It’s a seller’s market across the board

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It’s a seller’s market across the board

When you consider the influence COVID-19 has had on everything from where we work to how we shop, the real estate market recovery is strong. 

The Denver area was in lockdown last spring, which pushed the spring selling season into summer. Despite historically low inventory, contract signings in July were up 15.5% over a year ago. We’re still seeing the effect of pent-up buyer demand. More home sales were transacted this past August than in any August on record. 

Experts agree that as long as buyer demand continues to outpace supply, prices will continue to rise. The average price for a detached single-family home in Metro Denver hit another record in August: $606,330. Attached single-family home sales (townhomes and row houses) were also up, with a year-to-date increase of 2.58%. 

What does this mean for buyers and sellers?

Any buyer who’s been looking this summer will tell you how competitive things really are. On average, August buyers paid more than the asking price for detached homes and nearly full price for attached homes. In a market like the one we’re in, buyers need to move quickly. The average home—detached and attached—is on the market for 23-24 days. Homes in mint condition in a great location and priced right go even faster.

The landscape doesn’t change much at a higher price point: it’s a seller’s market across the board. The one exception is townhomes and row houses over $1 million, where there’s more equity between buyers and sellers.

We can help you sort out the pros and cons of buying and selling in today’s competitive market. Give us a call. We understand market trends and can help you put together a plan that makes sense in your situation.

Do you know?

Denver has the 5th best real estate market out of cities with populations that exceed 300,000. Seattle scored the highest, followed by Nashville and Austin. Colorado Springs placed 4th.

Colorado has two of the top 10 “Work from Home” counties in the U.S. Douglas County placed 2nd; Broomfield County ranked 8th. The top spot went to Forsyth County, north of Atlanta. 

Millennials are on the move. According to realtor.com, millennials have made up more than half of all new mortgage loans to date in 2020. 

The stats in this newsletter are from DMAR Market Trends / September 2020, published by the Denver Metro Association of REALTORS®.