May numbers are in and it was a wild month in real estate. Buyers had a lot to choose from by the end of the month. In fact, new listings were up 56.44 percent from April. Many of those were homes that had been withdrawn when showings stopped. At the end of May, 7,170 homes were on the market – 4.6 percent more than in April, but not as many as the 8,891 we saw in May 2019. It’s still a seller’s market for homes priced under $1 million. There’s so much for sale over $1 million, that price range is now a buyer’s market.
The market is still recovering, but interest rates are low and there are more choices for buyers. Applications for purchase mortgages have increased for seven consecutive weeks and are now 18% higher than they were a year ago, which shows there’s real pent up demand for homes and could be an indication that the rest of the summer will be an active time for buyers and sellers.
Unfortunately, many people have lost jobs or part of their income. We’ll keep an eye on unemployment numbers and the housing supply to see whether the market can fully rebound.
dsJune Market Report
Month-over-month numbers for May
The number of homes sold, the average closed price and the median closed price were all down in May, but the active inventory and number of homes under contract were up significantly.
Active Inventory: 7,170, up 4.6%
Pending: 4,979, up from 2,359
Closed Homes: 3,152, down 19.71%
Average Closed Price: $495,925, down 1.24%
Median Closed Price: $439,150, down .19%
Average Days in the MLS: 23, up 9.52%
During the last week:
New Listings – 1693
Back On Market – 407
Price Increase – 199
Price Decrease – 1343
Pending – 2335
Withdrawn – 183
Closed – 1538
Expired – 397
Based on data from REColorado®