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Metro Denver Real Estate Market Update, August 13, 2020

From July 2019 to July 2020 the number of active listings – all homes for sale in the metro area, including townhomes, condos and single-family homes – decreased 41.5%. That lack of inventory was a major factor in rising home prices. 20.3% more homes sold this July compared to July 2019 while the median price of a home sold went up 7.1%. Lack of inventory is such a big factor in the market, we decided to compare this July to last July throughout the metro area.

Single Family Homes

County Active Listings July 2019 Active Listings July 2020 Percent Change
Adams 1,144 534 – 53.3%
Arapahoe 1,338 697 – 47.9%
Boulder 683 356 – 47.9%
Broomfield 218 85 – 61%
Denver 1,439 807 – 43.9%
Douglas 1,525 750 – 50.8%
Jefferson 1,291 609 – 52.8%

Condos and Townhomes

County Active Listings July 2019 Active Listings July 2020 Percent Change
Adams 271 162 – 40.2%
Arapahoe 675 395 – 41.5%
Boulder 223 160 – 28.3%
Broomfield 33 31 – 6.1%
Denver 1,427 1309 – 8.3%
Douglas 243 152 – 37.4%
Jefferson 360 244 – 32.2%

Low inventory makes strategy more important than ever if you’re planning to sell a home then buy. Marketing, timing, pricing and skillful negotiation all come into play.

Ready to get moving? We’re happy to help.
Call David and Tom at The Principal Team at 720-408-7409.

Metro Denver Real Estate Market Activity

Mortgage rates continue to be at near-record lows which is influencing demand for homes. We continue to see a large number of homes go under contract each week, with over 2,300 pending in the last seven days. In fact, mortgage applications to purchase a home rose 2% for the week and were 22% higher than the same week one year ago. On Tuesday of this week, rates rose sharply, though, to their highest levels in two weeks. It’s important to realize that change is a constant and low rates won’t last forever.

During the last week:
New Listings – 1445
Back On Market – 327
Price Increase –  228
Price Decrease – 963
Pending – 2310
Withdrawn – 194
Closed – 1742
Expired – 246

Previous week:
New Listings – 1386
Back On Market – 327
Price Increase –  311
Price Decrease – 1093
Pending – 2271
Withdrawn – 231
Closed – 2270
Expired – 439


Based on data from REColorado®

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