And just like that we are past Halloween, elections and almost at Thanksgiving. It seems that Denver real estate market doesn’t care about the colder temps this month and keeps staying hot – take a look at Denver real estate market highlights for Fall 2020.
Denver Metro saw the most challenging real estate market for Buyers in September of 2020 and locked annual appreciation rate for Q32020 at 6.7%, with some zip codes seeing as much as 26.6% annual appreciation YTD through September 2020 (80113, single family homes) – find details in Quarterly ZIP Code Appreciation report, courtesy of Megan Aller, First American Title.
Active listings:
- (Residential) 4,821 represents the lowest October on record. The previous low was in 2016 of 6,731.
- (Detached) 2,643 represents the lowest October on record. The previous low was in 2017 of 4,720.
Closed price – median:
- (Residential) $475,000 represents the highest amount on record. The previous record was $460,000 recorded in July, August, & September 2020.
- (Detached) $519,900 represents the highest amount on record. The previous record was in September 2020 of $510,000.
- (Attached) $339,425 represents the highest amount on record. The previous record was in September 2020 of $335,000.
Closed price – average:
- (Residential) $561,999 represents the highest amount on record. The previous record was $540,890 recorded in July 2020.
- (Detached) $625,100 represents the highest amount on record. The previous record was in August 2020 of $602,264.
- (Attached) $393,733 represents the highest amount on record. The previous record was in September 2020 of $384,902.
Days in MLS – median:
- (Residential) 6 days represents the lowest October on record. The previous low was in 2015 of 10 days.
- (Detached) 6 days represents the lowest October on record. The previous low was in 2015 of 11 days.
Days in MLS – average:
- (Residential) 24 days represents the lowest October on record. The previous low was in 2015 of 25 days.
- (Detached) 23 days represents the lowest October on record. The previous low was in 2015 of 27 days.
- (Attached) 2,022 represents the highest October on record. The previous high was in 2019 of 1,657.
- (Residential) 5,984 closed transactions represent the highest October on record. The previous high was in 2019 of 5,144.
- (Detached) 4,352 closed transactions represent the highest October on record. The previous high was in 2019 of 3,709.
- (Attached) 1,639 closed transactions represent the highest October on record. The previous high was in 2017 of 1,461.
- (Residential) 0.81 months represents the lowest number on record. The previous record low was in September 2020 of 0.91 months.
- (Detached) 0.61 months represents the lowest amount on record. The previous record was in September 2020 of 0.72 months.
- (Residential) 6,141 pending transactions represent the highest October on record. The previous high was in 2017 of 6,062.
- (Detached) 4,337 pending transactions represent the highest October on record. The previous high was in 2017 of 4,330.
- (Attached) 1,804 pending transactions represent the highest October on record. The previous high was in 2017 of 1,732.
- (Residential) $3,363,002,016 sales volume represents the highest October on record and the fourth-highest month all time. The previous high October was in 2019 at $2,487,936,752. July of 2020 is the all-time record at $3,965,805,480.
* Data provided by Denver Metro Association of Realtors – view full report here
And finally here are the current (November) Denver real estate market stats for you to ponder. **
Detached single family home sales highlights:
- Active inventory is down month-over-month by -31.0%, also down from the same month one year ago by -60.6%. Less than 2,000 homes on the market as of now – LOW!
- Closed units up month-over-month by +3.8% and were up +31.4% from the same month one year ago – this fall has been incredibly busy!
- Median days on market, coming in at 6 median days to contract – meaning half of the homes stay on the market only 6 days !!
- Flash sales- or units pending after just one week on the market were reported as 57.8%
- The competitive nature of the market post COVID-19 quarantine in October reported that 22.1% of closed transactions sold for a full price offer with 44.8% sold for over asking price.
Market has been different for attached homes :
- Active inventory declined in October, down by -6.7% month-over-month; also down from the same month one year ago by -23.0% with 2,070 units for sale.
- Closed units slowed month over month by -3.0% but are up from the same month one year ago by +26.9% with 1,638 closings reported.
- Flash sales, units under contract in 7 days or less was down month-over-month by -3.5% but were up year-over-year by +14.8%. Of all closed transactions in October 45.1% were under contract in 7 days or less.
- Days on market decreased 21.7% from September to 26 average days and held constant with 9 median days to contract.
- The competitive market for units closing in October reported 28.1% of homes selling for over asking price while another 34.5% sold for full price. These units were likely under contract in August.
Interested in your neighborhood report? Give Lana Cordier a call at 303-513-7035.
If you are considering selling your property, Lana Cordier can provide a customized marketing plan for a seamless transaction, email [email protected].
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