February 2020 Market Report

Hello family and friends! before I go over the Denver-Metro real estate statistics for February, I want to make sure each and every one of you know my prayers and thoughts are with you and your families during this time. You all know me well by now and please remember I am here to serve all your needs, please never hesitate to reach out!

Real-Estate in Denver is considered an essential practice, so our team here at Legacy Realty is out helping our clients buy and sell homes. This is not selling a boat or golf clubs- a house is typically the largest financial investment in a person’s life. Some of the people we are working with need to sell, either lost a job and must sell or moving in or out of state and need a place to live. Real Estate agents help people buy and sell shelter, an essential in life, and that will continue.

The February real estate state in Denver is obviously pre-Covid-19, and let me say, they surprised me actually. Denver’s supply continues to be short, causing prices to go up and we have no end in sight. Here is how the statistics came out:

  1. Average Price…$525,270 Up 6.7% way higher than expected
  2. Months Supply…1.1, lowest since 2018
  3. New Listings…Down 1.4%

All signs show no slowdown whatsoever!

The market is still hot with multiple offers and over asking price. I do not see the market slowing at all, if anything it may slow it for a few months and then come back even stronger. In the last 4 recessions in our country, Denver only dropped during the mortgage crisis, all other recessions we have grown at an average of 3% while the country has dropped!

The entire world has felt an impact in some way due to the coronavirus. My projection is that the peak of the real estate market will slide back from April into May and June. As the old saying goes, time will tell.

Again, please stay safe and take care of your loved ones and those who need help.

Thanks and God Bless,
Shane Severson