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You are here: Home / Blog / So How’s The Market? December 2020

So How’s The Market? December 2020

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 WANTED: Sellers Willing to Sell Fast & At Top-Dollar! 

  •  Inventory for December 2020 decreased 50.56% over December 2019 from 6582 units in 2019 to 3259 units in 2020. The lack of inventory will continue to drive homes sold and appreciation for the first 6 months of 2021. 
  • The number of homes closed in November 2019 was 4,099 compared to 5,199 in November 2020, or a 21.2% increase in closings year over year. This signifies the buyer pool took advantage of lower interest rates that occurred in 2020 and moved quickly due to low inventory. 
  • The contracts that are pending to close are leveling off. Pending contracts in December 2020 show 5199 units, and 5397 pending contracts in December 2019 – or a 3.67% reduction. This is the first month the Year over Year pending contracts were less since May 2020 during the height of the pandemic. This flattening of pending contracts would tell us a few things about the first quarter of 2021. 
    • Closings of homes will be reflective of the fewer pending contracts. 
    • Appreciation will start to slow some in the first quarter. 
    • Inventory will still be at low levels. 
  • The number of months supply for housing in the Denver market is running at 19 days. This is a very low supply and we would anticipate the supply to continue to be low for 2021. 

 PREDICTION: 6% Increase of Homes Closed in 2020 

 So, How’s the Market, December 2020 All data taken from REColorado on December 14, 2020 for the 8 county Denver Metro Area.