Denver Real Estate Trends – January 2020

The Denver MLS trends data for January 2020 is out. Comparing year over year (January 2019 to January 2020) is better than comparing the previous month (December 2019 to January 2020), because we have defined seasonality trends. Here’s the executive summary:

• Year over Year (YOY) inventory is down 16%
• The number of deals closed was about even, +0.8%.  January ’19 wasn’t great, and Jan ’20 wasn’t either.
• DSF (Detached single family) volume was down -4%
• ASF (Attached single family) condo / townhome was up +12% probably due to a lot of new construction projects getting delivered.
• Year over year prices were up around 5%, similar to what we saw in most of the past year.  Still going up but at a slower pace.
• DOM (Days on market) up a few days, or 5% longer to get UC.
• For DSF, that was an increase from 44 to 45 DOM.
• Inventory is down, from 5,880 (Jan 19) to 4,940 (Jan 20) or -16%.  Not much to choose from.
• Discounts were basically unchanged.
• Property taxes: You may know that Denver assessor property tax notices have been mailed out, and the average increase in valuation was 20%.  That is a little more than the actual market average. 
• Mortgage rates are at three year lows, and there appears to be more pressure for them to go a little lower than to go up in the next 3-6 months.

You can listen to the podcast above or watch the YouTube video at the bottom of this blog post to review the data with me.

Denver Housing Inventory Levels

Denver Housing Showing Trends

YouTube Video

Webinar recording – Watch it here or listen to the podcast.