Metro Denver Real Estate Statistics (single family)
|January 2020||December 2019||January 2019 (last year)|
|Median Sold Price||$442,000||$435,000||$410,000|
|# of Active Listings||5,136||5,485||5,873|
|# Under Contract||3,478||3,475||4,192|
|# Sold Homes||2,908||4,232||2,693|
|Months Supply of Homes||1.1||1.2||1.4|
|Average Days on Market||48||45||46|
The median sold price of homes closed in January went up from $435,000 in December to $442,500. We have likely passed the low season for the year and should expect prices to continue to rise until we hit the peak in June or July.
We saw another drop in the number of active listings in The Denver MLS from December to January and had our lowest inventory in the Denver MLS since February 2018. The number of homes that closed in January 2020 (2,908) dropped sharply from December (4,232), Despite the large drop in the number of closed homes and low inventory, more homes closed in January of this year than any of the three previous years in January. With only 3,478 homes under contract in January, we can expect to see the number of closed homes fall again in February. The average days on market went up 3 days from 45 in December to 48 in January which is about half of the amount of time the average home is sitting on the market nationally.
The Bottom Line
All signs show that the Metro Denver real estate market is still in the midst of an 8 year upward trend. While we are in the bottom of our seasonal cycle, our year over year prices continue to rise faster than inflation and the number of homes sold each year continues to break records. The median sold price in January 2020 ($442,000) was about $32,000 or 8% higher than the median sold price in January of last year and over double of sold prices a decade ago in January 2010 ($215,000).
With low inventory and a large number of buyers looking, we are finding ourselves in multiple offer situations again, especially for the lower priced homes. As Spring time gets closer, more homes will come on the market which may alleviate the multiple offers but prices will rise.
I expect prices to continue to rise until we hit our peak around June and inventory should also rise until we see the high point in August or September.
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