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April 2020 Denver CO
Real Estate Statistics & Market Trends Report
DMAR Denver Real Estate Market Trends Report : Denver Metro
Association of REALTORS
Single Family Homes | Single Family Condos |
Residential Market | Luxury Market ($1Million+)
Denver CO Real Estate Market Snapshots by Anthony Rael, RE/MAX Alliance
Special COVID-19 Edition
Denver’s real estate market started
as one of the strongest on record in March but ended with a stark shift
stemming from the coronavirus pandemic.
There were an unprecedented 761 home sellers that
withdrew their homes from the metro-Denver real estate market in March.
The largest number of homes, 625, were removed in the last two weeks of
March amid fears stemming from the coronavirus pandemic. For comparison,
284 homes were withdrawn in January 2020. For historic perspective, March
2003 had 477 homes withdrawn and this was at a time when there were 23,967
active listings. March 2020 ended with 5,776 active listings.
In March, 30.24 percent more new listings came on the
market, which pushed the number of active listings at month’s end up 19.46
percent to 5,776. which is 8.20 percent fewer active listings than
the same month last year and all price ranges are still in a seller’s
market. The number of pending contracts increased 8.03 percent month over
month, and there were 12.02 percent more homes sold. Houses were selling
23.68 percent faster, in an average of 29 days, compared to 38 in the
prior month. The average close price for all single-family homes and
condos was $513,526 – setting a new record high and the first time the
average close price for both segments topped the half-million-dollar mark.
DMAR’s monthly report also includes statistics and
analyses in its supplemental “Luxury Market Report” (properties sold for
$1 million or greater), “Signature Market Report” (properties sold between
$750,000 and $999,999), “Premier Market Report” (properties sold between
$500,000 and $749,999), and “Classic Market” (properties sold between
$300,000 and $499,999). In March 2020, 202 homes sold and closed for $1
million or greater, up 30.32 percent from February and 13.48 percent year
over year. The closed dollar volume in the luxury segment in March was
$318.6 billion, up 34.36 percent from February and 15.17 percent year over
year.
Single-family homes in the luxury segment were on the market for a median
of 29 days year to date; this is significantly down from 61 days compared
to 2017 and 68 days in 2016. The year-to-date median price was $1.3
million, with the average at $1,562,227. Notably and potentially an
upcoming trend, the close-price-to-list price ratio dropped 0.61 percent
year to date.
   
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Luxury condos saw the reverse shift with median days
on market increasing to 73 days year to date, up from 63 days last year,
45 days from 2017, and 14 days from 2016. Interestingly, the year-to-date
median price point for luxury condos is exactly the same as luxury
single-family homes at $1.3 million, with the average at $1,476,724. The
close-price-to-list-price ratio also dropped 0.35 percent year to date.
The highest-priced single-family home that sold in
March was $4,297,000, representing six bedrooms, 11 bathrooms and 10,614
above ground square feet in Cherry Hills Village. The highest-priced condo
sale was $2,775,000 representing three bedrooms, four bathrooms and 3,120
above ground square feet in Denver.
More insights from the Special COVID-19 Edition
of the DMAR Denver Metro Real Estate Market Trends Report:
-
In the Signature Market (homes between $750,000 and
$999,999), there were more homes that sold from the start of the year
through March than any of the previous five years. With 637 closing in
this price segment, there was an increase of 19 percent or 102 more home
sales. These stats reflect the environment pre-COVID-19 where homebuyer
demand was incredibly high.
-
In the Premier Market (homes between $500,000 and
$749,999) in March, the number of homes sold increased by 22.37 percent
year over year. The average and median days on market dropped 15.38
percent year over year to 33 days and 42.86 percent to eight days,
respectively. However, 226 listings were withdrawn, of which 82 percent
were withdrawn the second half of the month.
-
In the Classic Market (homes between $300,000 and
$499,999), March ended with less than a month’s supply of homes. With such
tight inventory, this price segment, and anything priced below $300,000,
will likely be the least impacted by COVID-19.
