How did the housing market perform this month? REcolorado market statistics for August reveal a strong buying and selling season despite the pandemic. In Denver, a record number of homes sold in the month of August as compared to this month previous years. Continue reading below for more statistics on the Denver Metro Area Residential Market for AUGUST 2020.
A record number of homes sold in the month of August as compared to this month in previous years. Throughout the month, 6,381 homes closed, a year-over-year increase of 12% and a 13% decrease month over month.
Homes remained in high demand in August. The count of listings in Pending status was 7,405, which is 34% more than August 2019 and 9% higher than last month.
August 19′: 5,719
August 20′: 6,381
Denver Metro homes spent an average of 23 days on the market in August, 8 days fewer than this time last year and 2 days fewer than last month.
On average, single-family residences were on the market 23 days, while multi-family/condos/ townhomes were on the market 24 days.
The median number of days a home spent on the market in August was 7, down 8 days from last year.
AVERAGE DAYS ON MARKET
August 19′: 31 Days
August 20′: 23 Days
The average price of a home in the Denver metro area in August was $539,252, a year-over-year increase of 11%. As compared to last month, prices saw a marginal increase.
Home price increases were driven by Single-family residences, which sold for an average price of $602,191, a 13% year-over-year increase. This is the first time prices for single-family homes have surpassed $600,000. The average price of multi-family/condos/townhomes was $377,451, up 2% year over year.
AVERAGE SOLD PRICE
August 19′: $485,592
August 20′: $539,252
Throughout August, 6,876 new homes hit the market, 2% more than this month last year. After 3 months of increases in New Listings, we saw our first decrease as 10% fewer homes for sale hit the market.
At the end of August, there were only 5,778 Active properties on the market, 39% fewer than last year at this time and a 3% lower than last month.
Currently, there are 4 weeks of inventory, 3 weeks fewer than this time last year and unchanged from last month.
August 19′: 6,756
August 20′: 6,876
Ana Jewett | Matt Peterson | Blair Vigil | Kyle Malnati | Holly Vogel