In What is going on? news, the latest numbers for Denver show that the average cost of a detached, single-family home is now over $600.000.
I m not trying to say that $500,000 for a detached, single-family home sounds about right, but for the cost of that house to increase by $100,000 from February 2020 to February 2021, seems crazy. To me.
Westword has the story on how the Denver Metro Association of Realtors released the data on February 3, 2021, in their Denver Metro Real Estate Market Trends Report showing that, yes, a house in Denver now averages at $629,000.
That turns out to be a mortgage payment of about $3,000 per month.
DMAR s analysis points to another record to explain the phenomenon: Housing inventory is at the lowest level ever recorded by the organization. Active listings for detached properties in January stood at 1,263, down from 1,316 in December and 3,297 in January 2020. Those digits translate to a month-over-month decline of 4.03 percent and a year-over-year plunge of 61.69 percent.
The following graphic from the report, which covers the period from 2008 to January 2021, shows just how historic these current trends are. The yellow line corresponds to active listings, while the blue line pertains to sales that closed during the respective months.
The number of listed properties typically goes down in January, but that wasn t the case this year, when more sellers responded to the legions of house hunters in the market. Last month, DMAR counted 2,781 new listings, a 36.12 percent jump from the 2,043 in December. But the January 2021 total of available houses was still 14.46 percent lower t
Denver’s 2020 Real Estate Market Saw an Unprecedented Number of Records Broken
And just because we re in a new calendar year doesn t mean that the industry is slowing down. Cassidy Ritter •
January 13, 2021
If you’ve been following along at all this year, you probably already know that 2020 was a record-breaking year for Denver’s housing market. The 11-county metro area saw historic sales, unparalleled price increases, and months of low inventory, even as a global pandemic swept through the state. What can we say? Homeownership in Denver is just that desirable.
Year-over-year, Denver’s real estate market saw a nearly two percent decline in new listings and a seven percent increase in closed listings. But these numbers didn’t seem to scare away buyers. The year ended with nearly 63,000 homes sold, up nearly seven percent from 2019, according to the year-end report by the Denver Metro Association of Realtors (DMAR).
Metro Denver's housing market ended 2020 with a bang, popping the roof with a record-high number of home sales and busting through the basement with the fewest listings available for sale.