-
There was a big difference in foot traffic from the
beginning of the month to the end. According to ShowingTime data from the
seven-county metro area, gathered by Megan Aller with First American
Title, the number of March showings peaked between the 4th and the 10th of
March. Following the “Stay-at-Home” order, showings fell 50.4 percent from
that peak week to the last week of the month. The good news for home
sellers is that the buyers who were looking, were serious as it took 30.7
percent fewer showings to produce a contract in the last week of March
than it did the week prior.
-
The National Association of REALTORS® sent a letter to
Congress urging lawmakers to include policy in coronavirus response
legislation that would pave the way for remote notarizations nationally
and make it easier to complete transactions virtually. The Securing and
Enabling Commerce Using Remote and Electronic Notarization Act of 2020,
also known as the SECURE Notarization Act, was introduced March 24, 2020
and has already garnered broad support across the real estate industry.
-
Many states have already enabled the use of “RON”
Remote Online Notarization. On March 30, 2020, Colorado temporarily
adopted Rule 5 and is now allowing for remote online notarizing per the
amended rule 8 CCR 1505-11.
-
Interest rates continue to stay volatile as mortgage
lenders struggle with demand and servicers struggle with requirements to
pay investors, property taxes, homeowners’ insurance and mortgage
insurance without receiving mortgage payments from homeowners.
-
The Director of the Federal Housing Finance Agency
estimates there will be two million loans in forbearance by the end of
May.
Forbearance is not forgiveness. The COVID Stimulus Package allows up to a
180-day forbearance with a 180-day extension. Most servicers are offering
90 days to start. Forbearance requires repayment at the end of the
forbearance period.
-
GDP for 2020 Q1 is estimated to come in at -2.5
percent. GDP for 2020 Q2 is currently estimated to be -18.3 percent year
over year.
-
Several iBuyers have suspended their services in light
of the coronavirus outbreak. Opendoor, the largest iBuyer in the U.S., as
well as brokerages with iBuying arms, announced they are holding off on
instant offers while the nation responds to the pandemic.
DOWNLOAD
APRIL 2020 DENVER REAL ESTATE MARKET TRENDS REPORT: Special COVID-19
Edition
Monthly Report is based on the
most recent previous month of MLS stats from REColorado
Source:
Denver Metro Association of REALTORS® Market Trends Committee #dmarstats
Infographics Courtesy
of:
Anthony Rael, RE/MAX Alliance
Archived Denver
Real Estate Market Reports
Month-end Inventory, Average & Median Sales Prices, Days on Market
(DOM), Price Appreciation, Sales Volume & More!
Archived Denver
Colorado Real Estate Market Snapshots
A graphical look back at market stats and trends since
2015 : Infographics compliments of Anthony Rael
City and County Real
Estate Market Reports
Denver Colorado Real Estate Market Statistics & Trends
Reports - Main Index
October 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
September 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
August 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
July 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
June 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
May 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
April 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
March 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
February 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
January 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
2019 Year-End : a
30-Year Historical Perspective of the Denver Real Estate Market
December 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
November 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
October 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
September 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
August 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
July 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
June 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
May 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
April 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
