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!
Last week new listings were 24.2% higher than the average from the same week over the last 3 years. Properties that went under contract increased 50.2% over the previous three years. Still a seller’s market!
Be patient in arriving at conclusions about the direction of the Denver real estate market. What remains to be seen is whether Denver slows in appreciation with continued national job loss, election year, economic questions, forbearance and societal disruption. Or, is Denver the tip of the spear, leading the local and national economies out of a period of hibernation?
Uncertainty about the virus and economy will be with us for a while. More than ever, it is critical to analyze market trends carefully so we can inform clients about the moves that will most likely preserve and build wealth through owning Colorado real estate, which is my ultimate area of expertise.
We anticipated a surge of consumer activity in the Denver Metro real estate market as the public health order ban on in-person showings expired at midnight on Sunday, April 26th. Buyers and sellers were not disappointed as more homes hit the market and showing activity for a Monday and Tuesday was the highest seen yet this year.
Governor Polis announced this week that the Colorado shelter-in-place order would not be extended beyond Sunday, April 26, while calling for an ongoing commitment to social distancing. For real estate, the Governor specifically stated in-person showings may resume starting Monday, April 27. Since this announcement, the real estate industry has been anticipating a surge of buyers and sellers re-engaging in the market.
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 and (3) the number of 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.
A high tech and elegant representation of your home through great copy and beautiful imagery, creating an emotional connection with the widest audience of prospective buyers. This Showcase includes photo galleries, property details, voice-over videos, 3D tours, maps, and much more to capture the heart of visiting buyers. This website is then marketed on sign riders, in social media advertising, any print advertising or neighborhood marketing, across thousands of property search websites, to agents across the Denver market, through my social channels and if you choose, through all of yours, too. Our goal is for your home to be exposed to the largest possible audience and when they land on your Showcase website, we want them to fall in love.