Life looks a bit different than usual lately. Denver’s typically busy streets are quiet, city parks are only speckled with pedestrians compared to their usual crowded nature, and restaurants sit empty. While this spring has been anything but ordinary, the Denver Metro community is handling the shifting landscape exceptionally well while placing a priority on health and safety.
Even while social distancing, many businesses are open and operating remotely with the help of technology. The real estate industry is a great example of a market that has remained active, even in the midst of these unprecedented times. LIV Sotheby’s International Realty (LIV SIR) is open for business and ready to assist clients who still need to buy and sell houses.
According to the monthly market reports for Denver Metro complied by LIV SIR, the Denver Metro real estate market saw fairly regular activity throughout the month of March. The community saw many positive increases that show consumers are still interested in buying and selling homes. In a year-to-date comparison through March of this year compared to through March of 2019, total sales volume increased by 12%. Additionally, Denver Metro saw an 8% rise in new listing coming onto the market during the same time frame, bringing the total new listings to 17,246 so far this year. Listings sold have also increased. Total homes sold through March of this year, compared to the same period of time last year, grew by 6%, reaching 11,168 homes sold. Even with less open houses due to social distancing, which is typically one of the most compelling marketing and selling tools, the average days on market held steady at 39 days.
The luxury market, which is defined as homes priced at or over $1 million, has seen similar success over the last few months. In a year-to-date comparison, total sales volume climbed by 16% through March of this year. The number of luxury listings sold also increased by an impressive 16%. Through March of this year, there have been 429 sold luxury listings. The community has also seen a rise in new listings. From February to March of this year, Denver Metro had a 15% increase in new luxury listings coming onto the market and a noteworthy 43% increase in total sales volume.
Denver Metro’s real estate market is showing signs of strength even in the face of these unforeseen circumstances. LIV SIR is adapting to the rapidly changing landscape to assist our clients in achieving their real estate and lifestyle goals by incorporating more technology solutions into our strategy. To learn more about the Denver Metro real estate market and read the full report, visit coloradomarketreports.com
For more information, or for assistance with any of your real estate needs, contact LIV Sotheby’s International Realty by visiting livsothebysrealty.com or calling 303.893.3200.