The Pandemic Effects Are Still Being Felt...
Months of the ongoing pandemic are leaving marks on the Denver Metro Real Estate Market. 3,437 homes were sold in May 2020 vs. 6,164 homes sold this time last year reflecting a whopping 44% decline year over year.
New listings were down by 17% as many people were waiting for the shelter in place order to be lifted.
There were some positive signs that I wanted to share. Pending sales were up 14% compared to May 2019! Days on market and the average sold price for single family homes remained flat.
Home Buyers are finding more options to choose from as the weeks of inventory rose from 6 to 9 weeks.
With the gradual reopening of the Denver Metro Area, signs are encouraging as people are getting back to work and things are starting to feel more normal again. After months of sheltering in place, many people have discovered that their home is no longer working for them. More new listing have already been popping up as people are looking to find another home that meets their needs better.
VERY low interest rates are also a factor. As the market starts to recover Buyers are finding these historic low rates too tempting to overlook and are jumping into the market.
More Market Stats
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