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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 For comparison, 284 homes were withdrawn in January 2020. For historic perspective, March 2003 had 477 homes withdrawn and this was at a time when there were 23,967 active listings.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.

Denver Residential Real Estate Market Snapshot - Denver Colorado REMAX Real Estate Agents & Realtors Anthony Rael : #dmarstats #justcallantsDenver Detached Real Estate Market Snapshot - Denver Colorado REMAX Real Estate Agents & Realtors Anthony Rael : #dmarstats #justcallantsDenver CO Condo Real Estate Market Snapshot - Denver Colorado REMAX Real Estate Agents & Realtors Anthony Rael : #dmarstats #justcallantsDenver Colorado Luxury Real Estate Market Snapshot - Denver CO REMAX Real Estate Agents & Realtors Anthony Rael #dmarstats #justcallants
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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
  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
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  December 2017 - Denver Real Estate Market Trends Report
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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

Find Your Dream Home with REMAX in Colorado : Denver Colorado Homes For Sale : Denver MLS Property Listings : #JustCallAnts : SearchHomesInDenver.com : Anthony Rael REMAX 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:

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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