Denver Real Estate Market Update - February 2020

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

 

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.

 

 

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Rainmaker
5,273,753
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Joan Cox I think most homeowners will be "nesting" and not thinking about moving or showings for awhile.... we have one signed by a "senior" and it's not going on the market until the dust settles...

Mar 18, 2020 05:16 AM #1
Rainmaker
3,494,411
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joan. Buying or selling in your market, you need experienced professional representation. Enjoy your day!

Mar 18, 2020 05:16 AM #2
Ambassador
3,198,085
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

As always, you have given us a snapshot of what your market is doing in Denver. What makes your market report exceptional is your analysis that goes with it...

Happy Wednesday Joan Cox 

Mar 18, 2020 05:43 AM #3
Rainmaker
3,380,099
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great report, Joan... what I keep thinking about as I'm doing my February reports is what our March and April markets will look like.

Mar 18, 2020 05:52 AM #4
Rainmaker
859,059
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

As usual a very thorough market report on the market, showing sellers are still in the drivers seat, with low inventory in the market.

Mar 18, 2020 06:52 AM #5
Rainmaker
1,708,851
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

The updates are appreciated as always. Best of luck!

Mar 18, 2020 08:00 AM #6
Rainmaker
1,431,435
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Joan, I think the uncertainty with all that is presently going on also leads to folks holding of on things like downsizing, up-sizing, retirement, etc...

Mar 18, 2020 11:02 AM #7
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Barbara, that is what I am hearing too, except for those that have lost their jobs and worried about paying their mortgage.

Mar 18, 2020 03:36 PM #8
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thank you Wayne.

Mar 18, 2020 03:36 PM #9
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Paul, the public can read the numbers, but do they mean anything to them?

Mar 18, 2020 03:37 PM #10
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina Hollander I do believe we will see some declines in all areas, at least in my market.

Mar 18, 2020 03:37 PM #11
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nick, it is for February, and fear March will tell a whole new story.

Mar 18, 2020 03:38 PM #12
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks for stopping by Jeremy.

Mar 18, 2020 03:38 PM #13
Rainmaker
4,271,407
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jeff, I think so too, but time will tell.

Mar 18, 2020 03:38 PM #14
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Rainmaker
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Joan Cox

Denver Real Estate - Selling One Home at a Time
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