With nearly double the number of new listings in January compared to December, the 2020 home buying and selling season is officially underway and home sales are already moving fast!
The latest Denver Metro housing market statistics from REcolorado show there was a strong start to the year with sales 9% higher than last year. To help meet the demand, sellers brought 4,989 new listings of homes for sale to the market, a year-over-year increase of 2%. Home prices continue to appreciate steadily. The average sold price was 4% higher than last year at this time, at an average of $477,154.
In the Denver Metro Area this January, 3,242 homes sold, a year-over-year increase of 9%. As compared to December, sales saw a 29% decrease.
In January, the count of pending listings was 4,949, up 25% over last year and 44% higher than last month.
Home Sales Year-Over-Year Change
January 2019 -- 2,968
January 2020 -- 3,242
In January, the average price of a home in the Denver Metro area was $477,154, a year-over-year increase of 4% and down 1% from last month.
Single-family residences sold for an average price of $531,863, up 7% year over year. The price of condos/townhomes/multi-family homes was up less than 1% from January 2019, at an average of $358,484.
Average Sold Prices Year-Over-Year Change:
January 2019 -- $457,713
January 2020 -- $477,154
New and Active Listings
Throughout the month, sellers brought 4,898 new listings to the market, up 2% compared to last year, and a whopping 91% 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 4,653, 17% lower than last year and 8% lower than the end of last month.
We currently have 6 weeks of inventory, two weeks less than last January and one week more than last month.
New Listings Year-Over-Year Change:
January 2019 -- 4,809
January 2020 -- 4,898
Average Days on Market
In January, homes spent an average of 45 days on the market, 2 days more than this time last year, and 4 days more than last month. On average, single-family residences spent 45 days in the MLS, while condos, townhomes, and multi-family homes were in the MLS 46 days.
The median number of days a home spent on the market in January was 27, unchanged from last year.
Days on Market Year-Over-Year Change:
January 2019 -- 43
January 2020 -- 45
-8 days Change
The Market By Price Range
The hottest price ranges for the Denver Metro market in January were $300 - $400,000 and $400 - $500,000. Throughout the month, 45% of the new listings that came on the market and 49% of sales were in these ranges.
Homes in the $300 -$400,000 were in the MLS a median of 18 days, while homes priced between $400,000 and $500,000 were in the MLS a median of 24 days.
Thinking about buying or selling a home?
The buying and selling season is officially underway! If you're considering buying a 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 so much more! Contact me today about housing market trends in your area.