But first…

Check out what local Denver Experts are saying about the status of Denver’s housing market.

“With children being delayed going back to school, I believe the summer buying period could be extended. Also, mortgage rates on a fixed 30 year are under 3% still. This gives buyers more buying power. I believe as we advance, the market will stay strong.”

“We aren’t quite back to business as usual regarding the number of properties sold. This is because of the continued lack of inventory. If you need to sell your house fast, now would be a great time to do so and get a great price.”

“2020 proves to be an interesting year. The consensus in 2019 was we would undergo a relative cooling of Denver’s housing market. Most experts believed we would see house prices remain flat. However, July 2020 just saw year on year growth at almost 10%. This is fantastic.”

Table of Contents for this Denver Housing Market Report.

1. Expert Onions and Insight on the Denver Housing Market.

You already devoured that information. It is the quotes you read above. It would seem the Denver property scene is looking good!

2. Next, we take a look at the raw data.

This includes expert commentary from local Denver real estate pro’s

3. Then, just for you… BONUS: Commentary

A Local Denver Real Estate Investor and small business owner share his humble opinion. He has been actively buying, selling, and lending on property in Denver, Indianapolis, and Tampa since 2008. Don’t miss out on a possible gem.

Denver, Colorado Housing Report: The Numbers

Here we present you the latest numbers on single-family homes (SFH) sold, including average house prices and more, for Denver. Then we elaborate below.

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The Denver Housing market has had time to adjust for the Corona-virus, and Denver residents seem unfazed as it relates to buying and selling property. There will be ongoing adjustments to be made. We are well into the summer buying season. Local experts are beginning to predict more confidently where the market is going. There seem to be 2 polarizing camps of thought.

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Denver-Colorado-average-price-of-house-sold-in-august-2020

The average price of a home decreased by 0.1% when compared to April 2019. However, the median home price actually increased by 2.7% to $457,000. New listings were down 37.0%. The number of homes that were sold was also down at -22.7%. Inventory of active listings is also down by 20.0%

The coronavirus would appear to be putting added stress on inventory and market numbers across the board. According to Jennifer, an agent of 16 years in Denver, “Sellers are choosing not to list at the moment, so there is nothing for buyers to buy. Therefore, it makes sense that the number of listings and the total number of properties sold are down”. She is hoping for a rebound as fears about the coronavirus, restrictions, and possibly a vaccine is found. 

Rick, an agent-based in Cherry Creek, an exclusive area of the Denver Market, stated, “The longer the shutdown, the bigger the impact. It is a little wait and sees. My main advice to people right now is, despite the coronavirus, if you want to sell, you still can. It just takes a little more care and planning.”

House Prices in Denver, CO – SFH. 

What was the average sales price for a house in Denver?

Denver Metro area median home prices increased by 8.38% – year over year – with the median price being $503,850 for July 2020.

The average home price has seen a 9.92% increase since July 2019. The average sales price of SFH in Denver for July 2020 was $601,863.

We have just witnessed a 10% rise in prices year on year. This is certainly a surprise to me considering the headwinds the market is facing. I do believe it is in recognition of the strength of real estate as an asset class” Rick – Denver, Colorado – Full-time real estate agent, part-time economics enthusiast.

Number of Homes Sold In Denver, CO – SFH.

How many homes were sold in Denver, Colorado, in July 2020?

The number of homes sold in July 2020 was 4,086. This represents an increase of 12.84% compared to July 2019. 

Inventory In Denver, CO – SFH.

The number of Single Family homes for sale, or active listings, in the Denver area for July 2020 declined to 4001 compared to July 2019.

Days On Market in Denver, CO – SFH.

Days on the market, the number of days from the time the home is placed on the market until the day the home is placed in the pending status, was unchanged compared to a year ago. DOM remains very low at 24 days. 

The low DOM is more evidence we are in a strong seller’s market in Denver. This is also seen in homes selling at listing and our average price continuing to increase,” said Tanya, who runs a brokerage out of Golden, Colorado (area on the west side of Denver).

BONUS COMMENTARY on the Current Status of the Denver Housing Market

Shaun, a team member at Watson Buys and www.watsonbuys.com, is the person providing the bonus commentary today. Here it is…

The team at Watson buys is extremely excited to see Denver house prices remain strong. This is great news for people that live in Denver, particularly people who are homeowners in Denver. It does bode well for the greater Colorado economy also.

Regarding the greater economy, the team at Watson Buys is still cautious because of job losses occurring in mid to high level paying jobs. There is evidence of large companies laying off people. However, the housing market is large, interest rates remain historically low, and the banking fundamentals a robust. For this reason, we remain cautiously optimistic for Denver and the surrounding areas like Lakewood, Arvada, Aurora, and down South in Littleton or Castle Rock even.

Watson Buys will continue to support Denver communities. We will continue to buy houses from people that need to sell them. We are grateful for your support and will continue our mission to support you too. We will keep producing housing market reports like this and previous ones for you.

What do you hear in the community? Do you hear about job loss? Have you heard about new companies moving to Denver?  Let us know in the comments below. We will respond as appropriate.

If you have found this report useful, please share it with someone. Thanks

Shaun

Hi, My name is Shaun. That’s me on the right.

I am passionate about learning, innovating, and I love helping people. Real estate investing lets me do all of this. I am determined to provide content that is beneficial to you, your family, and friends.

There are so many adventurous avenues in Real Estate for me to explore. There are also many practical ways to help the community by providing houses for people to call home or by teaching people the many options and ways they can benefit in the world of real estate.

My mission is to grow communities by providing people opportunities to make a great living, places to live, and ultimately providing security and options for themselves and their loved ones.

You also have an option to leave a comment. I will be sure to reply.

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