The City Denver housing market has actually damaged all the documents regardless of the continuous pandemic. There was a document number of homes sold in the month of August as compared to this month in previous years. July 2020 had actually hit a record high variety of house sales in any type of given month in the City Denver real estate market. As contrasted to July, home sales stopped by 13% in August. However, house sales increased by 12% year-over-year, as reported by REcolorado ®.
Several essential real estate signs revealed year-over-year gains as even more buyers went into the market in August. The factors driving rates up are a boost popular for real estate, tight supply, and record-low home loan prices. The typical cost of a home in the Denver city area in August was $539,252, a year-over-year increase of 11%. As contrasted to July, prices saw a minimal rise. House rate boosts were driven by Single-family houses, which sold for a typical price of $602,191, a 13% year-over-year boost.
This is the very first time rates for single-family houses have actually gone beyond $600,000. In spite of the effects of COVID-19, Denver and the whole metro location remains a vendor's property market, specifically in the $300,000 to $399,000 price variety where it's getting even harder for buyers to compete. New listings in August were 5.88% lower than this time around in 2015 where year-to-date new listings are down by 9.85%. The closed to list price ratio for all properties in this sector was 100,74%.
Data by Realtor.com additionally reveals that the residence prices are increasing and also the Denver housing market is warming up. The typical retail price of residences is $489,000 on their platform, trending up 7.5% year-over-year. The average listing cost per square foot is $308. The mean sale price is $364,900.
Denver's solid economic situation provides purchasers the ability to invest extra on housing, consequently increasing real estate prices. The realty recognition price in Denver in the current quarter was around 1.01% which relates to an annual recognition projection of 4.11%, which is greater than the nationwide projection. If the home prices continue to climb at this rate, lots of customers would be priced out of the marketplace.
Many professionals real estate networking events denver expect house cost gains by the end of 2020 due to low-interest prices, a solid work market, and also a steady economic situation. Yet there could be an affordability crisis. The Metro Denver recorded a 12.1% yearly gain in the average rate of a single-family residence sold in August. Reduced home loan rates help however don't get rid of, the danger that the housing market could still face a cost problem if home costs continue to rise at a rapid rate.
Allow us discuss some even more housing market trends which make purchasing Denver realty potentially lucrative for new capitalists in the long term.
Denver Real Estate Market Value, Trends & Information 2020
We will now talk about a few of one of the most recent housing patterns & news in the Denver city area and also compare it with the past couple of years. We shall primarily discuss typical home prices, inventory, economic situation, growth, and also neighborhoods, which will certainly help you understand the way the local property market relocates this region. Denver is among the best real estate markets in the country. In the past 10 years, the yearly realty admiration rate has amounted to 7%, according to NeighborhoodScout.com. This places Denver in the leading 10% nationally genuine estate appreciation. Denver was rated as the nation's 16th-most walkable city, with 600,158 locals.
It has some mass transit and also is very bikeable. Midtown is one of the most walkable community in Denver with a Walk Score of 93. Because of the reduced month's supply of stock, the Denver real estate market is persistently manipulated to sellers-- which suggests that the need from buyers is constantly surpassing the existing supply of residences for sale.
As per Neigborhoodscout.com, a realty data carrier, one as well as two-bedroom single-family removed are the most common housing systems in Denver. Other types of real estate that are prevalent in Denver consist of large apartment building, duplexes, rowhouses, as well as residences transformed to apartments. Single-family residences represent concerning 40-45% of Denver's housing systems.
At the national level, the single-family rental homes have grown up to 30% within the last three years. Mostly all the real estate demand in the US over the last few years has been filled up by single-family rentals. With 2020 being, theoretically, in the middle of a boom, there are still 4 years for household building and construction to rise. Most likely, a housing scarcity will certainly continue to be in 2020, maintaining residence prices high.
