Denver Real Estate Market Update January 2021

Happy New Year!

I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats and update below.

The words of the year are Wow and Unbelievable!  The Core numbers as we ended 2020 are as follows:

  • Extremely Low Inventory at 2,541 Active Listings for Homes, Townhomes & Condos in all of the Metro Denver Area, which is down -49.5% from a year ago! 
  • Total Closings 62,985 which is up 6.95% from a year ago! 
  • The Average Price of a Single Family Home at $583,976 which is up 9.06% from a year ago! 
  • The Average Price of Townhomes & Condos at $379,640 which is up 4% from a year ago. 
  • A staggering $33 Billion dollars in Volume Closed in 2020, which is up 15.4% from 2019!

Our Inventory has shrunk to ONLY 1,316 Single Family Homes

  • This is a 60.83% decrease from this time in 2020!  The average price increase of all Residential      homes detached and attached is hovering in the 9% range YTD.

There is no better time to list your home and take advantage of an unprecedented Seller’s Market! With interest rates at all time lows there are opportunities for Buyers as well!

The Average Price that Closed on a Single Family Home in December was $616,895 17.06% higher than December 2019! 

The Market is moving differently in certain parts of town, but much of the Buyer demand has been moving in the suburbs, Douglas County, the Foothills and the Luxury Market!  Low Interest rates continue to help drive the demand! 

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

Denver Real Estate Market Update December 2020

Denver Real Estate Market Update December 2020

Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado!

Merry Christmas, Happy Hanukkah and Happy Holiday Season!

I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats and update below.

This is a December to put in our history books, as the normal Hustle and Bustle of the Holiday Season has been tempered by the Pandemic and decreased our Holiday activities. The Real Estate Market has picked up the slack of activity as Buyers are still very interested in buying as soon as possible with these low interest rates. 

Every Christmas has a Naughty List, and this year it is our Inventory of Active Listings! We can’t remember a more difficult time for buyers to find the right home, as our Inventory has shrunk to ONLY 1,755 Single Family Homes, 1660 Townhomes and Condos for a total Inventory of 3,415

  • This is a 51% decrease from this time in 2019!  The average price increase of all Residential homes detached and attached is hovering in the 8+% range YTD.

There is no better time to list your home and take advantage of an unprecedented Seller’s Market!

  • Active Listings at month end were 3,415 which is 51% less than November 2019
  • New Listings were 3,689 up slightly from November 2019
  • Pending homes were at 4,796 which is ahead of November 2019!
  • Sold Homes were 4,820 and which is significantly more than November 2019

The biggest story is the Average Price that Closed on a Single Family Home in November was $615,766 significantly higher than November 2019! 

Year to Date our Single Family Average price stands at $549,756 which is an almost 8% increase for the year! Wow!

The Market is moving differently in certain parts of town, but much of the Buyer demand has been moving in the suburbs, Douglas County, the Foothills and the Luxury Market! Low Interest rates continue to help drive the demand! 

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

Denver Real Estate Market Update October 2020

Denver Real Estate Market Update October 2020 – Team Koz Michael Kozlowski

As we move into the fall months we are seeing a Real Estate Market newly discovered and truly never seen before!  Numbers at a glance start with our lack of Inventory that is down 43% from this time last year!!  

  • Active Listings at month end were 5,301 which is 43% less than September 2019
  • New Listings were 6,456 down 4.3% from September 2019
  • Pending homes were at 6,376 which is 26% ahead of September 2019!
  • Sold Homes were 5,850 and that is 16.5% more than September 2019

The Market is full of demand from Buyers, and as you can see New Listings are happening so it’s mostly the demand driving this robust recovery! 

The Average Price of a Single Family Home is up 12% from September 2019! 

The Market is moving differently in certain parts of town, but much of the Buyer demand has been moving in the suburbs, Douglas County, the Foothills and the Luxury Market!  Low Interest rates continue to help drive the demand! 

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

Denver Real Estate Market Update September 2020

Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado!

The year of the Pandemic Summer, and the Hot Temps for the month of August have translated into a Hot Real Estate Market! This has possibly been the most active and productive August in recent history in the Denver Market! 

By the numbers:

  • We saw 5,959 homes/townhomes and condos Closed, which is up 4.2% vs 2019!
  • Active Listings at month end were 5,496 which is 41% less than 2019
  • New Listings were at 6,786 which is about the same as 2019
  • Pending homes were at 7,323 which is 32% ahead of 2019!
  • Sold Homes were 5,959 which is 4.2% more than 2019

The big story again is the Average Price in August!  Single Family Homes Closed at an average price of $606,330 which is up 13.8% vs August 2019! 

