Denver Metro | Mid-Year 2020
The spring is typically one of the busiest seasons for buying and selling homes within the Denver Metro marketplace. However, this year’s spring market was interrupted by COVID-19, resulting in a sharp, but brief decline in real estate activity. While the restrictions placed on real estate in the spring made an impact on the market, buyers and sellers are making up for lost time by diving head-first back into the housing market.
For the month of June, pending sales have increased by 7.2% overall and 18.8% from June 2019, according to the Metro Denver Market Report compiled by Megan Aller of First American Title. What’s more, closed sales are up month-over-month by 78.4%, showing that Denver Metro’s market is recovering from the pandemic and continuing to pick up momentum.
LIV Sotheby’s International Realty reports on the Denver Metro real estate market, sectioning into 57 neighborhoods, collectively, comparing real estate performance for January through June of 2020 to that of 2019. The average sold price for both single family and attached homes through June of 2020 showed an upward trend, growing by 2.6% and 1.7% respectively. These increases bring the average sold price for single family homes in Denver to $542,311 and price for attached homes to $368,075.
Within the 57 neighborhoods that make up Denver Metro, many neighborhoods experienced positive activity through June of this year. There were 19 different neighborhoods that saw an increase in the number of properties sold in Q1 and Q2. One of the most impressive rises in buyer activity was seen in the Downtown condominium market. Through June of this year, an astonishing 211 condos were sold, a 245.9% difference from 2019 when 61 condos sold in the same time frame. Southmoor Park also experienced a boost of buying activity, increasing the number of sold homes from 21 properties through June of 2019 to 39 properties through June of 2020.
The average days on market in Denver Metro has decreased slightly by 3.4%, making the average days on market for all types of homes in the area 28 days. Other individual communities have also seen drops in the average amount of time properties are spending on the market, showing that buyers are hungry for available homes and moving more quickly to secure the listings they love. Both single family homes and condos in Denver’s Cherry Creek North neighborhood have been moving quickly in the real estate market. Homes in this community are staying on the market for 29.5% less time, bringing the average days on market down from 78 days through June of 2019 to 55 days during the same time frame in 2020.
Denver’s active lifestyle, access to the fresh air and outdoors, as well as urban entertainment and dining options make this city an attractive place to put down roots or invest in a second home. For these reasons, the real estate market will likely continue to thrive, allowing buyers and sellers the opportunity to reach their lifestyle goals.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Baker, Belmar, Bell Mountain Ranch, Berkeley, Bonnie Brae, Belcaro, Bow Mar, Capitol Hill, Castle Pines North, Castle Pines Village, Cheesman, Cherry Creek, Cherry Creek North, Cherry Hills Village, City Park, City Park, Cory-Merrill, Columbine Valley, Congress Park, Country Club, Crestmoor, Downtown (condos), Golden Triangle, Greenwood Village East, Greenwood Village West, Hale Mayfair, Heritage Greens, Highland, Highlands Ranch, Hilltop, Homestead, Jefferson Park, Ken-Caryl North Ranch, Keen Ranch, Ken-Caryl Valley, Lakewood, LoHi, Lonetree, Lowry, The Meadows, Montclair, Observatory Park, Park Hill, Platt Park, Polo Reserve, Pradera & Timbers, RiNo, Saddle Rock Golf Club, Sloan’s Lake, Southglenn, Southern Hills, Stapleton, Sunnyside, Tallyn’s Reach, Uptown, Washington Park East, Washington Park West, and West Highlands.