The pricing of residences fads higher and is more appealing for sellers in the current stage. The scarcity of supply and an increase in the need for housing presses the rates higher in the Denver housing market. In spite of significant gains in the real estate stock in 2020, the Denver city area residence rates are holding constant year-over-year.
The year 2020 began significantly still for sellers for the Denver Housing Market. By the end of 2020, the house prices in Denver were expected to climb by 2 to 3 percent, which suggested it was most likely to be another year of price situation for purchasers. The property real estate market in Denver remains to spin unimpeded even throughout COVID-19
Denver Real Estate Market 2020 Data Before COVID-19.
In January 2020, we saw a huge gain in the supply in the Denver metro real estate market. New listings increased by a large 89.27 percent from the month prior. Active listings visited a 1.91 percent drop from December since house purchasers put 43 percent much more homes in pending standing month over month which decreased the housing stock excess.
In the entire domestic market, there was a 34.21 percent decrease in the number of shut houses as well as a 35.19 percent drop in sales quantity month over month in January which was a representation of the reduced end of 2019. As usually happens this moment of year, the days on the marketplace were longer, averaging bent on 45 compared to 41 in December. The ordinary single-family home cost was below its summertime highs, however greater year over year by 6.86 percent to $532,494.
The picture is a little bit various for condominiums that experienced a 4.98 percent month-over-month drop in ordinary rate to $355,754, which is likewise down 0.37 percent from the very same month in 2014; representing the very first rate decrease in January in at least the past four years. After a staying nearly level throughout 2019, with a simple 1% rise in rates, the Denver real estate market was revealing little signs of gains.
In March 2o20, the Denver Metro real estate market was revealing indications of being just one of the most effective on document. However, in the middle of anxieties originating from the ongoing pandemic, there were an extraordinary 761 residence vendors that withdrew their residences from the metro-Denver realty market in March.
The biggest number of residences, 625, was gotten rid of in the last 2 weeks of March. All price ranges in the Denver city location were still indicators of a cozy seller's market. In March, 30.24% more brand-new listings came on the marketplace, which pressed the variety of active listings at month's wind up 19.46 percent to 5,776. Especially, that is 8.20 percent fewer active listings than March 2019.
Houses in the Denver housing market were costing approximately 29 days. The pattern for typical days on the marketplace had actually gone down considering that last month. The variety of pending contracts boosted by 8.03% MTM, and there were 12.02% more residences offered. In March 2020, the ordinary list price for all residential single-family residences (affixed plus separated) was $513,526, up 7.31% considering that March 2019-- establishing a new record high.
It was also the first time the typical list price for both single-family houses as well as condos topped the half-million-dollar mark. The greatest variety of sales were in the $500,000 to $749,000 variety.
Impact of COVID-19 on the Denver Property Market
Despite the pandemic, residence costs increasing. According to Dmarealtors.com, in March, pre-COVID-19, the ordinary cost for a house in the 11-county metro Denver location zoomed over $500,000 for the first time, to $513,535. That rate after that dipped back down listed below the half-million-dollar mark during the home-showing shutdown and uncertain economic times in April as well as May.
In April, the mean list prices of all properties enhanced by 2.56 percent to $400,000. The dollar quantity of all residence sales in April was around $1.8 Billion, a year-over-year decrease of 29.7%. There stayed about a month's supply of household single-family homes (affixed plus separated) in the price range of $300,000 to $499,999. (We are mostly mosting likely to concentrate on this real estate market section).
Moreover, the Standard Market sector remained to cost incredibly high percentages of the market price. In April 2020, the ordinary prices for the affixed homes was $370,011, a 0.22 percent rise over April 2019. The typical list prices for removed homes increasing by 1.97 percent considering that April 2019.
The typical list prices of all residential or commercial properties (attached plus detached) was $400,232, a 1.45 per-cent greater than last April. April 2020 do with a 100.50 percent close-price-to-list-price proportion for mixed domestic, a small boost over March, as well as an almost half percent rise year over year.