  • Condos and Townhomes Closed at an average price of $377,664 which is up a more normal 1.65% vs August 2019! 
  • This confirms the general trend of Buyers flocking to Single Family Homes and out of multi-family units due to seeking distance from neighbors during COVID-19! 

To give a yearly update and some perspective, we have seen 39,078 Residential Closings YTD through August 2020.  We saw 39,836 Closings in the same time frame for 2019! 

The Bottom Line is the Market has almost caught up with last year for Total Activity, and will probably exceed 2019 by the end of September!  This is a very resilient Market during a Pandemic!

The Market is moving differently in certain parts of town, but much of the Buyer demand has been moving in the suburbs, Douglas County, the Foothills and the Luxury Market!  Low Interest rates continue to help drive the demand! 

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

Denver Real Estate Market Update July 2020

I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats and update below.

The Denver Metro Real Estate Market has been on a solid V-Shaped Recovery since the beginning of May after the Quarantine Restrictions due to COVID-19!

  • Active Listing Inventory is down 33% compared to this time last year, and this lack of Inventory with historically low interest rates have created a Strong Buyer demand.
  • Pending Sales are up 27% compared to last year, however Average Home Prices are only up 2% compared to last year at this time.

This is a wonderful time to take advantage of Historically Low Mortgage Interest Rates!

A 100 Degree day in July would normally cause a slowing market through the rest of the Summer, but Buyer Demand is continuing to look for good fresh Inventory.

  • There were 6,383 active listings at the end of June, -10.98% less than May and –32.95%  less than the previous year when there were 9,520.

This very positive Market, and the continued strong demand for Buyers will continue throughout the rest of the Summer!

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

MMU July 2020

MMU- Luxury July

Denver Real Estate Market Update June 2020

Denver Real Estate Market Update June 2020

The economy is probably headed to a W-Shaped Recovery, but we are certainly seeing a V-Shaped Recovery in the Real Estate Market right now!

  • There were 7,170 active listings at the end of May, 4.6% more than April but 19.36%  less than the previous year when there were 8,891.

Sellers had the upper hand with low inventory in all price ranges except for homes priced over $1 million, where there were 9.50 months of detached luxury home inventory and an abundance of attached luxury homes for sale, with more than 23 months of inventory.  Anything over six months is considered a buyer’s market.

As expected, the number of closings was down in May following the weeks of strict showing restrictions, dropping 19.71% month over month and 48.86% year over year.

The average closed price didn’t slip much month over month but dropped back below $500,000 to $495,925.  That was a 1.24% lower than April but 2.43% higher year to date.

The Memorial Day weekend, and the beginning of Summer is usually a slower time for real estate sales but the boost in buyer activity kept agents busy this past holiday.  Does this mean our market has recovered from COVID-19?  Not quite yet, but it appears we are well on our way.  Low interest rates, renewed optimism and an increasing number of new choices are all positives.

The Biggest Metric in May was over 6,800 homes Pending in the Denver Metro Area!  That is a Record!

This very positive Market, and the continued strong demand for Buyers will help us get back on track as soon as we get a green light to show homes again!

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate will be open for business soon!

RMP Market Update - May 2020

LUXURY MONTHLY MARKET UPDATE- May 2020

Denver Real Estate Market Update April 2020

11 COUNTY METROPOLITAN DENVER MARKET UPDATE APRIL, 2020

By the numbers:

  • The inventory of available homes for sale is 5,776 homes at March month end
  • 6,663 homes came onto the market
  • 4,992 homes went under contract
  • 4,296 homes closed
  • Median sold price $446,500
  • Average sold price $513,526
  • Closed dollar volume of $2.21 Billion.

 

Monthly Market Recap:

Single Family (Detached):                                       Condo (Attached):

Active Month End Inventory is 3,829                   Active Month End Inventory is 1,947

Sold Homes (Closed) is 3,018                                  Sold Homes (Closed) is 1,278

Average Price is $567,382                                       Average Price is $386,344

Median Price is $487,950                                        Median Price is $330,000

Average Days on Market is 28                                Average Days on Market is 31

 

Year To Date Market Recap:

Single Family (Detached):                                      Condo (Attached):

Sold Homes (Closed) is 7,904                                  Sold Homes (Closed) is 3,572

Average Sold Price is $548,938                               Average Sold Price is $371,205

Median Sold Price is $472,000                                 Median Sold Price is $316,000

Average Days on Market is 36                                 Average Days on Market is 39

Source:  REcolorado.com – April 1, 2020

The above representation for Single Family (Detached) and Condo (Attached) includes real estate activity in the counties of Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.

Market Facts:

Covid 19 has now impacted the Metropolitan Denver home market.  Active listings are still increasing.  We have seen homes withdrawn from the market.  Many changes are now taking place to complete the sale of a home.  By the end of the month, we were all wondering what was ahead for us, our industry, and our country.  Covid 19 will cause limited activity through the end of May.

