MARKET UPDATE!
Let’s take a look at what happened in the Denver / Boulder Metro Area real estate market in May….
1) Closed Price – up by 2.1%. Home prices are still increasing – a little slower now, but still going up, despite all that’s happening.
2) New Listings – DOWN by 16.3% when compared to May of 2019. This is an improvement, since April’s new listings were down by a whopping 36%!! Things are slowly starting to creep back towards normal. It seems that people are starting to re-enter the market, tentatively.
3) Inventory – down by 15 % when compared to May of 2019. May is following in March and April’s footsteps in that inventory has still not rebounded to where it was last year at this time.
We are still in a very strong seller’s market, and even with COVID 19 affecting sales/listings, it doesn’t look like that will be changing any time soon. The closed price to list price percentage for May was at 100%. You read that right… 100%. People out there holding out hope that they would find a good deal due to COVID 19 may be out of luck, at least for now. Once foreclosures are back on the menu, we may see some changes, but only time will tell. Despite the market stability, this virus has changed the way we do business. Our brokerage has implemented safety protocols including buyer/seller logs and requiring all clients to wear masks and gloves if entering a home for a showing. We are all working to keep our clients as safe as possible during this storm. If you are interested in buying or selling and would like some guidance on how to do so safely, please feel free to contact us.
Leave a Reply