In the Denver City Area this May, 3,437 homes shut, a year-over-year reduction of 44%. As contrasted to last month, sales saw a 13% reduction. In May, the matter of listings in Pending condition was 6,935, which is 119% greater than last month and also up 14%, from May 2019. Exceptionally reduced quantities of stock assisted vendors to relocate their buildings rapidly in the $300,000 to $399,000 rate range.
The typical cost of a home in the Denver metro area was $502,441, a year-over-year boost of less than 1%. Compared to April, there was additionally a rise of less than 1%. Single-family houses sold for an ordinary rate of $542,479, down 2% year over year. The cost of multi-family as well as condos was up 4% from May 2019, at approximately $394,670. At the end of May, there had to do with 2.1-months (9 weeks) of inventory on the market, 2 weeks greater than last month, and three weeks greater than in 2015.
According to REcolorado's (state's largest network of realty specialists) June 2020 record, the ordinary rate of a home in the Denver metro area was $508,951, a year-over-year boost of 2%. Contrasted to last month, there was a rise of 3%. 5,992 houses were closed, a year-over-year increase of 3%. As compared to last month, sales saw a 69% rise. Single-family homes cost a typical rate of $559,290, an increase of 2% year over year. The price of multi-family/ condos/townhomes was up 1% from June 2019, at approximately $370,180.
According to their July 2020 report, the ordinary rate of a home in the Denver city area in July was $539,340, a year-over-year rise of 9%. As compared to last month, prices were 6% higher. A record variety of homes marketed in the Denver Metro area. Throughout the month, 7,186 homes shut a year-over-year rise of 21% and also a 16% rise month over month. Single-family houses sold for an average cost of $599,463, a 10% year-over-year increase. The average price of multi-family/ condos/townhomes was $383,764, up 6% year over year.
Below is the most recent regular monthly record of the "Metro Denver real estate market" from REcolorado. The report contrasts essential real estate metrics of the Denver City location from Aug 2020 with Aug 2019. Metropolitan Statistical Location (MSA) reports show real estate market stats that focus on the Denver metro area with a fairly high population density at its core and also close economic connections throughout the location.
The City Denver housing market has actually damaged all the documents regardless of the recurring pandemic. There was a record number of residences offered in the month of August as compared to this month in previous years. July 2020 had hit a record high number of residence sales in any kind of offered month in the City Denver realty market. As compared to July, residence sales visited 13% in August. Nevertheless, residence sales boosted by 12% year-over-year, as reported by REcolorado ®.
A number of essential real estate indications showed year-over-year gains as more customers entered the marketplace in August. The aspects driving prices up are an increase popular for real estate, limited stock, as well as record-low mortgage rates. The typical price of a home in the Denver metro area in August was $539,252, a year-over-year boost of 11%. As compared to July, costs saw a marginal boost. House cost increases were driven by Single-family homes, which cost an average cost of $602,191, a 13% year-over-year increase.
This is the first time prices for single-family homes have surpassed $600,000. Despite the impacts of COVID-19, Denver as well as the whole city area remains a vendor's realty market, particularly in the $300,000 to $399,000 price array where it's getting even more difficult for purchasers to compete. New listings in August were 5.88% lower than this time around in 2014 where year-to-date brand-new listings are down by 9.85%. The closed to sale price proportion for all homes in this sector was 100,74%.
Data by Realtor.com likewise shows that the house costs are increasing and also the Denver housing market is heating up. The typical sticker price of houses is $489,000 on their platform, trending up 7.5% year-over-year. The mean listing price per square foot is $308. The median list price is $364,900.
Denver's strong economy offers purchasers the capability to invest extra on real estate, consequently boosting realty prices. The property recognition price in Denver in the latest quarter was around 1.01% which relates to a yearly admiration projection of 4.11%, which is more than the national forecast. If the home costs remain to increase at this price, lots of buyers would certainly be evaluated of the marketplace.
