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Metro Denver Real Estate Market Update, July 16, 2020

California’s CoreLogic, a data and analytics company, just released their Home Price Insights report, designed to predict what will happen with housing between now and May 2021. The report predicts home prices will decrease 6.6% from May 2020 to May 2021, the first year home prices have declined nationally in more than nine years. The report suggests much of the downturn will be due to high unemployment.

CoreLogic analysts predict prices in the Denver metro area to decline by about 9 percent by next spring. For now, prices are still rising, inventory is near record lows and interest rates are low; we expect prices to continue to rise at least until fall.

Denver isn’t alone in being called “overvalued” in the report. In fact, CoreLogic contends that “39% of metropolitan areas had an overvalued housing market in May 2020, while 24% were undervalued and 37% were at value.” Other overvalued markets include the Houston metro area and the Washington DC area, including Northern Virginia and Maryland.

Questions? Give us a call.
Reach David and Tom at The Principal Team at 720-408-7409.

Metro Denver Real Estate Market Activity

Showings are up about 11.5% compared to a year ago and have risen 12.8% from the peak we saw before the pandemic began. Showings are just over 43% higher than last year’s weekly average and almost 56% higher than this year’s weekly average. In fact, we saw more showings last week than at any other time during this year or last year*. Overall, there was simply a lot of activity in the market during the past week. We saw a rise in closing, a rise in the number of properties that went under contract (“pending”) and a rise in the number of new listings and “back on market” listings.

*Based on data from ShowingTime®

During the last week:
New Listings – 1738
Back On Market – 394
Price Increase – 238
Price Decrease – 1326
Pending – 2562
Withdrawn – 182
Closed – 2220
Expired – 292

Previous Week:
New Listings – 1370
Back On Market – 274
Price Increase – 196
Price Decrease – 987
Pending – 1979
Withdrawn – 149
Closed – 1640
Expired – 249

Based on data from REColorado®

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