Advice to Sellers:

The Metro Denver Seller’s home market continues even though Covid 19 is impacting.  The new challenge for Seller’s is being educated by your agent on all changes because of Covid 19.  As a Seller, here are your 5 Golden Rules: Personalize, Maximize, Sanitize, Modernize, and Neutralize.  With a changing market, housing is improving slowly.  Buyers always will determine what your home is worth.  As a Seller, think about these renovations: insulation, finish the basement, remodel a bathroom, update a room, add new light bulbs, and add a deck.  As a Seller, if your home sits longer than a month, it is time to revisit the recent sales in your neighborhood. As a Seller, be educated about coronavirus and the challenges that coronavirus impacts.

As a Seller, your home needs to be priced right from the very beginning.  Manage your expectations, make sure your home is move-in ready, be flexible, and accept the offer that works best for you the Seller.

Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements and a conversation on how the market functions.  As such, the homeowner looking to sell a home needs a professional who is a local expert, is market knowledgeable, and can assist in the Professional plan to sell one’s home.  Now is the time to reach out to a Professional.

Advice to Buyers:

The Metro Denver home market continues even though Covid 19 is impacting.  Reach out to your agent to be educated on how you can focus on buying.  Focus on your lifestyle and home requirements.  As a Buyer, get into the home market now.  As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction.  As a Buyer, understand what type of purchase will help you reach your goal and know what the needs and wants are.  Be educated on the coronavirus impact.

Know what you want in a home, where you want to live, and what price range you can afford.  Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared, manage your expectations, and be open to looking at the entire Denver market.  Reach out to a Professional today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.

RMP Market Update - March 2020

LUXURY MONTHLY MARKET UPDATE - March 2020

Denver Real Estate Market Update March 2020

11 COUNTY METROPOLITAN DENVER MARKET UPDATE MARCH, 2020

By the numbers, the inventory of available homes for sale is 4,835 homes at February month end, 5,122 homes came onto the market, 5,083 homes went under contract, and 3,429 homes closed at a median sold price of $430,000 and an average sold price of $487,009 resulting in a closed dollar volume of $1.67 Billion.

Monthly Market Recap:

Single Family (Detached):                                       Condo (Attached):

Active Month End Inventory is 3,201                   Active Month End Inventory is 1,634

Sold Homes (Closed) is 2,312                                  Sold Homes (Closed) is 1,117

Average Price is $544,054                                       Average Price is $368,936

Median Price is $469,900                                        Median Price is $315,000

Average Days on Market is 37                                Average Days on Market is 41

 

Year To Date Market Recap:

 

Single Family (Detached):                                      Condo (Attached):

Sold Homes (Closed) is 4,593                                  Sold Homes (Closed) is 2,160

Average Sold Price is $537,433                               Average Sold Price is $363,555

Median Sold Price is $465,000                                Median Sold Price is $311,250

Average Days on Market is 41                                Average Days on Market is 44

Source: REcolorado.com – March 2, 2020

The above representation for Single Family (Detached) and Condo (Attached) includes real estate activity in the counties of Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.

 

Market Facts:

February was a good month for the Metro Denver housing market. Active listings are increasing. Mortgage interest rates continue to be low. Buyer’s and Seller’s have leaped into action. The increased competition caused new listings to sell faster and lifted home prices. We will now see the traditional prime market coming because Seller’s are coming into the market and many Buyer’s are already here. Be aware of what is happening because of coronavirus.

Advice to Sellers:

The Metro Denver Seller’s home market is moving to the prime season. The new challenge for Seller’s is accurate pricing. As a Seller, here are your 5 Golden Rules: Personalize, Maximize, Sanitize, Modernize, and Neutralize. With a changing market and a healthier one, housing is improving and the economy is steady. Buyers always will determine what your home is worth. As a Seller, think about these renovations to see if you can add value in areas that are not selling as quickly: adding insulation, basement finish, bathroom remodel, update a room, add new light bulbs, and add a deck. As a Seller, if your home sits longer than a month, it is time to revisit the comparable homes sold in your neighborhood. As a Seller, be educated about coronavirus and the challenges that coronavirus impacts.

As a Seller, your home needs to be priced right from the very beginning. Manage your expectations, make sure your home is move-in ready, be flexible, and accept the offer that works best for you the Seller.

Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements and a conversation on how the market functions. As such, the homeowner looking to sell a home needs a professional who is a local expert, market knowledgeable, and can assist in the Professional plan to sell one’s home. Now is the time to reach out to a Professional.