March 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
February 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
January 2019 - Denver Colorado Real Estate Market Statistics & Trends
Report
December 2018 - Denver Colorado Real Estate Market Statistics & Trends
Report
November 2018 -
Denver Colorado Real Estate Market Statistics & Trends Report
October 2018 -
Denver Colorado Real Estate Market Statistics & Trends Report
September 2018 -
Denver Colorado Real Estate Market Statistics & Trends Report
August 2018 -
Denver Real Estate Market Trends Report
July 2018 -
Denver Real Estate Market Trends Report
June 2018 -
Denver Real Estate Market Trends Report
May 2018 -
Denver Real Estate Market Trends Report
April 2018 -
Denver Real Estate Market Trends Report
March 2018 -
Denver Real Estate Market Trends Report
February 2018 -
Denver Real Estate Market Trends Report
January 2018 -
Denver Real Estate Market Trends Report
December 2017 -
Denver Real Estate Market Trends Report
November 2017 -
Denver Real Estate Market Trends Report
October 2017 -
Denver Real Estate Market Trends Report
September 2017 -
Denver Real Estate Market Trends Report
June 2017 -
Denver Real Estate Market Trends Report
May 2017 -
Denver Real Estate Market Trends Report
April 2017 -
Denver Real Estate Market Trends Report
March 2017 -
Denver Real Estate Market Trends Report
February 2017 -
Denver Real Estate Market Trends Report
January 2017 -
Denver Real Estate Market Trends Report
December 2016 -
Denver Real Estate Market Trends Report
November 2016 -
Denver Real Estate Market Trends Report
October 2016 -
Denver Real Estate Market Trends Report
September 2016 -
Denver Real Estate Market Trends Report
August 2016 -
Denver Real Estate Market Trends Report
July 2016 -
Denver Real Estate Market Trends Report
June 2016 -
Denver Real Estate Market Trends Report
May 2016 - Denver Real Estate Market Trends Report
April 2016 - Denver Real Estate Market Trends Report
March 2016 - Denver Real Estate Market Trends Report
February 2016 - Denver Real Estate Market Trends Report
January 2016 - Denver Real Estate Market Trends Report
December 2015 - Denver Real Estate Market Statistics & Trends Report
November 2015 - Denver Real Estate Market Statistics & Trends Report
October 2015 - Denver Real Estate Market Statistics & Trends Report
September 2015 - Denver Real Estate Market Statistics & Trends Report
August 2015 - Denver Real Estate Market Statistics & Trends Report
July 2015 -
Denver Real Estate Market Statistics & Trends Report
June 2015 -
Denver Real Estate Market Statistics & Trends Report
May 2015 -
Denver Real Estate Market Statistics & Trends Report
April 2015
- Denver Real Estate Market Statistics & Trends Report
March 2015
- Denver Real Estate Market Statistics & Trends Report
February 2015 - Denver Real Estate Market Statistics & Trends Report
January
2015 - Denver Real Estate Market Statistics & Trends Report
NOTES:
Interview requests from the media should be directed to DMAR's
Marketing Communications at (303) 300-8490
MLS stats are tracked in arears, so the published report
is for the previous month-end activity
The DMAR 'Premier Market' is
defined as $500,000 to $749,999
The DMAR 'Signature Market' is
defined as $750,000 to $999,999
The DMAR 'Luxury Market' is
defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver,
Douglas, Elbert, Gilpin, Jefferson & Park
Research: Denver Metro Association of REALTORS® Market Trends
Committee
The DMAR Market Trends
Committee, part of the Denver Metro Association of REALTORS®, provides
timely, consistent, and relevant monthly summaries of valuable local
real estate market statistical data for both its members and the
general public. Statistics from the “Denver Metro Real Estate Market
Trends Report” provide data for the following counties: Adams,
Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert,
Gilpin, Jefferson, and Park. Source of the reported data is REcolorado.
Stats & Infographics Courtesy
of:
Anthony Rael, RE/MAX Alliance
Media Coverage
Former Denver Metro Association of Realtors Market Trends Chairman
Anthony Rael with RE/MAX Alliance is a trusted "go-to" real estate
expert for local, regional and national media. Below is a list of
recent media interviews with Anthony providing expert commentary.