Numerous professionals expect house cost gains by the end of 2020 because of low-interest prices, a strong work market, and a constant economic climate. But there could be a cost crisis. The City Denver tape-recorded a 12.1% annual gain in the median price of a single-family home marketed in August. Reduced mortgage prices aid yet don't eliminate, the risk that the real estate market can still deal with a cost problem if home costs remain to increase at a quick pace.
Allow us talk about some even more housing market fads which make purchasing Denver realty possibly lucrative for brand-new financiers in the long-term.
Denver Real Estate Market Value, Trends & Information 2020
We shall currently go over several of one of the most recent real estate patterns & information in the Denver metro location and contrast it with the past couple of years. We will mostly discuss mean house costs, supply, economic situation, development, as well as communities, real estate networking events denver which will certainly assist you recognize the means the local property market relocates this area. Denver is among the hottest real estate markets in the country. In the past ten years, the yearly realty recognition rate has totaled up to 7%, according to NeighborhoodScout.com. This places Denver in the top 10% country wide genuine estate recognition. Denver was ranked as the country's 16th-most walkable city, with 600,158 residents.
It has some public transportation as well as is extremely bikeable. Midtown is one of the most walkable neighborhood in Denver with a Walk Rating of 93. As a result of the reduced month's supply of supply, the Denver real estate market is persistently skewed to sellers-- which implies that the demand from purchasers is always exceeding the current supply of residences to buy.
According to Neigborhoodscout.com, a realty data supplier, one and two-bedroom single-family removed are one of the most common real estate devices in Denver. Various other kinds of housing that prevail in Denver include large apartment building, duplexes, rowhouses, as well as homes transformed to apartment or condos. Single-family residences make up regarding 40-45% of Denver's real estate devices.
At the national level, the single-family rental homes have actually grown up to 30% within the last three years. Almost all the real estate demand in the US over the last few years has actually been filled up by single-family rental units. With 2020 being, in theory, in the middle of a boom, there are still 4 years for household building and construction to rise. Probably, a real estate shortage will continue to be in 2020, keeping house rates high.
The pricing of homes trends greater and also is a lot more attractive for sellers in the current phase. The scarcity of supply and also a rise in the need for housing presses the rates higher in the Denver housing market. In spite of significant gains in the housing supply in 2020, the Denver city location residence rates are holding constant year-over-year.
The year 2020 began significantly still for vendors for the Denver Real Estate Market. By the end of 2020, the house costs in Denver were expected to rise by 2 to 3 percent, which implied it was likely to be one more year of price dilemma for buyers. The residential realty market in Denver remains to churn unblocked also in the times of COVID-19
Denver Housing Market 2020 Stats Before COVID-19.
In January 2020, we saw a substantial gain in the stock in the Denver city housing market. New listings increased by an enormous 89.27 percent from the month prior. Active listings stopped by a 1.91 percent decline from December due to the fact that house purchasers positioned 43 percent more homes in pending condition month over month which decreased the real estate inventory surplus.
In the whole household market, there was a 34.21 percent decrease in the variety of shut houses and a 35.19 percent decrease in sales quantity month over month in January which was a reflection of the lower end of 2019. As generally occurs this time around of year, the days on the market were much longer, balancing bent on 45 contrasted to 41 in December. The ordinary single-family residence rate was below its summer highs, however greater year over year by 6.86 percent to $532,494.
The picture is a bit various for apartments that experienced a 4.98 percent month-over-month drop in ordinary price to $355,754, which is also down 0.37 percent from the same month in 2015; standing for the first rate decrease in January in at the very least the past 4 years. After a staying practically level throughout 2019, with a simple 1% rise in rates, the Denver real estate market was showing little signs of gains.
In March 2o20, the Denver City housing market was revealing signs of being among the most effective on record. Nevertheless, amid anxieties originating from the continuous pandemic, there were an unprecedented 761 home sellers that withdrew their homes from the metro-Denver property market in March.
