See below for our full report for January 2020 and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market each month. To get on the email list, please reach out to marketing@usajrealty.com and request to be added.
Update on the Denver Housing Market
The National Association of Realtors reported there were only 1.4 million homes available for sale in December, the lowest number in at least 20 years. Low inventory causes prices to rise, in a classic supply vs. demand scenario. So what happened in Denver in January of 2020? Simply put, active listings were down, prices were up, and homes are selling slower than this time last year.
For the seventh month in a row, the number of active listings was down month-over-month. 2019’s inventory peaked in June with 9,520 active listings and sank to an annual low of 5,037 in December. In January, we started out the year with a low number: 4,941.
New listings almost doubled from 2,564 in December to 4,852 in January but this number was counteracted by the amount of homes going under contract, keeping the number of active homes lower than last month.
The median price of a single-family home jumped a considerable 8.24 percent year-over-year. The median sold price of condos in Denver rose by a whopping 11.92 percent.
The median sold price for a single-family home in metro Denver for January was $460,000 and the median sold price for a condo was $310,000 (DMAR).
If you are weighing your options of buying or selling in this year, a Usaj Realty broker would be happy to assist you in expertly navigating the Denver market. Many factors go into deciding what could be right for your particular situation, so sitting down with an expert can be a great opportunity to discover the best route for you.
Key takeaways for January 2020 via DMAR:
Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
- Active Inventory in January 2020:4,941
- December 2019: 5,037
- November 2019: 6,988
- October 2019: 8,557
- September 2019: 9,286
- August 2019: 9,350
- July 2019: 9,359
- June 2019: 9,520
- May 2019: 8,891
- April 2019:Â 7,012
- March 2019: 6,292
- February 2019: 6,017
- January 2019: 5,881
- December 2018: 5,577
- November 2018: 7,530
- October 2018:Â 8,539
- September 2018:Â 8,807
- August 2018: 8,228
- July 2018:Â 7,643
- June 2018: 7,436
- May 2018: 6,437
- April 2018: 5,160
- March 2018:Â 4,619
- February 2018: 4,084
- January 2018: 3,869
- December 2017: 3,854
- November 2017: 5,131
- October 2017: 6,312
- September 2017: 7,586
- August 2017: 7,360
- Median Sold Price for a condo in Denver metro in January 2020 was: $310,000
- December 2019: $308,788
- November 2019: $312,000
- October 2019: $306,875
- September 2019: $312,000
- August 2019: $310,000
- July 2019: $312,000
- June 2019: $310,000
- May 2019: $315,000
- April 2019:Â $305,000
- March 2019: $300,000
- February 2019: $297,500
- January 2019:Â $290,000
- December 2018: $298,225
- November 2018:Â $299,450
- October 2018: $299,250
- September 2018:Â $301,625
- August 2018:Â $299,000
- July 2018:Â $300,000
- June 2018:Â $305,000
- May 2018:Â $306,331
- April 2018: $297,000
- March 2018:Â $295,000
- February 2018: $296,000
- January 2018:Â $285,000
- December 2017: $285,000
- November 2017: $272,000
- October 2017: $275,000
- September 2017: $268,000
- August 2017Â $275,000
- July 2017: $270,100
- Median Sold Price for a single-family residence in Denver metro in January 2020 was: $460,000
- December 2019: $450,000
- November 2019: $453,250
- October 2019: $456,000
- September 2019: $450,000
- August 2019: $459,900
- July 2019: $469,912
- June 2019: $465,000
- May 2019: $470,000
- April 2019:Â $460,000
- March 2019: $450,000
- February 2019:Â $430,100
- January 2019:Â $425,000
- December 2018:Â $430,000
- November 2018:Â $427,000
- October 2018:Â $435,000
- September 2018:Â $428,000
- August 2018:Â $445,000
- July 2018: $450,000
- June 2018:Â $452,500
- May 2018: $450,000
- April 2018:Â $455,000
- March 2018:Â $440,875
- February 2018: $435,000
- January 2018:Â $416,000
- December 2017: $415,000
- November 2017: $405,000
- October 2017: $415,000
- September 2017: $409,000
- August 2017: $410,000
- July 2017: $420,000
In the News: What’s Happening in Denver
Metro Denver remains a desired destination for those on the move
“As much as some natives might want to complain about the more than 52,000 net new residents who migrated to Colorado in 2018 and again in 2019, that is nothing compared to the 300,000 net new residents a year who are flooding into Florida. Colorado tends to send older adults to Florida and get younger ones in return, people like Jana Beasley, 27, and her boyfriend Andrew Abernathy, 30.”
–Â The Denver Post
The median rent for a Denver 2-bedroom apartment stayed flat in January
“At $1,353, the median rent for a two-bedroom in Denver did not — repeat, did not — increase from December to January and was up only slightly over last year at this time, according to the latest calculations from online real estate company Apartment List.”
Accelerated growth defines Denver’s past decade
“Denver has been the poster child for accelerated growth in the past decade. After recovering from the recession, the city added jobs at a healthy pace and managed to keep unemployment rates consistently below the national average. Denver’s economy has remained strong through the end of the decade in spite of a deceleration in the last couple of years, attracting an increasing number of employers with its educated workforce.”
– Colorado Real Estate Journal
2020 Is Looking Scarce For Denver’s Housing Market
“Metro Denver’s housing market was a mixed bag in 2019. For one, 58,404 homes sold in the Denver area last year. That’s the second-highest number ever, according to the Metro Denver Association of Realtors. 2017 holds the top spot with 59,207 closings. Jill Shafer, the association’s chair, said more homes up for grabs in late 2018 led to a rise in sales last year. “There were choices for people, so they were buying,” Shafer said. “I think when there are choices, people buy, and when there’s not, prices just keep going up and people get frustrated because of our lack of affordability.
But on the other hand, housing availability fell 28 percent from last November to December — a much larger decrease than usual for end-of-year. That’s because more people are staying in Denver instead of selling their homes and moving away, Shafer said. Year-to-date, there was a 10 percent drop in available housing.”
In the News: What’s Happening Nationally
Millennials’ share of the U.S. housing market: Small and shrinking
A data point from the Federal Reserve, highlighted recently in a special report on housing by the Economist, underscores the differences between the financial trajectory of millennials and those of earlier generations: When baby boomers hit a median age of 35 in 1990, they owned nearly one-third of American real estate by value.
In 2019, the millennial generation, with a median age of 31, owned just 4 percent.”
2020’s housing market is coming in like a lion. Will it last?
“The law of supply and demand is on full display in the housing market right now, as the ongoing shortage of available homes for sale is coupling with a surge of homebuyers to push home prices up at the fastest rate in years, according to Redfin.
Despite buyers coming out of winter hibernation earlier than usual, sellers are few and far between these days, Redfin said.
In fact, there were only 1.4 million units available for sale in December, the lowest level in at least 20 years, according to the National Association of Realtors.” – Housingwire
Report for January 2020:
Â
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!
