According to a recent report from the Denver Metro Association of Realtors (DMAR), after declining in the final months of 2019, the number of new listings hitting the market in January surged a
Denver Supply Catches Up With Demand In January
According to a recent report from the Denver Metro Association of Realtors (DMAR), after declining in the final months of 2019, the number of new listings hitting the market in January surged a whopping 89.3%. Sellers listed 4,853 homes and condos for sale in January, almost doubling the 2,564 properties listed in December.
Buyers who’d been extremely limited on choices prior to January eagerly ate up the new supply. The surge hasn’t been accounted for yet in closed sales, which were down 34.2% from December and up 0.8% from January of last year. However, industry experts agree that this is primarily a timing issue. DMAR said the number of pending sales or homes under contract surged 43% from December and is up 24.2% from January 2019. Sales completed in February should jump significantly based on the contracts reached in January.
DMAR data indicated that demand was so strong, in fact, that even with the big jump in listings, the inventory of homes and condos available for sale at the end of the month fell to 4,941, a 1.91% decline from December and 16% drop from January 2019.
Other highlights from the report include:
The average number of days a listing spends on the market is still rising and is now at 45, up from 41 in December.
Price gains are also starting to pick up steam. The median price of a single-family home sold last month rose to 2.45% on a monthly basis and is up 8.24% year-over-year and is now at $460,000.
The median price of a condo sold rose to $310,000, flat with December and up 11.9% over the year.
If you want to make 2020 the year you become a homeowner, there’s no time like the present to start looking. Give Metrowest a shout today – we’d love to show you around!
I was raised and spent most of my life in Denver, Colorado, but a quick fun fact … I was actually born in Vicenza, Italy! My professional career path has continuously centered around serving people ....
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