Check out what local Denver Experts are saying about the status of Denver’s housing market.
“I was expecting September to be another solid month and difficult time to purchase a home. Denver set new record highs, and the inventory was meager, which made purchasing difficult. There looks to be no relief on this front in Denver any time soon.”
“September was another strong month for Denver in regards to the price in which homes sold. The theme across the board is low-interest rates coupled with low inventory. It doesn’t help either that cash home buyers can compete by paying fair market prices.”
The housing market in Denver in September proved again to be hyper-competitive. In fact, I have never seen such a low inventory. This really puts upward pressure on the price of houses. I am starting to hear about more layoffs around the country. I do wonder if this will trickle down into Denver’s market. If it does, we might see a cooling off. A colleague did suggest that interest rates will remain very low for quite some time. Maybe even 2 or 3 years.”
Table of Contents for this Denver Housing Market Report.
1. Expert Opinions 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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Amidst the pandemic, the Denver house market did not slow down its pace.
It is on its way to outperforming the record-breaking real estate market of last year. Real Estate experts have observed that August 2020 has the most home sales of August. However, the housing inventory dipped the to 40% fewer homes than the market last year. Moreover, the average price for a single-family residential home reached as high as $606,330 because of the high buyer’s demand yet low supply.
However, if you compare the record-high number of home sales in July 2020 in metro Denver, you will notice the 18.73% drop in home sales for August compared to July. But, if you put the total home sales of 5,959, it is the most sales of the month for August’s records. The sales increased by up to 3% compared to 2019 at over $20 billion.
Unfortunately, there was not a lot of homes added to the market in August compared to July. Thus, the active listings at the end of the month reflected how scarce the supplies were.
By the end of August, the number of active listings is recorded at 5,496, 41.22% fewer than last year. Moreover, there’s a shortage of 11.13% to the added listings to the inventory compared to July.
However, despite the scarcity of housing inventory, the pending contracts for all property went up to 7.79% month over month and 32.64% year over year. Moreover, as the buyer demand continues to grow, the prices continue to increase. Thus, the average price for a single-family home went as high as $606,330 in August, a 5.56% increase.
Contribution From a Real Estate Pro… from Sunny California
As you know, we love to get in touch with other real estate markets throughout the country. We had a fabulous conversation with Jane P, a Los Angeles Real Estate Concierge provider and expert. She had this to say on the Los Angeles real estate market. “Los Angeles home values remain strong, and why wouldn’t they.
We have the sand, surf, sun, and fun all packaged into one amazing and highly desirable place to live. Therefore the Los Angeles market is hyper-competitive, so be sure if you are buying or selling, you ask Uncle Google, Who is the best realtor near me?’
Thanks, Jane, for those great words on California’s real estate market– more specifically, Los Angeles. Having traveled there on numerous occasions to visit my in-laws, I can attest to all the fun they have out there on the west coast.
In conclusion, August 2020 holds a significant role in bringing solid year-to-date figures compared to August 2019. It has been recorded to have 62.75% more new listings, and the pending contracts were staggering at 107.48% compared to last year. Moreover, home sales have increased by up to 52.59%. The Real Estate market is ready for the late inventory surge as some sellers held off their properties from the listings earlier this year.
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 your 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.
I am very familiar with the Denver, Indianapolis, and Omaha housing markets.
You also have an option to leave a comment. I will be sure to reply.
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