The Denver real estate market usually starts with a flurry either January or February, and this year again we were faced with razor-thin inventory. Buyers were in multiple offer situations. There still was a decrease in inventory this month, but February did see more snow than normal. The days in MLS decreased from 45 to 39 days. The sales increased 5.6% over last year's sales, and up over last month's sales also. The number of homes that went under contract increased substantially from last month. We are seeing in a 7-day period, more homes going pending than are coming on the market right now.
The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw a decrease in active listings, and we have .6% less new listings than we did this time in 2019. The pending listings saw an increase (5.8%) over the same month 2019, and a sizable increase from January 2020. Sold properties saw a significant increase from last year. With 39 days in mls, this still indicates we are experiencing a Seller's market (January 2019 we saw 39 days in mls) Sellers should remember to list a home properly, as those over-priced homes will sit on the market. (this includes land, attached properties, single-family homes and up to the mega-million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
Stats for the Month of February 2020
New Listings - 5,121 - down from 4,853 last month (in 2019 it was 5,090)
Pending Listings - 5,357 - down from 3,954 last month (in 2019 it was 5,063)
Sold Listings - 3,708 - up from 3,289 last month (in 2019 it was 3,511)
Days in MLS - 39 days - up from 45 days last month (in 2018 it was 39 days)
Average Sold Price - $488,180 - down from $476,845 last month (in 2019 it was $463,642)
Percent of Sold Price to List Price - 99.5%, same from 98.8% last month
Buyers - Usually the spring buying season starts mid-January or early February and did not disappoint, and started with a fury. Razor-thin inventory had buyers again making crazy offers, and most saw multiple offers. We are seeing homes in the lower price points going quickly. Now that we have Covid-19 amongst us, doing business has changed. You may see gloves in listings, don't touch the light switches or anything.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.
Denver’s unemployment latest rate is 2.3% for December. Nice to see this rate so low compared to the national average of 3.5% in February 2020. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. Lockhead Martin announced they are hiring many more employees. See who else is adding employees. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. I recently got a first-time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first-responders a fabulous deal!
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.