I hope this finds you and your loved ones healthy and safe. This Market Update will be a season view of the real estate market. First, I’d like to remind all of you that I track statistics that are the same year after year to be the expert for my clients. As my track record shows, I get my clients, on average, 10k more for their house when it sells OR a 10k savings when they buy.
Here are the Denver Metro housing statistics for May 2020:
- Average price of a home was $530,865
- The average price of a home has increased by 1.5% from this time last year
- Months of supply is at 1.5% lower than last year by .1%
The median number of days a listing was in the MLS was 9 days. Days in the MLS was down one day week-over-week, but 2 days more than this week last year.
The other experts and I continue tracking housing statistics weekly due to the rapidly changing market conditions because we want to make sure people are well informed. In the past weeks, we’ve seen an increase in activity as things are opening back up again.
The market is strong and holding true. It is not dropping. Throughout the month, sellers brought 7,337 new listings to the market, down 17% compared to last year, but up 52% from last month as the state began to slowly open up from Covid-19 stay at home orders.
Tons of questions are being asked, the top one being, “is this the ‘bubble’ everyone has been concerned about?”. My answer is NO, I do not project Denver having a significant price drop. We simply do not have an oversupply of houses and more and more buyers are shopping in order to take advantage of the still historically low interest rates.
Now is a great time to sell, invest, or buy a home.
Please remember I am here for each and every one of you, never hesitate to reach out if I can help you in any way.
Thanks and God Bless,