How did the housing market perform this month? In response to strict stay-at-home orders in March and April, many sellers waited until May or later to list their homes. In July, a record-setting number of new listings came on the market, up 15% compared to last year. Continue reading below for more statistics on the Denver Metro Area Residential Market for July 2020.
In July, a record number of homes sold in the Denver Metro area. Throughout the month, 7,186 homes closed, a year-over-year increase of 21% and a 16% increase month over month.
In July, the count of listings in Pending status was 7,099, which is 27% more than July 2019 and down 4% from last month.
July 19′: 5,925
July 20′: 7,186
Denver Metro homes spent an average of 25 days on the market in July, one day less than this time last year and the same amount of time as last month.
On average, single-family residences were on the market 24 days, while multi-family/condos/ townhomes were on the market 26 days.The median number of days a home spent on the market in July was 7, down 4 days from last year.
AVERAGE DAYS ON MARKET
July 19′: 26 Days
July 20′: 25 Days
The average price of a home in the Denver metro area in July was $539,340, a year-over-year increase of 9%. As compared to last month, prices were 6% higher.
Single-family residences sold for an average price of $599,463, a 10% year-over-year increase. The average price of multi family/ condos/townhomes was $383,764, up 6% year over year.
AVERAGE SOLD PRICE
July 19′: $495,022
July 20′: $539,340
Throughout the July 7,638 new homes hit the market , a 15% increase compared to last year, and a 3% increase from last month. This is the highest single-month count of New Listings we’ve seen in 2020.
At the end of July, there were 5,952 Active properties on the market, a 37% year-over-year decrease, and a 7% month-over-month decrease.
Currently, there are 4 weeks of inventory, 3 weeks less than this time last year and 1 week less than last month.
July 19′: 6,636
July 20′: 7,638
Ana Jewett | Matt Peterson | Blair Vigil | Kyle Malnati | Holly Vogel