Denver Metro's Housing Market Watch November 2020

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Market Trends

At the end of November, most of the year-to-date indicators continue to show positive year-over-year gains. The number of Closed Listings year to date is 7% higher than this time last year and the highest count we have on record. While New Listings remain tight, the year-to-date gap remains at 2% fewer than this time in 2019.

 

Homes Closed: Up 22%


In November, more homes sold than any other November on record. Throughout the month, 5,236 homes closed, a year-over-year increase of 22% and a 19% decrease month over month. 

The count of listings in Pending status was 4,811, which is 16% more than November 2019 and 18% less than last month, indicating the market has remained strong through the fall months.

Homes Closed Year-Over-Year Change: +22%

November 2019 -- 4,307
November 2020 -- 5,236

 

Prices: Up 13%


The Average Closed Price of a home in the Denver metro area in November was $547,094, a year-over-year increase of 13% and 2% less than last month.

The Average Closed Price for Single-Family homes was $612,984, a 15% year-over-year increase and a 2% month-over-month decrease. Multi-Family/ Condo/Townhomes closed for an average price of $387,789, a 7% year-over-year increase and a 1% month-over-month decrease.

Average Closed Prices Year-Over-Year Change: +13%

November 2019 -- $486,012
November 2020 -- $547,094

New Listings: Up 1%


Throughout November, 3,695 New Listings of homes for sale hit the market, which is 1% higher than November of 2019. Compared to last month, the count of New Listings saw a seasonal decrease of 40%.

At the end of November, there were only 3,597 Active properties on the market, 47% fewer than last year at this time and 19% fewer than last month. 

Currently, there are 3 weeks of inventory, 4 weeks fewer than this time last year and unchanged from last month.

New Listings Year-Over-Year Change: +1%

November 2019 -- 3,659
November 2020 -- 3,695

 

Days in MLS: Down 13 days


Denver metro homes spent an average of 22 Days in the MLS in November, 13 days fewer than this time last year and 2 days fewer than last month. On average, Single-Family Residences were on the market 20 days, while Multi-Family/Condo/Townhome properties were on the market 26 days.

The median number of days a home spent in the MLS in November was 6, down 14 days from last year.

Days in MLS Year-Over-Year Change: -13 days

November 2019 -- 35
November 2020 -- 22

 

Year to Date


At the end of November, most of the year-to-date indicators continue to show positive year-over-year gains. The number of Closed Listings year to date is 7% higher than this time last year and the highest count we have on record. While New Listings remain tight, the year-to-date gap remains at 2% fewer than this time in 2019. The average Closed Price is up 8% from last year due in part to high buyer demand, limited inventory, and low interest rates. Homes spent an average of 26 days in the MLS, 5 days fewer than the previous year.

 

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!