2020 The Denver Real Estate Market starts as a home market
Housing conditions in the Denver subway in the past year, starting with low inventories up to record-breaking prices, position Denver as a seller market until 2020.
2019 ended with 5,037 active listings, a decrease of 9.7% compared to 2018; In particular, this corresponds to 41% of the 30-year annual average of 12,262 active listings in the Denver region. For the perspective, active listings reached their highest point with 31,989 listings in July 2006. During this record time, the storage months were 6.6 months, which suggests a healthy home buyer market. The record month was 3,854 entries in December 2017.
Given average house sales, it would only take 1.13 months to sell all single family homes and 1.37 months to sell all condos in the Denver area. Anything less than four months means sellers have the power to negotiate, while more than five months means buyers are in control.
Record prices for homes
2019 set a new historical high and marked course gains for the eighth consecutive year. In 2019, the average home price was $ 486,695 and the average home price was $ 420,000, an increase of 2.85% and 2.5% respectively compared to 2018. In addition, the average home price in the U. Denver Railway has increased by an astonishing 417% in the past 30 years!
Luxury market overview
The luxury market, with a real estate price of USD 1 million and more, had inventory of 4.06 months for single-family homes and 2.26 months for condominiums at the end of December – more than in any other residential price segment. Nevertheless, it still shows that the market as a whole favors sellers.
The luxury market was the only segment in which the average and average market days declined year-on-year – from 68 in 2018 to 60 in 2019, a decrease of almost 12%. Since 2015 there has been a significant decrease of 87 days.
In 2019, 2,421 homes were sold and closed for at least $ 1 million, an increase of almost 12% over 2018. Closed dollar volume in the luxury segment was $ 3.74 billion, an increase of 13.5% over 2018.
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