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REcolorado Market Watch: Denver Metro Area
Monthly Housing Market Statistics: July 2020
In July, a record number of homes sold in the Denver Metro area. Throughout the month, 7,186 homes closed, a year-over-year increase of 21% and a 16% increase month over month.
In July, the count of listings in Pending status was 7,099, which is 27% more than July 2019 and down 4% from last month.
Homes Closed Year-Over-Year Change
July 2019 -- 5,925
The average price of a home in the Denver metro area in July was $539,340, a year-over-year increase of 9%. As compared to last month, prices were 6% higher.
Single-family residences sold for an average price of $599,463, a 10% year-over-year increase. The average price of multi family/ condos/townhomes was $383,764, up 6% year over year.
Average Closed Prices Year-Over-Year Change
July 2019 -- $495,022
Throughout the July 7,638 new homes hit the market , a 15% increase compared to last year, and a 3% increase from last month. This is the highest single-month count of New Listings we’ve seen in 2020.
At the end of July, there were 5,952 Active properties on the market, a 37% year-over-year decrease, and a 7% month-over-month decrease.
Currently, there are 4 weeks of inventory, 3 weeks less than this time last year and 1 week less than last month.
New Listings Year-Over-Year Change
July 2019 -- 6,636
Days in MLS
Denver Metro homes spent an average of 25 days on the market in July, one day less than this time last year and the same amount of time as last month.
On average, single-family residences were on the market 24 days, while multi-family/condos/ townhomes were on the market 26 days.
The median number of days a home spent on the
market in July was 7, down 4 days from last year.
Days on Market Year-Over-Year Change
June 2019 -- 26
Year to Date
Year-to-date measures indicate we’re having a strong buying and selling season despite the pandemic. Compared to last year, the count of New Listings is down just 6% and the number of Closed Listings is down 4%. As the busy season progresses, we’re seeing the year-over-year delta for these measures decrease. The average Closed Price is up 4% from last year due primarily to high buyer demand and low inventory levels. Homes spent the same amount of time on the market this year as they did the previous year.