Published July 15, 2020
Metro Denver home sales activity before and during COVID-19 restrictions
Metro Denver Residential Sales Activity Report - July 2020
With concerns about the Coronavirus and how it may affect Metro Denver housing supply, demand, and future prices, it is good to stay up-to-date!As cities locked down while the COVID-19 outbreak began, many housing markets came to a standstill. But it was a short-lived one. As states and cities have begun to reopen, buyers have reemerged in some markets—in some cases growing their footprint from even a year prior.
Metro Denver housing supply decreased, while record low mortgage interest rates and pent-up home buyer demand is as strong as we have seen in recent years. Different parts of the Colorado Front-Range are experiencing different market shifts. In Metro Denver, home sellers are seeing heightened interest and many times multiple-offers for homes in desirable locations and price ranges.
Image: REcolorado MLS snapshot of market activity July 15, 2020
Home showing activity recovered nicely from unusually slow period of April-May due to COVID-10 related showing restrictions. Loosened showing restrictions and the most recent announcement permitting live in-person open houses are both positive moves for home owners looking to sell during our peak summer months.
Keeping up with the market shifts and changes to supply and demand remains an interesting challenge in the days of COVID-19. United Real Estate Prestige Denver offers a free consumer tool that shows 30 day market activity for specific areas and neighborhoods, which is useful information for potential home buyers looking to purchase a home, as well as for current home owners who may be considering making a move.
Image: Example of our free Personalized Monthly Market Report
As shared in Realtor Magazine this week, Clever Real Estate recently examined national housing market trends to pinpoint which metro areas have seen the largest rebounds in buyer demand. The service’s Housing Demand Metric measures median days on the market, the percentage of active listings on the market for less than two weeks, and the contract ratio (pending sales to active listings).
Metro Denver tied for #31 change in market demand and had a 104% positive change in Showing to Contract ratios according to the research by Clever Real Estate.
Click Here to see the Full Housing Demand by Metro Area Chart
If you have questions or comments about how the current residential real estate market affects your home and community, please feel free to Contact Us anytime via phone, email, or text.
Bryan Messick, Broker-Realtor®
United Real Estate Prestige Denver
Call or Text: 720-650-2250
|
Are you buying or selling a home?
When are you planning on buying a new home?
Are you pre-approved for a mortgage?
Would you like to schedule a consultation now?
When are you planning on selling your home?
or another way