- May 2020 inventory of single family and condo decreased 18.8% from a year ago. Total Active listings today is reporting 6,132 compared to 7,556 twelve months ago.
- Due to the smaller number of buyers out in April due to the pandemic, the number of closed properties has decreased 44.1% from May 2019. However, the decrease was 10.2% from April to May.
- The average price of a home in Denver today is $487,954 compared to $496,824 one year ago. A 1.8% decrease year over year.
- The big positive statistic is the number of properties that are “Pending”. May 2020 is actually higher than 12 months ago, an increase of 4.2%. However from April 2020 to May 2020 we have seen a 37.8% increase month over month. Currently there are 8,670 properties Pending to Close – this is why the closings for June and July will start to rebound.
May 2019 vs May 2020 – Activity in Property Price Points
- We will see inventory rise slightly each month.
- The growth of pending homes have increased drastically from April to May.
- Pent up demand from buyers not being able to view homes.
- Record low interest rates!