The Results Are In....
2020 proved to be one of the most challenging years in recent memory. With the ongoing pandemic, record unemployment, social and political unrest you would think that the Denver Real Estate Market would be adversely affected. You would be wrong. 2020 was no match for the Denver Housing Market. Records were set most every month showing that you just can't keep a good market down!
December proved to be another strong month for the Denver Metro Area housing market. More homes closed in December than any other December on record with 5,113 closed homes. This represented a 12% increase from December 2019.
December typically is a slower time for real estate. Most Sellers wait until the beginning of the year to list their home. With only two weeks of available inventory on the market, many Sellers chose to test the market by listing their homes in December. We saw an 18% increase in the number of new listings compared to the same time last year.
Many of those homes went under contract quickly after an average of just 24 days. This represented a decrease of 17 days!
Prices continued their record climb with the average home price coming in at $543,677! This represents a 13% increase over December 2019!
More Market Stats
2020 Year End Market Report
2020 was a record breaking year for the Metro Denver Real Estate Market. We saw more contracts written and more homes sold than any other year on record! Buyer demand was sky high. The number of new listings Sellers brought to market could not keep up with heavy demand. Year end inventory levels are close to all time lows which will continue to put pressure on Buyers hoping to find a home in 2021.
Prices also reached all time highs in 2020. The majority of the homes brought to market didn't last long. More than half of the homes spent a week or less in the MLS. Interested in seeing more details? Here is the full 2020 Year End Report that goes deeper into the numbers.
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