The largest variety of residences, 625, was gotten rid of in the last 2 weeks of March. All price arrays in the Denver metro area were still indications of a warm seller's market. In March, 30.24% even more brand-new listings began the market, which pressed the variety of active listings at month's end up 19.46 percent to 5,776. Especially, that is 8.20 percent less energetic listings than March 2019.
Houses in the Denver real estate market were costing approximately 29 days. The fad for typical days on the market had decreased considering that last month. The number of pending contracts raised by 8.03% MTM, and also there were 12.02% more homes sold. In March 2020, the ordinary sale price for all household single-family houses (attached plus separated) was $513,526, up 7.31% considering that March 2019-- establishing a new document high.
It was likewise the very first time the average list price for both single-family residences and also condos topped the half-million-dollar mark. The highest possible variety of sales were in the $500,000 to $749,000 range.
Effect of COVID-19 on the Denver Property Market
Despite the pandemic, house rates going up. According to Dmarealtors.com, in March, pre-COVID-19, the typical rate for a house in the 11-county metro Denver area zoomed above $500,000 for the first time, to $513,535. That rate after that dipped back down below the half-million-dollar mark throughout the home-showing shutdown and also unpredictable financial times in April and Might.
In April, the average list prices of all residential properties boosted by 2.56 percent to $400,000. The buck volume of all residence sales in April was around $1.8 Billion, a year-over-year decrease of 29.7%. There continued to be concerning a month's supply of domestic single-family residences (attached plus removed) in the price range of $300,000 to $499,999. (We are primarily mosting likely to focus on this housing market segment).
Furthermore, the Standard Market segment continued to cost remarkably high percents of the market price. In April 2020, the typical list prices for the attached buildings was $370,011, a 0.22 percent rise over April 2019. The typical sales price for detached buildings increasing by 1.97 percent because April 2019.
The typical sales price of all residential or commercial properties (connected plus removed) was $400,232, a 1.45 per-cent greater than last April. April 2020 finished with a 100.50 percent close-price-to-list-price proportion for mixed residential, a small rise over March, and a virtually half percent boost year over year.
In the Denver Metro Area this May, 3,437 homes shut, a year-over-year decline of 44%. As compared to last month, sales saw a 13% decline. In May, the matter of listings in Pending status was 6,935, which is 119% greater than last month and up 14%, from May 2019. Exceptionally low amounts of supply helped vendors to move their buildings swiftly in the $300,000 to $399,000 rate array.
The average rate of a home in the Denver metro location was $502,441, a year-over-year increase of less than 1%. Contrasted to April, there was also a boost of less than 1%. Single-family houses cost an average cost of $542,479, down 2% year over year. The price of multi-family and apartments was up 4% from May 2019, at an average of $394,670. At the end of May, there were about 2.1-months (9 weeks) of supply on the marketplace, two weeks more than last month, as well as three weeks greater than in 2014.
According to REcolorado's (state's biggest network of property professionals) June 2020 record, the typical cost of a home in the Denver metro area was $508,951, a year-over-year boost of 2%. Contrasted to last month, there was a boost of 3%. 5,992 homes were shut, a year-over-year increase of 3%. As contrasted to last month, sales saw a 69% rise. Single-family houses cost a typical rate of $559,290, a rise of 2% year over year. The rate of multi-family/ condos/townhomes was up 1% from June 2019, at approximately $370,180.
According to their July 2020 report, the typical rate of a home in the Denver metro area in July was $539,340, a year-over-year rise of 9%. As contrasted to last month, costs were 6% greater. A record variety of houses marketed in the Denver Metro location. Throughout the month, 7,186 houses closed a year-over-year increase of 21% and a 16% boost month over month. Single-family residences cost an ordinary cost of $599,463, a 10% year-over-year rise. The ordinary cost of multi-family/ condos/townhomes was $383,764, up 6% year over year.
