Denver Real Estate Market - Update for March 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 UNTIL COVID reared its ugly head in our State.  We were seeing new listings come on, then the Attorney General said we no longer were able to show homes. 

For the month of March, the days in MLS decreased from 39 to 30 days, which is a reflection of how strong our market was.  The sales increased 2.4% 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. Since the new Order went into effect, we saw many homeowners remove their homes from the market, which are showing as "withdrawn", meaning there is an active listing agreement in place, just that the sellers are not showing.

The following data is courtesy of Joan Cox - House to Home, Inc.

 

Denver saw a huge increase in active listings (mostly early March), and we have 7.6% more new listings than we did this time in 2019.   The pending listings saw a decrease (4.3%) over the same month 2019, and a sizable increase from February 2020.  Sold properties saw an increase from last year.   With 30 days in MLS, this still indicates we are experiencing a Seller's market  (March 2019 we saw 32 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 March 2020

New Listings - 6,675 - down from 5,121 last month  (in 2019 it was 6,205) 

Pending Listings - 5,912 - down from 5,357 last month (in 2019 it was 5,912)

Sold Listings - 4,635 - up from 3,708 last month (in 2019 it was 4,635)

Days in MLS - 30 days - up from 39 days last month (in 2018 it was 32 days)

Average Sold Price - $513,795 - down from $488,180 last month (in 2019 it was $513,795)

Percent of Sold Price to List Price - 99.9%, same from 99.5%  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.  Now that we have Covid-19 amongst us, doing business has changed, including not having the ability to show a home "-in-person".   You may see gloves, booties & sanitizer in listings, don't touch the light switches or doors.   

 

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.   I may recommend unless you HAVE to sell right now, it may be easier once showings are allowed.

 

 

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.  This will change significantly after so many lost their jobs or got laid off.   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
1,383,922
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Joan Cox - It is very frustrating to get off to a good start and have this happen. I don't quite understand why Colorado does not think real estate is an essential business?  Because we deal with lagging indicators, it will be interesting to see how May and June shake out. Hopefully, those orders will be lifted for you soon. 

Apr 19, 2020 06:16 PM #1
Rainmaker
604,110
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update Joan, all the best to you as you get many of these properties listed and sold.

Sally

 

Apr 19, 2020 07:14 PM #2
Rainmaker
3,647,254
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Joan - it will be interesting to see how buyers/sellers react in the months-to-come as the market continues to evolve.  It's going to be a year that is far from normal but real estate professionals understand that change is the one constant we know.  

Apr 19, 2020 07:34 PM #3
Rainmaker
3,462,890
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Joan... I felt like I was reading a market report on Charlotte... and this is a "story" where we already know the ending... numbers won't be anywhere as good come April and probably May.

Apr 20, 2020 06:41 AM #4
Rainmaker
4,339,124
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sheri Sperry - MCNE® I think they decided we were a "hot spot", and had a very dumb agent show a home with a tenant with COVID, so they revoked our privileges.  Just listened to our Governor, and Monday we will be back able to show homes again!  No open houses, but that is OK.    

Apr 20, 2020 04:18 PM #5
Rainmaker
4,339,124
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks Sally.

Apr 20, 2020 04:18 PM #6
Rainmaker
4,339,124
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael, you are right, this will be a year to remember, and won't be seeing numbers exceed previous years.

Apr 20, 2020 04:20 PM #7
Rainmaker
4,339,124
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, your market and Denver have been very similar for years.

Apr 20, 2020 04:20 PM #8
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Rainmaker
4,339,124

Joan Cox

Denver Real Estate - Selling One Home at a Time
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