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.
We thought prices might increase by 6% over the last 6 week period. The Average Weekly Sales Price has SKYROCKETED from a low of $483,563 to an all time high of $575,025, two weeks ago. That’s an 18.9% increase in 10 weeks! The number of homes being listed for sale has remained at, or only slightly above the seasonal weekly average, creating a serious supply issue.
Denver is arguably the hottest real estate market in the country! Given certain factors and interest rates anticipated to remain low, we expect continued appreciation through the end of 2020 with hopes for a modest slowdown.
The overall good news for sellers = appreciation! The average price of all homes in the Denver metro market last week was $520,790, up from $486,780 just three weeks ago. Comment below for specifics about your area.
1,674 homes went under contract last week, 38.1% higher than the last 3-year average. New homes listed for sale is right at the 3-year average and home showings per property and total showings are both higher than 2019 numbers.
While the beginning of the peak real estate season has been muzzled due to local and US economic challenges and virus outbreak containment efforts, just two days of mostly unrestricted-but-socially-responsible buyer and seller activity has given us a glimpse into pent up supply and demand.
Buyers Go Virtual. Sellers Remain Cautious.
Fueled by low interest rates, low inventory and consumer adaptation to virtual showings, more than 63% of homes sold last week, sold at-or-above the seller’s asking price.
Use these to support your business, your clients and the database of people you know.
- Page 1 of 2