The Denver MLS trends data for July 2020 is out. Comparing year over year (July 2019 to July 2020) is better than comparing the previous month, because we have defined seasonality trends.
In addition to the normal market stats, check out these two great posts from Lon Welsh from attending four hours of webinars:
Denver MLS Market Stats
Inventory – We have a record low amount of inventory at the moment at 6,450 properties. The average listing count for the last 35 years is 16,500. And that’s when Denver was a smaller place with less traffic. We sold more homes in July than we have active in inventory. That’s only happened a few times and shows how strong the seller’s market is.
Under Contract – Under contract is at a near-record – 7,100 units. August 2020 will outperform August 2019 almost as well as July 2020 did. Due to lack of entry level inventory, expect to see the average home price at/near $600,000 again.
Showing Traffic – Showing traffic continues to be very strong, so I’m optimistic that sales count in September will be robust though probably down a bit from August (which would follow a normal historical pattern of seasonality).
When it’s all said and done, we won’t recover all of the lost sales from April / May, but we’ll get a lot of it made up by December.
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Denver Housing Trends July 2020
This blog post is a summary. For all the details, listen to the podcast or watch the video!
Lon Welsh, founder of Your Castle, also recently provided a summary of Long Term Real Estate Trends and COVID Impact in Denver and a Denver Apartment Market Trends – Q3 2020 report. Check them out for valuable data on the Denver real estate market.