Below are a few of media interviews he's provided commentary on:
Denver Post - Once the king, cash losing a little cachet when
it comes to buying a Denver home
Colorado Public Radio - Climbing Denver Home Prices Finally
Spark Some Building
Colorado Public Radio - Denver Home Prices Are Still
Climbing. The Good News? Price Growth Is Slowing
HousingWire.com : Mile-high Appreciation &
Mile High Appreciation
Colorado Public Radio - As Buyers Spar Over Denver Homes,
Veterans Find Themselves At A Disadvantage
VeroFORECAST Predicts Continuing Strength in Housing Market :
Top Markets Rising 10 Percent Over The Next 12 Months
Denver Business Journal : Denver area housing market to see big
value increase in 2018: Report
Denver7 & TheDenverChannel.com : Realtors warn of potential
security flaw at homes listed for sale
Denver Post : Denver, northern Front Range real estate party
ends in late 2019, new forecast predicts
Denver Business Journal [Video] : Battles are fierce for bidding
homebuyers in metro Denver
Denver7 & TheDenverChannel.com : Thieves breaking into Denver
homes are using real estate lockboxes to do so
5280 Magazine : Denver’s 2017 Real Estate Outlook
Denver Post : Denver area still lags in new home construction
Denver Business Journal : Metro Denver home inventory
shortages persist as prices continue to grow
Denver Post : Metro Denver home prices slightly down, condo
prices up in August: Rush on appraisals
Denver Real Estate Watch : Seasonal real estate peak
Denver Post : Home prices drop in metro Denver as
affordability becomes an issue
Denver Business Journal : Metro Denver home prices continue
strong gains
Denver Real Estate Watch : Record home price takes a breather
Worth
Magazine : Influx of millennials creating exciting investment
opportunities in Denver
Denver Post : Metro Denver sees a big jump in the inventory of
homes for sale in June
Denver7 & TheDenverChannel.com : Finding a home for sale is
hard to come by these days, but some have made it work
Denver Business Journal : Metro Denver home inventory up in
June, but prices climbed faster
Denver Post : Denver median home sold price nears $400,000
CBS4 News : Denver’s Housing Market Just Keeps Getting Tighter
CBS4 News [Video] : Denver’s Housing Market Just Keeps Getting
Tighter
Denver Post : Frustration rises as a fifth of Denver home sale
deals fall through in April
Denver Business Journal : Metro Denver housing inventory hits
record low for May
Denver Post : Inventory of homes for sale hits record low in
metro Denver
9News Denver [Video] : Low inventory leads to creative
home-buying tactics
Denverite : Do people move to Colorado for legal weed? Probably
not, but no one knows for sure
Denver Post : Denver home sale listings jump 33.6 percent over
record-low February
Denver Business Journal : Denver-area home prices continue to
climb; low-priced inventory scant
Denver Business Journal : $20 billion in metro Denver home sales
in 2015 and other records
Denver Business Journal : Denver home inventory continues climb
in November, but so do prices
Denver Business Journal : Colorado home prices up 12 percent,
but inventory up too
Denver Business Journal : Denver-area house prices up 11%, but
slowdown could be in sight
Denver Business Journal : Colorado's home-price pressure eases
with influx of new listings
Denver Business Journal : Is Denver's residential real estate
market cooling off?
Denver Business Journal : Torrid metro Denver home-price pace to
continue
Denver Business Journal : Passing $400K, average Denver-area
house sale prices hit all-time high
Denver Business Journal : Metro Denver home supply down 32% in
March from year ago
Denver Business Journal : Average home price in metro Denver
tops $390K
Denver Business Journal : Denver metro home sales created a $22
billion impact in 2014
Denver Business Journal : Denver area home buying continues
slowdown
Denver Business Journal : Residential real estate market
softened in Denver during August
Denver Business Journal : Metro Denver homebuying hits $1.9
billion in monthly sales
Denver Business Journal : Buying a metro Denver home? It will
cost you more than ever
Realty Today : Four Factors That Play Important Roles in
Denver's Real Estate Market in 2016
5280 Magazine : Issues That Will Impact the 2016 Real Estate
Market
MONEY Magazine : Buyers Guide: How to Beat the Competition in a
Hot Housing Market
Denver Business Journal : Anthony Rael, Denver Real Estate Agent
& DMAR Market Trends Chair
Colorado Springs Gazette : Colorado Springs' lower home prices
lure frustrated Denver buyers
Kiplinger Magazine : Money-Smart Tactics to Prosper in This Hot
Housing Market
Denver Business Journal : Anthony Rael, Denver Real Estate Agent
& DMAR Market Trends Chair
TIME-Money Magazine : The Letter That Saved $11,000. Really.
Builder and Developer Magazine : Denver’s Housing Market Just
Keeps Getting Tighter
MSN Money : Millennials shift to buying as rents surge
DenverPost.com : Anthony Rael, Denver Real Estate Agent & DMAR
Market Trends Chair
Glossary of Terms for Real Estate Stats
What is Median Sale Price?
What
are Active Listings?
What are
New Listings?
What
are Sold Listings?
What is Pending/Under
Contract?
What are Days on Market?
What is the Affordable
Housing Index?
What are Months Supply of
Listings?
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