Below is the most recent month-to-month record of the "Metro Denver housing market" from REcolorado. The record compares vital housing metrics of the Denver City area from Aug 2020 with Aug 2019. Metropolitan Statistical Area (MSA) records reveal housing market data that concentrate on the Denver metro region with a reasonably high population density at its core and also close economic connections throughout the location.
To begin, you must efficiently finish an accepted 168 clock-hour Pre-Licensing program.
Obtaining your Colorado property permit might seem denver co real estate bubble a bit difficult, but we're here to assist you through the procedure.
To begin, you should effectively finish an authorized 168 clock-hour Pre-Licensing denver co real estate bubble training course.
Getting your Colorado realty permit might seem a bit overwhelming, yet we're here to assist you through the process.
To begin, you have to efficiently finish an authorized 168 clock-hour Pre-Licensing training course.
Obtaining your Colorado realty permit could seem a little bit challenging, but we're denver co real estate bubble right here to lead you via the process.
Denver house prices remain stable in this sector. In April 2020, the median sales price of all homes increased by 2.56 percent to $400,000. The dollar volume of all home sales in April 2020 was around $1.8 Billion, a year-over-year decrease of 29.7%. Presently, there is about a month's supply new homes for sale denver area of property single-family homes (attached plus detached) in the cost series of $300,000 to $499,999 (We are primarily going to focus on this real estate market segment).
Now, as you know anything under four months indicates sellers have the power in negotiations. This shows that the supply is so tight in Denver, that buyers would need a big increase of inventory to satisfy their demand in the coming months. Of higher value to investor in Denver is that the location is growing in population. The tasks are increasing therefore are the number of occupants. It is the largest and capital city of Colorado, home to approximately 700,000 people. The Denver metropolitan area is house to around 2.7 million individuals. The population has actually increased by 1.33% from 2019. The Denver-Aurora, Colorado statistical area is home to about three and a half million people.
It has a low joblessness rate of 2.3% since Dec 2019, according to the U.S. Bureau of Labor Data. A 3rd of the population of Denver-metro area rents. All these are exceptional signs of investors seeking to purchase a rental home in Denver. In spite of current cooling off, there are numerous reasons to think about long term financial investment in the Denver realty market. The house rates are anticipated to flatten nationwide or might increase by just 0.8%, and purchasers will continue to move to price, benefiting mid-sized markets. The realty appreciation rate in Denver in the most recent quarter was around 0.43% which equates to a yearly appreciation forecast of 1.73%, which is more than the national forecast.
Denver is a crucial trade point for the country, and house to numerous large corporations in the main United States.
It was named 6th on Forbes Magazine's "Finest Places for Business and Careers." Denver South is home to 7 Fortune 500 companies. It is also home for mining and energy business such as Halliburton, Smith International, Newmont Mining, and Noble Energy. Denver's strong economy offers buyers the capability to spend more on housing, as a result increasing realty rates. Lots of specialists anticipate home price gains by the end of 2020 due to low-interest rates, a strong task market, and a steady economy.
These are simply a few of the highlights that make Denver a fantastic place to live and purchase realty. The list can continue. Let's continue to explore the Denver real estate market to comprehend what it will look like in 2020
Please note that property prices are deeply cyclical because its need side is impacted by financial cycles. Much of it is dependent on elements you can't control. The current example is COVID-19 which has severely affected our economy. Therefore, many variables can potentially affect the worth of the real estate in Denver in 2020 (or any other market) and some of these variables are impossible to anticipate ahead of time.
Denver Housing Market Trends & News 2020.
We shall now go over some of the most current housing patterns & news in the Denver metro area and compare it with the past couple of years. We will generally discuss average home costs, inventory, economy, development, and areas, which will assist you understand the way the regional realty market moves in this region. Denver is one of the hottest property markets in the country. In the past ten years, the annual real estate gratitude rate has actually amounted to 7%, according to NeighborhoodScout.com. This puts Denver in the leading 10% nationally genuine estate appreciation. Denver was ranked as the nation's 16th-most walkable city, with 600,158 locals.
