A Unique Time for Buyers and Sellers

The supply v. demand balance in the Denver market appears to remain steady as (1) sold prices continue to edge higher (2) days-on-market for listings remains lower than the 3-year average (3) the number showings it takes for a home to go under contract is down by more than 84% (less than 5 showings), for the first time in our recorded data. This is likely a combination of virtual showings for buyers facilitated by good agents and willing sellers, and indicates that the buyers engaged in this market are extremely serious.

While the number of under-contract homes is down 50%, the number of homes coming available is down similarly, maintaining a strong seller’s market, for now.

61.43% of the homes sold in the Denver market last week sold at a price, at-or-greater-than the original asking price by the seller, leaving only 38.58% sold at a price below the original asking price.

See CHR’s incredible virtual support for sellers, below.

SNAPSHOT:

“In-person showings” are down by 83.2% compared to the last 2-year average. Last week saw a precipitous drop on in-person showings with updated industry guidance by Colorado’s Department of Regulatory Agencies suggesting real estate agents conducting in-person showings are potentially engaging in criminal activity.
New homes listed for sale are down by more than 50% compared to seasonal average, with 742 new properties listed for sale last week.
The number of under-contract homes was down last week by more than 50% compared to seasonal average, with 579 properties going under contract.
Properties withdrawn from the market (no longer offered for sale) reached a 3-year high last week at 324.
The average days-on-market remains at a 3 year seasonal low of 17.1 days, with a low of 12.32 days on market for a home priced between $750,000 and $999,000.

SELLING YOUR HOME? WE’VE GOT YOU COVERED!

We currently are in unprecedented times affecting multiple industries globally and locally. The real estate industry has had to adapt and Colorado Home Realty (CHR) is at the forefront of this necessity.

People are still buying and selling homes. Even in Coronavirus times.

We continue to safely serve in the best interest of our clients. We will advise and provide customized solutions to your situation should you wish to move right now or once life begins to resume to perhaps a new state of normal.

While some agents are on hold, CHR agents are not!

Below are services we provide to help a seller gain the greatest exposure and have the best support, during times when social distancing requires more of a virtual presence than ever.