Denver Real Estate Market Update, February 2020

february 2020 denver real estate statistics

Metro Denver Real Estate Statistics (single family)

 January 2020December 2019January 2019 (last year)
Median Sold Price$442,000$435,000$410,000
# of Active Listings5,1365,4855,873
# Under Contract3,4783,4754,192
# Sold Homes2,9084,2322,693
Months Supply of Homes1.11.21.4
Average Days on Market484546

Pricing

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.  

powered by Advanced iFrame free. Get the Pro version on CodeCanyon.

Volume

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.

powered by Advanced iFrame free. Get the Pro version on CodeCanyon.

powered by Advanced iFrame free. Get the Pro version on CodeCanyon.

Interest Rates

Today’s Most Prevalent National Rates as reported by Bankrate.com.
Rates are still phenomenal at less than 4%.

  • 30 YEAR FIXED – 3.68%
  • FHA/VA – 3.44%
  • 15 YEAR FIXED – 3.17%
  • 5 YEAR ARMS – 3.65%

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.  

If you are considering selling, you need an accurate estimate of how much your home should sell for.  Contact me for a free, no obligation in-home consultation or learn more about my low commission listings.

If you are considering buying, take advantage of my cash back buying program to help to pay for your closing costs! My preferred lender also has a great no money down program with no mortgage insurance.

If you know of anybody thinking about becoming a buyer or a seller, remember, I am never too busy for your referrals. Help your friends save thousands with my low commission listings and home buyer rebate programs.

Fair Fee Realtor, Nathan Hart

Fair Fee Realtor, Nathan Hart

Leave a Replay

Share this post

Share on facebook
Share on twitter
Share on email

Contact Me

Calculate your 4.5% listing savings

RECENT CLOSINGS

UNDER CONTRACT IN 4 DAYS!
689 W 100th Ave. - Northglenn
CYNTHIA SAVED $5,364*
*Compared to a 6% listing commission.
UNDER CONTRACT IN 7 DAYS!
9675 Kalispell St. - Fronterra Village
UNDER CONTRACT IN 9 DAYS!
10483 Victor St - Potomac Farms
THE BRYAN'S SAVED $8,050*
*Compared to a 6% listing fee.
UNDER CONTRACT IN 7 DAYS!
16525 E 99th Ave - Fronterra Village
UNDER CONTRACT IN 19 DAYS!
16462 E 96th Way - Fronterra Village
THE TURNER'S SAVED $8,360*
*Compared to a 6% listing fee.
THE BRYAN'S GOT $3,527 CASH BACK*
*When they bought their new home.

Calculate your cash back buyer rebate

Denver mls search:

Save searches, rate your favorite homes, get notifications, keep notes.

Share this post

Share on facebook
Share on twitter
Share on email

give me a like

Sign up for Monthly Market Updates straight to your Email.

By signing up, you will only receive one email a month. I do not sell lists or spam your email.

Don't Miss Next Months Market Update. Get My Monthly Updates In Your Email.

By signing up, you will only receive one email a month. I do not sell lists or spam your email.