The Denver Metro Association of Realtors (DMAR) just released their monthly Market Trends Report for the 11 counties of the Denver Metro Area. These reports are dense with information that we’ve consolidated into a brief run down with several key points.
Showings are Trending Back Up
Naturally, the Stay-at-Home order had a large impact on the number of showings in both March and April. However, the switch to a Safer-at-Home plan on April 27 prompted an instant surge in home showings. 3,500 showings were scheduled that day, and the amount has increased every day since.
Active Listings are Increasing
Despite a near 30% drop in new listings from March to April, active listings have increased by 18 percent. As we move through the stages of reopening, we expect the number of new listings to begin increasing month over month.
Despite the fact that April felt pretty bleak at times, we’ve exited the month with a host of promising news and facts. Denver real estate has remained a great investment. Average closing price was only down by 1.79% from March. To put that in perspective, April’s closing price average of $503,231 is still a 1.52% increase from April of last year. This news, along with the switch to a Safer-at-Home plan, is cause for an increase in optimism in the world of Denver real estate.
The Bottom Line for April and Looking Ahead
The combination of inventory remaining relatively low and high demand resulted in homes being sold at minimal discount with less time on the market than last month. While April was promising, the past few months have introduced a need for rapid change. It will simply take more time to assess the full damages of COVID-19 on the world of real estate. In the meantime, realtors and buyers will continue to work together, donning masks, gloves and booties. We will get through this!
Stay Updated on Market Trends with Golden Lenders
Golden Lenders helps home buyers in Colorado, Florida and California understand the different types of mortgages that are available and provides loans to help people achieve the dream of homeownership. Since the specifics of which mortgage to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (303) 482-2361, or you can send us a message.