June 2020 Market Statistics
REcolorado June housing market report is showing that a robust housing market still exists in Colorado and Great Denver. Across the state, there was nice improvement in buyer activity as COVID restrictions were reduced and buyers reentered the market. Overall, pending home sales (homes under contract) saw significant gains as local brokers wrote an increasing number of new contracts.
Denver Metro Market Statistics
In June, the Denver Metro housing market numbers, from REcolorado, show signs of a seller's home market which is heating up, as several indicators showed year-over-increases. The total number of closed properties was 3% higher than last June and the number of Pending Listings was 28% than last year as buyers re-entered the market. Because the number of home sellers brought to the market was 2% lower than this time last year, this pushed supply of home for sale inventory down to just 5 weeks (a measure of total inventory versus the rate at which homes are selling). Home prices held somewhat steady due to the short supply and relatively high demand, as home prices are up less than 2% from last year. Average days on market for homes right now is 24 days (from listing date until a contract is accepted)
Month-over-month indicators showed increased activity as in-person home showings and the availability of live-stream tools gave shoppers the ability to see more homes. Home closings were up 69% compared to May, amd the listings that moved into Pending status saw a 3% increase. To meet the high demand, sellers brought 7,415 New Listings to the market, making this the highest single-month count of New Listings we’ve seen in 2020! Compared to May, prices and Days in MLS remained steady.*
Check out the video below to see an overview of the June 2020 Denver Real Estate Stats
If you have a question about the housing market in Denver, please feel free to reach out to me. I'm happy to help and answer any questions you may have.
Doug Young - Managing Broker (720) 600-2182