The supply v. demand balance in the Denver market appears to remain steady as (1) sold prices continue to edge higher (2) days-on-market for listings remains lower than the 3-year average (3) the number showings it takes for a home to go under contract is down by more than 84% (less than 5 showings), for the first time in our recorded data. This is likely a combination of virtual showings for buyers facilitated by good agents and willing sellers, and indicates that the buyers engaged in this market are extremely serious.
While the number of under-contract homes is down 50%, the number of homes coming available is down similarly, maintaining a strong seller’s market, for now.
61.43% of the homes sold in the Denver market last week sold at a price, at-or-greater-than the original asking price by the seller, leaving only 38.58% sold at a price below the original asking price.
SNAPSHOT:
- “In-person showings” are down by 83.2% compared to the last 2-year average. Last week saw a precipitous drop on in-person showings with updated industry guidance by Colorado’s Department of Regulatory Agencies suggesting real estate agents conducting in-person showings are potentially engaging in criminal activity.
- New homes listed for sale are down by more than 50% compared to seasonal average, with 742 new properties listed for sale last week.
- The number of under-contract homes was down last week by more than 50% compared to seasonal average, with 579 properties going under contract.
- Properties withdrawn from the market (no longer offered for sale) reached a 3-year high last week at 324.
- The average days-on-market remains at a 3 year seasonal low of 17.1 days, with a low of 12.32 days on market for a home priced between $750,000 and $999,000.
