How did the housing market perform this month? What effects in the market are we seeing from the Pandemic? Continue reading below for more statistics on the Denver Metro Area Residential Market for May 2020.
May Denver Metro housing market statistics from REcolorado show year-over-year declines as a result of the coronavirus. The count for closed listings was 44% lower than last year at this time as buyers postponed their home purchasing. We are also seeing the number of New Listings sellers brought to the market slow down… Will the May statistics reflect the new “normal” or be an exception in the market as Stay at Home Orders lifted?
May 19′: 6,164
May 20′: 3,437
In the Denver Metro Area this May, 3,437 homes closed, a year-over-year decrease of 44%. As compared to last month, sales saw a 13% decrease.
In May, the count of listings in Pending status was 6,935, which is 119% more than last month and up 14%, from May 2019.
Homes Closed Year-Over-Year Change
May 2019 — 6,164
May 2020 — 3,437
AVERAGE DAYS ON MARKET
May 19′: 24 Days
May 20′: 24 Days
In May, homes spent an average of 24 days on the market, the same number of days as this time last year, and 3 days more than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 25 days.
The median number of days a home spent on the market in May was 8, 1 day more than this time last year.
AVERAGE SOLD PRICE
May 19′: $502,491
May 20′: $502,441
In May, the average price of a home in the Denver metro area was $502,441, a year-over-year increase of less than 1%. Compared to last month, there was also an increase of less than 1%.
Single-family residences sold for an average price of $542,479, down 2% year over year. The price of multi-family/ condos/townhomes was up 4% from May 2019, at an average of $394,670.
Average Closed Prices Year-Over-Year Change
May 2019 — $502,491
May 2020 — $502,441
May 19′: 8,789
May 20′: 7,337
Throughout the month, sellers brought 7,337 new listings to the market, down 17% compared to last year, but up 52% from last month.
The count of active listings of homes for sale at the end of May was 6,960, 18% lower than last year and 4% higher than the end of last month.
We currently have 9 weeks of inventory, two weeks more than last month and three weeks more than last year.
New Listings Year-Over-Year Change
May 2019 — 8,789
May 2020 — 7,337
Ana Jewett | Patrick Rampi | Blair Vigil | Kyle Malnati | Matt Peterson