The Denver real estate industry is working towards establishing a new normal after spending much of the second quarter adapting quickly to frequently changing protocol and circumstances due to the Covid-19 pandemic. Last month we reported a slight dip in appreciation as a result of the two week industry shutdown in April. June's numbers show an upward trend in home values, although the rate is slower than we're accustomed to at just over a two percent increase for all residential properties from one year ago. Month over month, that number is over three percent, having made up for the dip reported in May.
Market Activity
Buyers were very active in June, demonstrating confidence and comfort in the market, with a higher number of showings per active listing than June of last year. While the relationship between supply and demand has remained relatively the same, the volume of real estate transactions in April and May decreased significantly. That slump ended in June with a record breaking 7,676 homes put under contract by hungry buyers, the highest month ever for pending transactions!
Housing Demand
Fueled by record-low interest rates, buyers are scooping up what little inventory the Denver real estate market has to offer. The Coronavirus pandemic has created unique motivations for buyers to make a move, while causing some sellers to consider if it's really necessary, thus creating a disparity between demand and available housing stock.
Open Houses
You may begin to see open house signs around your neighborhood again. The newest amendment to the public health order allows for open houses under strict safety guidelines. In fact, you may have to wait outside before being allowed to tour the home due to occupancy restrictions. Open house hosts will also require you to don a mask and sign in for contact tracing purposes.
If you're planning to sell your home this year, right now might be the best time to list. We can't predict what will happen with the pandemic in the fall, but we do know that the Denver real estate market remains starved for inventory and buyers are eager to absorb new listings. Your Live Urban real estate agent will be happy to discussstrategy, timing and preparation foryour sale.
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Market Conditions Today v 2008
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