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May 2021 Update:
The big news this month is the average price of a single-family home in the Greater Metro Denver area is up 28% to $692,900. This could easily surpass $700,000 by the time we release our stats in June!. While active listings remain at a slim 2,390 - we did see a significant improvement over March (up 12% month-over-month). Surging demand and low-interest rates remain the driving factors for low inventory. New listings saw another positive month, with 6,389 new listings. It was last March when the Stay-At-Home order took effect, so it's not surprising that we are up 50% year-over-year. Look for inventory to increase in the months ahead, but demand to increase as new buyer's enter the early Summer market.
Supply - Active Listings
New listings saw another good month with 6,389 new homes that come onto the MLS. Keep in mind that March of last year was when the Stay-At-Home order took effect, so not surprising to see that we were up 50% year-over-year. This data is a great reminder that sellers are out there ready to list!
New listings took a big jump in March, with 5,513 new listings coming onto the market. Although this is still down 11% year-over-year, it's encouraging to see the Spring market start to pick up!
Demand - Pending Sales
April's demand was out-of-this-world! Again, looking at the year-over-year data doesn't give us the greatest insight because of the Stay-At-Home order in March of last year. So, looking at where we are compared to 2019, really gives us a better sense of how our market is doing compared to a "normal" year. Even still you can see that this year's demand has continually been above what we've seen in the past two years.
Percent of Closed to List Price
High demand calls for high sold prices. We are continuing to see increasing sold-to-list price ratios - in fact - sellers are getting over-asking price 72% of the time. If we continue on the seasonal cycle, we can anticipate seeing this number continue to grow into the summer months.
Reports based on data from REColorado®, Inc.Posted by Ryan Penn on