to the market was down 12% compared to January 2020. The average price of a single-family home was up 16% year over year at $550,165.

HOMES CLOSED: Down 6%

In the Denver Metro Area this January, 3,164 homes sold, a year-over-year decrease of 6%. As compared to December, sales saw a 39% decrease.

In January, the count of pending listings was 4,558, up 1% over last year and 32% higher than last month.

AVERAGE PRICES: Up 16%

In January, the average price of a home in the Denver Metro area was $550,165, a year-over-year increase of 16% and up 2% from last month.

Single-family residences sold for an average price of $628,837, up 19% year over year. The price of condos/townhomes/multi-family homes was up 12% from January 2020, at an average of $397,717.

 

NEW LISTINGS: Down 12%

Throughout the month, sellers brought 4,285 new listings to the market, down 12% compared to last year, and a 42% increase from last month, a signal the buying and selling season is underway.

The count of active listings of homes for sale at the end of January was 2,196, 53% lower than last year and 12% lower than the end of last month.

We currently have 3 weeks of inventory, three weeks fewer than last January and one week more than last month.

 

 

AVERAGE DAYS ON THE MLS: Down 19 Days

 

In January homes spent an average of 26 days in the MLS, 19 days if you were than this time last year, and two days more than last month. On average single-family residence spent 22 days in the MLS, while condos and townhomes and multi family units were in the MLS on average of 35 days. 

The median number of days a home spent on the market in January was 6, which is 20 days fewer than last January. 

 

THE MARKET BY PRICE RANGE

The hottest price range in Denver metro market in January was $300K to $400K and $400K to $500K.

Throughout the month, 45% of new listings that came on the market and 48 of sales were in this range.

 Homes in the $300K to $400K price range moved off the market the quickest in January. 

 

Thinking about buying or selling a home?


If you're considering buying a home, contact me today! An local real estate agent and experienced REALTOR® 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!