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.
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.
68.5% of all homes sold in the last two weeks sold at or above the FINAL asking price. A good agent will help a seller properly prepare a home for sale and price it aggressively to maximize its value.
The average sales price of a single-family home in the Denver Metro real estate market hit $624,048 last week. That is up $116,000 from just 18 weeks ago.
What should homeowners do with that equity, if anything at all? Some will say sell and capitalize, some will say pull the equity out. The answer is always the same, IT DEPENDS. PM me or comment below to discuss further!
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.
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.
Once again, with incredibly low inventory and interest rates as attractive as ever, home owners in the Denver real estate market are seeing the benefits of incredibly strong buyer activity through short term home value appreciation.
The average weekly sales price in Denver was up over $33,000 last week alone, hitting an all time high of $520,083! The Denver real estate market is as hot as it has ever been!