Record sales and skyrocketing appreciation along the front range in 2020 were driven by high demand from an increasing Colorado population, low interest rates and lifestyle changes for many. Will we get the virus under control? Will politics settle down? Will the U.S. economy continue its recovery? These are macro questions that will influence our local market and factors we continue to analyze.
With 30-year fixed interest rates at 2.5% and households demanding more from their at-home work and school environments, buyer activity continues to be unseasonably strong. In this market, sellers have tremendous negotiating power and depending on the situation, can work in extra time to find a replacement home if needed.
This time last year, Denver’s days on market listings were ½ of what they are today, prices are up, and inventory is remarkably low. Combine these factors with current interest rates, and we see the market is remaining strong. Stay up to date, message me for specifics within your area!
UP, UP, and UP! Last week new homes for sale was 14% higher and there were 44.6% more homes under contract compared to the last 3-year average. The average weekly sales price of a single-family home is also still going up hitting $628,236 last week.
Fall season typically marks a slowing of the real estate market. We see a slight decline in home values and reduction in market activity every year. EXCEPT THIS YEAR. While an unusually high 1,534 homes hit the market last week, 1,631 homes went under contract, further widening the supply and demand gap.
Another week of records! 1,658 homes under contract last week is 45% higher than the last 3-year average. The average weekly sales price of all property types has also risen 22.5% in the last 14 weeks, from $476,861 in week 19, now at $584,035. PM me if you want to know more about your specific area.
Denver Metro Area.
- Page 1 of 2