 Advice to Buyers:

 The Metro Denver home market is moving to the prime season. Keep your eye on the home market. Focus on your lifestyle and home requirements. As a Buyer, get into the home market now. As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction. As a Buyer, understand what type of purchase will help you reach your goal and know what the needs and wants are. Be educated on the coronavirus impact.

Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared, manage your expectations, and be open to looking at the entire Denver market. Reach out to a Professional today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.

 

RMP Market Update - February 2020

LUXURY MONTHLY MARKET UPDATE - February 2020

Denver Real Estate Market Update February 2020

11 COUNTY METROPOLITAN DENVER MARKET UPDATE FEBRUARY, 2020

Market Metrics:

  • By the numbers, the inventory of available homes for sale is 4,941 homes at January month end
  • 4,853 homes carne onto the market
  • 4,923 homes went under contract
  • 2,991 homes closed
  • Median sold price of $420,000
  • Average sold price of $476,003
  • Closed dollar volume of $1.423 Billion.

Monthly Market Recap:

Single Family (Detached):

  • Active Month End Inventory is 3,297
  • Sold Homes is 2,035
  • Average Price is $532,494
  • Median Price is $460,000
  • Average Days on Market is 45

Condo (Attached):

  • Active Month End Inventory is 1,644
  • Sold Homes is 956
  • Average Price is $355,754
  • Median Price is $310,000
  • Average Days on Market is 45

 

Year To Date Market Recap:

Single Family (Detached):

  • Sold Homes is 2,035
  • Average Sold Price is $532,494
  • Median Sold Price is $460,000
  • Average Days on Market is 45

Condo (Attached):

  • Sold Homes is 956
  • Average Sold Price is $355,754
  • Median Sold Price is $310,000
  • Average Days on Market is 45

Source: REcolorado.com -February 3, 2020

RMP Market Update - January 2020

LUXURY MONTHLY MARKET UPDATE - January 2020

 

Denver Real Estate Market Update January 2020

Market Metrics:

  • The inventory of available homes for sale is 4,399 homes at December month end
  • 2,369 homes came onto the market
  • 2,792 homes went under contract
  • 4,110 homes closed
  • Median sold price $415,000
  • Average sold price $476,746
  • Closed dollar volume of $1.96 Billion.

 

Monthly Market Recap:

Single Family:                                                         Condo:

Active Month End Inventory is 2,823                                  Active Month End Inventory is 1,576

Sold Homes is 2,904                                                Sold Homes is 1,206

Average Price is $520,159                                       Average Price is $372,210

Median Price is $445,000                                         Median Price is $305,000

Average Days on Market is 46                                 Average Days on Market is 49

 

Year To Date Market Recap:

Single Family:                                                         Condo:

Sold Homes is 38,467                                              Sold Homes is 15,895

Average Sold Price is $526,784                               Average Sold Price is $361,894

Median Sold Price is $450,000                                 Median Sold Price is $304,900

Average Days on Market is 36                                 Average Days on Market is 52

 

Market Facts:

The Denver Metro Home Market has been changing. Active listings are low. Mortgage interest rates continue to be low. Overall activity is slower for both Sellers and Buyers. Being a Seller or Buyer, do your homework before getting into the home market.

Advice to Sellers:

HAPPY NEW YEAR! The Metro Denver Seller’s home market continues to see changes. The new challenge for sellers is accurate pricing. Seller’s will see more growth but at a slow pace. Homes are now taking longer to sell and price appreciation is changing. Sellers are slowing down because they cannot buy the home of their choice. With a slower market and a healthier one, housing is improving and the economy is steady. Buyers always will determine what your home is worth. As a Seller, think about these renovations: basement finish, bathroom remodeling, updating a room, updating carpet & paint, adding new light bulbs, adding a deck. As a Seller, if your home sits longer than a month, it is time to revisit pricing and the data in your local market.

As a Seller, your home needs to be priced right from the very beginning. Manage your expectations, make sure your home is move-in ready, be flexible, and accept the offer that works best for you the Seller.

Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements, and a conversation on how the market functions. As such, the homeowner looking to sell a home needs a professional who is an expert, local market knowledgeable, and can assist in the Professional plan to sell one’s home. Now is the time to reach out to a Professional.

Advice to Buyers:

HAPPY NEW YEAR! The Metro Denver home market continues to change. Keep your eye on the home market with now fewer homes available. Foremost, focus on your lifestyle and home requirements. As a Buyer, get into the home market at the right time. As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction. Sellers are usually on a moving deadline and can be more willing to negotiate the final price, meaning your getting the best bang for your buck.

Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared, manage your expectations, and be open to looking at the entire Denver market. Reach out to a Professional today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.

 

RMP Market Update - End of Year (December 2019)

LUXURY MONTHLY MARKET UPDATE - End of Year 2019