Since September was the end of the third quarter in 2020, and this has been an unusual real in real estate, Maggy Andrews offers a special Year-to Date update on the Denver housing market and how 2020 compares to previous years.
The charts we’re looking at today contain all residential data for the 11 metro counties around Denver. These are year-to-date totals, meaning the first 9 months of data added together. So, get ready for some big numbers because Denver Metro is a popular place to live these days!
Over the last 10 years, 2019 was a record high for the number of New listings by the end of September. In 2020, we’re only 4% less than last year’s record.
When we break down all of these new listings by $100k price brackets, you’ll see here is a shift in new listings being put on the market at higher prices in 2020.
We’ve seen a decrease in $200-300 and $300-400 price points, while $500,000 and above are increasing. This shows prices are going up in the Denver Metro area.
We’ve seen several records over the last couple of months for the count of pending listings. Year to date, we’ve seen a total of over 50,000 Pending listings through the third quarter, an all-time record for Denver!
Even though our New Listing Count is below last years total at this time, our Pending count is 5% higher. What does that boil down to? Demand is out-pacing Supply.
Once Again, 2020 has the highest year-to-date total on this chart, another all-time record for Closed Listings.
General economics tell us with an under-supply of inventory and surplus demand, we’ll likely see price increase and inventory shortages. Does that match up to how you’ve been experiencing the market this summer?
Market Statistics and Resources
For additional information, stay up to date with the latest Market Watch reports from REcolorado. In additional to the reports we product, REcolorado offers a variety of tools so you can answer your clients’ questions and be the go-to expert on the local housing market. Review these training resources to brush up on your market stats skills:
Market Intel (2 CE) | View all upcoming class dates and times >>
On-Demand Recorded Webinar: InfoSparks | Watch Now >>