Denver Housing Market Update
Buyer demand broke a multitude of records this past year in the Mile High City. December 2020 set the record low for the number of active listings and July 2020 set the record high for the most homes sold. According to DMAR, “This is the first time in Denver Metro’s history that there were over 60,000 homes (62,985 to be exact) purchased throughout the year, that’s 6.95 percent more than the previous year.”
This demand has taken its toll on the supply of homes for sale, with December ending with only 2,541 actives homes for sale across all 11 counties included in the report, down 39.17 percent from December 2019. For buyers of single-family detached homes, the picture is even more grim with only 1,316 active units available at the end of December and a huge portion of those homes (400) being priced at or above $1 million.
The average close price of all homes (attached and detached) in December 2020 was $547,461 up 13.47 percent from December 2019. The average close price of single-family detached homes alone jumped an even higher 17.06 percent to $616,895.
The average close price of detached single-family homes in December 2020 was $616,895, up an astounding 17.06 percent from December 2019.
| Days on Market | Avg. Sold Price: Single Family Home | Avg. Sold Price: Condo | # of Homes Active | # of Homes Sold | # of Homes Pending | Avg. Sold Price Change YOY | |
| Dec. 2018 | 39 | $508,016 | $350,176 | 5,577 | 3,396 | 3,226 | + 4.70 % |
| Dec. 2019 | 41 | $530,715 | $372,877 | 5,037 | 4,195 | 3,540 | + 4.93 % |
| Dec. 2020 | 23 | $616,895 | $391,375 | 2,541 | 4,807 | 3,625 | + 13.47 % |
Source: DMAR
During these unprecedented times, Usaj Realty would love to carefully assist you with finding your next place to call home, or selling your current property. Our acumen, attention to the market and negotiation skills will all go to work in order to advocate for your goals. Email us at info(at)usajrealty(dotted)com or call 720.398.2999 (m). We measure our success by the happiness of our clients!
Housing Market | Sold Prices and Active Listings in Metro Denver:
Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
Headlines: What’s Happening in Colorado
Why Denver holiday home-buying season is the hardest ever
The number of active listings at the end of November was down an astonishing 62.73 percent from the same time in 2019, even though new listings were off only slightly during that period. Moreover, the average closing price for a detached home has gone up a jaw-slackening $82,749 in a year. Even more telling: The average amount of time a home was on the market tumbled more than 73 percent in twelve months, going from nineteen days in November 2019 to five in November 2020 — which explains why multiple offers and bidding wars continue to be a thing.
Coronavirus drives spike in sales of Colorado mountain homes
“Growing waves of urban buyers are scouring the mountains. They started poking around in June and July and swarmed in the fall. September sales volume in Pitkin County, for example, was up 458% from September 2019. October in Eagle County saw sales climb 230% from the previous year. Routt County’s October was up 122%. San Miguel County’s October was up 131%.”
Report: Denver housing market second hottest in the country
“More than 66% of Denver home buyers got into a bidding war in November. That percentage is second only to San Diego.”
Headlines: What’s Happening Nationally
Top housing narkets for 2021
“Colorado’s state capitol is located just outside of the Rocky Mountains. The area’s housing market has been red-hot for the last several years and builders have struggled to keep up with the high demand for housing. Though the city is rapidly expanding, it still holds much of its Old West charm, and its cost of living remains relatively affordable compared to other Western markets. Many of Denver’s residents are outdoor enthusiasts who love to take advantage of the area’s easy access to mountains, rivers and lakes. No matter the season, there is an outdoor activity close by. Denver’s high quality of life is a major draw for many residents, as well as all the amenities of downtown. With boutique shopping, dining, and endless entertainment, the area has been supremely popular with millennials. Due to the area’s spike in demand, home prices have grown rapidly, causing many first time home buyers to search further out from the downtown center. ”
Today’s best mortgage and refinance rates: Monday, January 4, 2021
Mortgage rates are at historic lows right now. The downward trend becomes more evident when you look at rates from six months ago or from this time last year.
Lower rates are typically a sign of a struggling economy. As the US economy continues to grapple with the COVID-19 pandemic, rates will likely stay low.
5 housing narket predictions for 2021
“With housing demand accelerating sharply during the pandemic, home sales and home prices both rose. Now, the combination of several viable COVID-19 vaccines and the promise of an economic recovery suggests the favorable housing trends that emerged in 2020 may be set to continue in 2021. ”
Report for December 2020:
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
Whether buying or selling, Usaj Realty is dedicated to helping you stay competitive. Your Usaj Realty broker will communicate effectively, learn your goals like the back of their hand, and work closely with you to negotiate the best terms possible, and expertly manage your transaction from start to finish, ensuring peace of mind.
Email us at info(at)usajrealty(dotted)com or call 720.398.2999 (m).
