How did the housing market perform this month? REcolorado market statistics for December reveal a strong buying and selling season despite the pandemic. December was another strong month for the Denver Metro Area housing market. Throughout the month 5,113 homes closed, more than any other December on record. Buyers brought 3,017 New Listings of homes for sale to the market, 18% more than last December. Strong demand kept home prices high.
2020 was record breaking for the Denver Metro housing market. According to REColorado, Brokers wrote more contracts on listings and more homes sold than any other year on record. The number of New Listings sellers brought to the market could not keep pace with demand, which pushed down inventory levels. Prices reached all-time highs and half of all homes spent a week or less in the MLS.
In December, more homes sold than any other December on record. Throughout the month, 5,113 homes closed, a year-over-year increase of 12%.
December 19′: 4,585
December 20′: 5,113
Denver metro homes spent an average of 6 Days in the MLS in December, 18 days fewer than this time last year.
The number of listings that closed in 2020 reached an all time high. Approximately 71% of all closed listings were Single Family Residential.
AVERAGE DAYS ON MARKET
December 19′: 24 Days
December 20′: 6 Days
AVERAGE SOLD PRICE
December 19′: $483,658
December 20′: $561,197
Strong demand and low inventory levels throughout the Greater Denver Metro Area kept Closed Prices high. Half of all homes sold had a Closed Price of $450,000 or higher. Both Average and Median Closed Prices are higher than any point on record.
The Average Closed Price of a home in the Denver metro area in December was $455,000, a year-over-year increase of 9.8%.
The Average Closed Price for single-family homes was $614,090, a 17% year-over-year increase and a 3% month-over-month increase. Multi-Family/ Condo/Townhomes Closed for an Average Price of $413,192, a 6% year-over-year increase and a 2% month-over-month increase.
December 19′: 2,562
December 20′: 3,017
Slightly fewer New Listings hit the market in 2020 as compared to the record number we saw in 2019, which did not meet the strong buyer demand.
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