In November, the Greater Denver
Metro housing market continued to boost all-time records, with median
days in MLS for detached single-family homes at a very speedy five days,
representing a tie of the lowest number on record, having seen five days
only five times ever before.
Active listings for both attached and detached single-family homes came
in at 3,415, surpassing the previous low set in December 2017 of 3,854.
There was additionally a record-high for November average close price
for combined single-family detached and attached properties, and
detached single-family homes at $549,756 and $615,766 respectively. The
previous record for combined single-family detached and attached
properties was in 2019 at $486,012.
While the holiday months do generally see a decline in inventory, months
of inventory this particular November hit another record-low at just
.71, easily beating October 2020’s former lowest record at .81. For the
single-family detached market, Denver only had 1,755 houses currently
available for sale, representing just .51 months of inventory. This
means, in theory, if no houses were put on the market for two weeks,
there would be nothing left to sell.
While typically, the most active amount of inventory is in the $500,000
- $750,000 price range, this November the dial turned and it was homes
priced over a million dollars. Presently, there are 561 homes on the
market priced at over a million dollars, almost one third of the overall
inventory.
The DMAR 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 $400,000
and $499,999).
In November 2020, new listings for the Luxury Market were up 17.09
percent compared to last year, with sales still up year-over-year at a
staggering 69.59 percent.
Meanwhile, Months of Inventory for detached homes in the Classic Market
dropped to just over .27, arguably making the Classic Market the most
competitive segment of the Denver real estate market.
For detached and attached homes in the Classic Market, there were 1,781
new listings recorded in November, which was a 35.70 percent drop from
October and a 2.64 percent drop from last year. The 2,319 pending sales
in November outpaced the number of new listings, furthering the lack of
inventory this month and the number of closed sales dropped by 25.38
percent from October and 4.98 percent from last year. Despite high
demand from buyers, closed sales continue to decline because there are
so little homes on the market to actually buy.
Honing in on the Premier Market, the median days in MLS for detached and
attached residential homes is down to only six, down 76.00 percent from
November of last year when that number was 25. Compared to October, the
Premier Market has 47.82 percent fewer new listings. However, closed
homes have only decreased by 23.63 percent, which means the Greater
Denver Metro area is moving through the little inventory at a fast pace,
with 50.21 percent more closings this November than last, and only 8.87
percent more listings.
Digging Deeper: November 2020 Records
November was a record-breaking month in several categories!
source: DMAR Market Trends
Committee
ACTIVE LISTINGS
* RES (Attached & Detached Single Family): 3,415
represents the lowest inventory on record. Previous low was Dec'17 of
3,854.
* Detached Single Family: 1,755 represents the lowest inventory on
record. The previous low was October 2020 of 2,643.
CLOSE
PRICE — MEDIAN
* Residential: $469,000 represents the highest November
on record. The previous record was in 2019 of $420,000.
* Detached: $513,000 represents the highest November on record. The
previous record was in 2019 of $450,000.
* Attached $335,000 represents the highest November on record. The
previous record was in 2019 of $312,000.
CLOSE
PRICE — AVERAGE
* Residential: $549,756 represents the highest November on record. The
previous record was in 2019 of $486,012.
* Detached: $615,766 represents the highest November on record. The
previous record was in 2019 of $533,107.
* Attached: $391,390 represents the highest amount on record. The
previous record was in October 2020 of $391,259.
DAYS IN
MLS — MEDIAN
* Residential: 6 days represents the lowest November on record. The
previous low was in 2015 of 11 days.
* Detached: 5 days represents a tie of the lowest number on record. We
have seen 5 days 5 time before.
DAYS IN
MLS — AVERAGE
* Residential: 22 days represents the lowest November on record. The
previous low was in 2015 of 27 days.
* Detached: 20 days represents the lowest November on record. The
previous low was in 2015 of 30 days.
CLOSED
* Residential: 4,820 closed transactions represent the highest November
on record. The previous high was in 2017 of 4,789.
MONTHS
OF INVENTORY (MOI)
* Residential: 0.71 months represents the lowest number on record. The
previous record low was in Oct'20 of 0.81 months.
(Detached) 0.52 months represents the lowest amount on record. The
previous record was in October 2020 of 0.61 months.
PENDING
* Attached: 1,519 pending transactions represent the highest November on
record. The previous high was in 2017 of 1,402.
SALES
VOLUME
* Residential: $2,649,823,920 sales volume represents the highest
November on record. The previous high Nov'19 at $2,093,253,684.