It has some public transport and is very bikeable. Downtown is the most walkable community in Denver with a Stroll Score of 93. Due to the low month's supply of stock, the Denver real estate market is persistently skewed to sellers-- which suggests that the need from buyers is constantly surpassing the existing supply of houses for sale. The pricing of homes patterns greater and is more appealing for sellers in the present phase. The scarcity of supply and a boost in the need for real estate pushes the prices higher in the Denver housing market. The domestic realty market in Denver continues to churn unimpeded even in the times of COVID-19.
How Did The Denver Housing Market 2020 Start?
In January 2020, we saw a huge gain in the inventory in the Denver metro real estate market. New listings increased by an enormous 89.27 percent from the month prior. Active listings stopped by a 1.91 percent drop from December due to the fact that house purchasers positioned 43 percent more homes in pending status month over month which reduced the real estate inventory surplus. In the entire property market, there was a 34.21 percent drop in the number of closed homes and a 35.19 percent drop in sales volume month over month in January which was a reflection of the lower end of 2019.
As typically happens this time of year, the days on the marketplace were longer, balancing out to 45 compared to 41 in December. The typical single-family house rate was down from its summer season highs, however higher year over year by 6.86 percent to $532,494. The picture is a little various for condominiums that experienced a 4.98 percent month-over-month drop in average price to $355,754, which is also down 0.37 percent from the same month in 2015; representing the very first rate drop in January in at least the past 4 years.
After a remaining almost flat throughout 2019, with a simple 1% increase in prices, the Denver real estate market was showing little indications of gains. In March 2o20, the Denver Metro real estate market was revealing signs of being among the best on record. Nevertheless, in the middle of fears coming from the ongoing pandemic, there were an unprecedented 761 house sellers that withdrew their homes from the metro-Denver real estate market in March.
The biggest number of homes, 625, was gotten rid of in the last 2 weeks of March. All price ranges in the Denver city location were still indications of a warm seller's market. In March, 30.24% more brand-new listings began the market, which pressed the number of active listings at month's end up 19.46 percent to 5,776. Significantly, that is 8.20 percent fewer active listings than March 2019. Houses in the Denver real estate market were selling at an average of 29 days. The trend for typical days on the marketplace had actually gone down considering that last month.
The number of pending contracts increased by 8.03% MTM, and there were 12.02% more homes sold. In March 2020, the typical list price for all property single-family homes (connected plus detached) was $513,526, up 7.31% because March 2019-- setting a new record high. It was also the first time the average sale price for both single-family houses and condominiums topped the half-million-dollar mark. The greatest variety of sales were in the $500,000 to $749,000 range.
Below is the current month-to-month report of the Denver Metro real estate market. The source of this report is REcolorado, the state's biggest network of property specialists. The report compares essential real estate metrics of the Denver Metro area from April 2020 with April 2019. Metropolitan Statistical Location (MSA) reports reveal housing market stats that focus on the Denver metro region with a reasonably high population density at its core and close financial ties throughout the location.
The average price of a home in the Denver metro area was $502,207, a year-over-year increase of 1%, however down 2% from last month.
3,855 homes were closed, a year-over-year decline of 26%.
As compared to last month, sales saw a 19% reduction.
Single-family houses sold for a typical price of $549,306, down less than 1% year over year.
The cost of multi-family/ condos/townhomes was up 3% from April 2019, at approximately $378,499.
New listings to the market were down 26% compared to in 2015, and 28% from last month.
Active listings of homes for sale were down 15% compared to last year but 5% higher than the end of last month.
Months Supply of Inventory is 1.75 or 7 weeks, the same from last year.
Usually, single-family homes were on the market for 19 days.
Multi-family/condos/townhomes were on the marketplace for 23 days.
The average number of days a home invested in the market in April was 5, 3 days less than this time last year.