In May, the data demonstrated that
while it is an extreme seller’s market in the Metro Denver area,
closings are still happening, up 18.78 percent, despite active listings
being down 4.11 percent year-to-date from 2020. At the same time, the
report showed that closings are up 18.78 percent, an extreme statistic
that is both a reflection of how the pandemic shutdown impacted the real
estate industry last year at this time and yet also supports the concept
of increased buyer demand.
Throughout 2021, the Metro Denver area has seen cracks in the attached
market while the detached continued to rise in urgency and price. In
May, buyers saw those cracks and moved on a relative opportunity in the
attached market creating the lowest month-end active inventory on
record, with only 739 properties available to sell. Those cracks are now
gone, and it is a strong seller’s market for every property type and
price point.
The Denver Metro’s 2021 real estate market has turned into an
unpredictable year, lacking seasonal consistency with rainy weather in
tow, while prices continue to skyrocket. The area hit a new average
sales price record of $700,559 for single-family detached properties.
The report also showed how the transition in month-end active inventory
from April to May has been consistent for the past 13 years. Each report
always concludes that month-end active inventory goes up, even if it is
as few as 41 properties in 2011 to as many as 1,879 in 2019. In 2021,
each month’s data indicates it is not the case. Month-end active
inventory not only went down last month, but it went down 20.01 percent.
This outlier of a stat can be explained by two things: overall listings
are down and buyer demand is up. With competition continuing across all
price ranges and static inventory scarce, it is likely records will
continue to be broken in this hot market.
Our 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).
Turning to the Luxury Market, the June report shows that today’s low
interest rates, compounded with the savings from the pandemic closures,
have created a demand in the luxury segment that is unprecedented in
Denver. In both the attached and detached markets, the Metro Denver area
has higher sales volume and homes have fewer days in the MLS than in
2019 and 2020.
The detached Luxury Market closed out the month of May with 21.12
percent more properties in pending status than last month and 70.61
percent more than last year. Meanwhile, the attached Luxury Market
statistics were more impressive, closing 687.50 percent more than last
year, likely a testament to the restrictions being lifted and the hope
buyers read in the media about the pandemic.
The attached data sheds light again on how Luxury townhomes and condos
came to an abrupt halt last year, due to fear around sharing spaces, the
riots downtown, and concerns about the pandemic. However, in May, the
data shows that Denverites are ready to start sharing spaces again.
If one were to look at the attached
Luxury Market 2019 closed sales, they would read the closed sales for
May ended with 109 residences. In 2021, the Metro Denver area was at 223
total. This segment of the market has surpassed the 2019 data, which was
the highest in the last five years. The same trend is true for the
detached Luxury Market. In 2019, May closed out with 826 residences
sold, and this year we are at 1,642 total.
Ultimately, this month’s report shows that buyers are making decisions
faster than ever before. In 2019, the detached market residences were
available for tours for 20 days before accepting an offer. Last month,
that same metric measured median days in MLS as six. The attached market
is seeing the same trend, from 23 days in 2019 to seven days this year.
Even if one were to take out the pandemic pricing and anomalies of 2020,
the Metro Denver area is still seeing properties for less days in the
MLS from 2019. The report concludes in the Luxury Market that when a
home or condo is prepared for sale, priced properly and marketed, a
buyer must be ready to move at record speed if they want to compete in
the Luxury Market.
Digging Deeper: May 2021 Records
May 2021 was yet another record-breaking month!
source: DMAR Market Trends
Committee
ACTIVE LISTINGS
(Residential) 2,075 represents the lowest May on record. The previous
low was in 2016 with 5,463 active listings.
(Detached) 1,336 represents the lowest May on record. The previous
record low was in 2016 with 4,319 active listings.
(Attached) 739 represents the lowest amount on record. The previous low
was in February 2015 with 741 active listings.
SOLD PRICE — MEDIAN
(Residential) $540,000 represents the highest amount on record. The
previous record was April 2021 of $525,000.
(Detached) $595,000 represents the highest amount on record. The
previous record was April 2021 of $582,000.
(Attached) $380,000 represents the highest amount on record. The
previous record was April 2021 of $375,000.
SOLD PRICE — AVERAGE
(Residential) $623,279 represents the highest amount on record. The
previous record was April 2021 of $620,790.
(Detached) $700,559 represents the highest amount on record. The
previous record was April 2021 of $696,203.
(Attached) $449,317 represents the highest amount on record. The
previous record was April 2021 of $440,549.
DAYS IN MLS — MEDIAN
(Residential) 4 days represents a tie for the lowest number on record.
The previous low was in February 2021.
(Detached) 4 days represents a tie for the lowest number on record. The
previous low was in February, March and April of 2021.
(Attached) 4 days represents a tie for the lowest number on record. The
previous low of 4 was set April 2015 and 2021.
DAYS IN MLS — AVERAGE
(Residential) 11 days represents the lowest number on record. The
previous low was last month at 13 days.
(Detached) 8 days represents the lowest number on record. The previous
low was last month at 10 days.
MONTHS OF INVENTORY (MOI)
(Residential) 0.39 months represents a tie for the lowest number on
record. The previous record of 0.39 was March of 2021.
(Detached) 0.36 months represents the lowest May on record. The previous
record low was 2017 with 1.06 months.
(Attached) 0.45 months represents the lowest number on record. The
previous record low was March 2021 of 0.49 months.
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
June 2021 -
Denver Colorado Real Estate Market Statistics & Trends Report
May 2021 -
Denver Colorado Real Estate Market Statistics & Trends Report
April 2021 -
Denver Colorado Real Estate Market Statistics & Trends Report
March 2021 -
Denver Colorado Real Estate Market Statistics & Trends Report
February 2021 -
Denver Colorado Real Estate Market Statistics & Trends Report
January 2021 - Denver Colorado Real Estate Market Statistics & Trends Report
December 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
November 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
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
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
