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Metro Denver Real Estate Market Update, April 9, 2020

We hope you and your loved ones are safe and healthy during this unprecedented moment.

Sellers are taking a break in the face of COVID-19 by withdrawing homes from the market. We normally see the most homes withdrawn during November and December. Last November and December, 581 and 533 homes were taken off the market before they sold. In January, there were just 284. Last month, we saw 761 withdrawn properties and so far this month 322 homes were withdrawn. There’s a good chance most of these homes will come back on the market once things settle down.

Some homeowners are looking at forbearance options. Forbearance delays foreclosure, but is not the same as loan forgiveness. The COVID Stimulus Package allows up to 180 days of forbearance with a 180-day extension. We recommend homeowners who need help immediately call their mortgage servicer and ask about their options. Deferment, a loan modification or a “secretary’s lien,” where the balance is paid upon the sale or refinance of a loan, are other options.

This morning, the Division of Real Estate clarified rules related to real estate in Colorado and said, “Real estate appraisals and closings are considered critical services to complete real estate transactions. Further, home inspections and final walkthroughs … [are also] considered to be an essential part of the real estate transaction. Elements that are fundamental to the real estate transaction are deemed essential to support market activity. However, showing a property or conducting an open house in-person during the COVID-19 pandemic shall be avoided as it violates the specific mandates of recently issued executive and public health orders. Further, encouraging members of the public to engage in non-essential travel and/or requiring residents to leave their residences for the purpose of viewing real property unnecessarily compromises public health by expanding public exposure.”

Latest Market Activity

Last 7 Days
New listings: 1157
Pending: 1120
Back on Market: 328
Price Increase: 116
Price Decrease: 668
Closed: 1208

Previous 7 Days
New listings: 1251
Pending: 1240
Back on Market: 363
Price Increase: 145
Price Decrease: 598
Closed: 1470

Based on data from REColorado®

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