Denver Real Estate MLS Market Stats - May 2020 ⋆ Denver Investment Real Estate

The Denver MLS trends data for May 2020 is out. Comparing year over year (May 2019 to May 2020) is better than comparing the previous month, because we have defined seasonality trends.

As the entire month of April fell in Colorado’s statewide Stay-at-Home order, no surprise that showings took a plunge. But as soon as restrictions lifted in May, showing activity jumped up to normal levels for this time of year!

Denver MLS Market Stats - First Week of May

Here is the RE trends info for the first week of May 2020 vs same week 2019. HUGE rebound! Better than expected.

UNDER $300K

Showings are back to last year’s rates
New listings doubled from last few weeks; plenty of homes to look at
UC count more than doubled; getting close to last year’s run rate!
Closings still depressed and will be for 2-4 weeks while all of these newly UC deals work their way through
Withdrawn listing count below last year
Every indicator consistent with recovery as we expected, just stronger than I had hoped.

$300-$500K

Showings are ABOVE last year’s rates
New listings up 2.5x from last few weeks; plenty of homes to look at
UC count more than doubled; getting close to last year’s run rate!
Closings went up some; but will be low for 2-4 weeks while all of these newly UC deals work their way through
Withdrawn listing count below last year
Every indicator consistent with recovery as we expected, just stronger than I had hoped.

$500-$900K

Showings are ABOVE last year’s rates; tripled overnight.
New listings tripled from last few weeks; plenty of homes to look at
UC count more than doubled; getting close to last year’s run rate!
Closings still depressed and will be for 2-4 weeks while all of these newly UC deals work their way through
Withdrawn listing count below last year
Every indicator consistent with recovery as we expected, just stronger than I had hoped.

$900K+ luxury

Showings up 70% from anemic performance for a month; still below last year but improving
New listings about tripled from last few weeks; LOTS of homes to look at
UC count more than doubled; still below last year’s run rate though
Closings still depressed and will be a while before recovering, I think
Withdrawn listing count ABOVE last year (all other price segments were below)

Denver MLS Market Stats - Last Three Weeks of May

The beginning of March 2020 had incredibly active showings. April took the expected plunge due to the State’s stay‐at‐home order. The first half of May aligned with last year’s activity, while the last few weeks have surpassed 2019. Just an illustration of the pent‐up demand.

Showing traffic continues to rise (Denver and Douglas County opened for showings, other counties did not). Overall, we are back to 2019 levels. Newly added listings is similar.

The number UC has rebounded rapidly to match last year’s performance. The number closed should lag 3‐5 weeks behind the big uptick in UC. Since we have two strong weeks of UC performance, the rebound in closed sales should start in the last week of May.

Withdrawn count is significantly higher than 2019. From the seller point of view, this is good for the remaining listings, since there is less inventory to compete with.

UNDER $300K

Showing traffic continues to rise (Denver and Douglas County opened for showings, other counties did not).
UC lag showings by 2‐6 weeks… so one week’s of improved showings hasn’t impacts UC count yet. Number closed will lag UC by an additional 3‐6 weeks, so recovery there will be in late May to early June.
Withdrawn count is significantly higher than 2019. From the seller point of view, this is good for the remaining listings.

$300‐$500K

Showing traffic continues to rise (Denver and Douglas County opened for showings, other counties did not).
UC lag showings by 2‐6 weeks… so one week’s of improved showings hasn’t impacts UC count yet. Number closed will lag UC by an additional 3‐6 weeks, so recovery there will be in late May to early June.
Withdrawn count is significantly higher than 2019. From the seller point of view, this is good for the remaining listings.

$500‐$900K

Showing traffic continues to rise (Denver and Douglas County opened for showings, other counties did not).
UC lag showings by 2‐6 weeks… so one week’s of improved showings hasn’t impacts UC count yet. Number closed will lag UC by an additional 3‐6 weeks, so recovery there will be in late May to early June.
Withdrawn count is significantly higher than 2019. From the seller point of view, this is good for the remaining listings.

$900K+ luxury

Showing traffic continues to rise (Denver and Douglas County opened for showings, other counties did not).
UC lag showings by 2‐6 weeks… so one week’s of improved showings hasn’t impacts UC count yet. Number closed will lag UC by an additional 3‐6 weeks, so recovery there will be in late May to early June.
Withdrawn count is significantly higher than 2019. From the seller point of view, this is good for the remaining listings.

Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.