The Denver Real Estate Market Continues To Be HOT!
The Denver Housing Market continued to defy the Pandemic by posting another record setting month! July saw 7,186 closed homes posting an impressive 21% gain year over year!
New listings were up 15% with over 7,600 new properties listed in July. Pending listings were also up posting a whopping 27% increase with nearly 7,100 homes being placed under contract in July 2020.
Average days on market remained flat with only a one day decrease compared to July 2019.
Buyers continue to find heavy competition as home availability continued to be tight. The data shows why. There is only 4 weeks of inventory which was down 3 weeks year over year.
Due to the shortage of inventory, Sellers are squarely in the driver seat. Quality homes are seeing multiple offers and many times are accepting an over asking offer.
Mortgage rates continue to be at record lows which is helping drive the market. Lower rates mean Buyers can afford more house which is leading to higher priced homes being sold.
All indications show that the market will continue to perform well in spite of the pandemic.
More Market Stats
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