It was just about a year ago that the first case of COVID-19 was discovered in Colorado. What was happening just before the pandemic began? How does it compare it to what’s happening now in each of the seven metro counties? Let’s take a look.
Average Prices by County:
| Boulder | Douglas | Denver | Arapahoe | Jefferson | Broomfield | Adams | |
| Jan 2020 | $737,832 | $630,952 | $530,000 | $470,300 | $550,000 | $550,000 | $434,750 |
| Jan 2021 | $947,553 | $714,556 | $689,256 | $653,685 | $642,361 | $585,159 | $454,366 |
| Change | + 28.4% | + 13.3% | + 28.0% | + 35.1% | + 20.2% | + 10.9% | + 11.9% |
Average Days On Market:
| Boulder | Douglas | Denver | Arapahoe | Jefferson | Broomfield | Adams | |
| Jan 2020 | 69 | 57 | 41 | 42 | 40 | 41 | 39 |
| Jan 2021 | 55 | 24 | 24 | 21 | 20 | 21 | 18 |
| Change | – 20.3% | – 57.9% | – 41.5% | – 50.0% | – 50.0% | – 48.8% | – 53.8% |
Average Percent of List Price Received:
This does not include seller concessions or down payment assistance.
| Boulder | Douglas | Denver | Arapahoe | Jefferson | Broomfield | Adams | |
| Jan 2020 | 97.4% | 98.8% | 98.7% | 99.1% | 98.8% | 99.6% | 99.4% |
| Jan 2021 | 99.1% | 101.1% | 100.7% | 101.2% | 101.2% | 102.1% | 101.7% |
| Change | + 1.7% | + 2.3% | + 2.0% | + 2.1% | + 2.4% | + 2.5% | + 2.3% |
Months Supply of Inventory:
This measures how long it would take to sell all the homes on the market if no other homes came on the market.
| Boulder | Douglas | Denver | Arapahoe | Jefferson | Broomfield | Adams | |
| Jan 2020 | 1.8 | 1.6 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| Jan 2021 | 0.6 | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 |
| Change | – 66.7% | – 75.0% | – 72.7% | – 81.8% | – 72.7% | – 72.7% | – 72.7% |
Prices are rising, days on the market are decreasing
The average closed price has gone up significantly in every county, while the time it takes to sell a home has decreased. There weren’t many homes for sale a year ago, and there are even fewer for sale now. Homeowners are enjoying the appreciation and sellers are receiving multiple offers, often going under contract for more than the asking price. It’s a great time to sell property. It may seem like a difficult time to buy – and it is, but we expect prices and interest rates to rise over the next year, so your dollars may go further now than if you wait.
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See how much more you can earn when you sell your home for 1%.
Call David and Tom at The Principal Team at (720) 782-2468.
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Based on data from the Colorado Association of REALTORS®