As you know already, the coronavirus outbreak we’re experiencing in Colorado and across the country is causing many changes to our lives. Regarding real estate, this makes it tricky, albeit still possible, to accurately forecast what will happen in the Denver area in the coming months. And the remarkably good thing is that the real estate market here remains pretty lively – median house price in Denver metro for March was $440k. That is the highest number in Denver history and is definitely notable. If you’re considering buying or selling your house, we’ll show you the best way forward.
Stats we’ve pulled from the last few weeks*
Here are some meaningful statistics that we’ve selected for the past few weeks in the Denver market. And below, we explain what they mean.
March 23 last 7 days:
- Under Contract: 984
- New Listings: 1,499
- Active Inventory: 5,381
- Expired/Withdrawn: 324
March 30 last 7 days:
- Under Contract: 880
- New Listings: 1,380
- Active Inventory: 5,695
- Expired/Withdrawn: 459
April 6 last 7 days:
- Under Contract: 695
- New Listings: 1,288
- Active Inventory: 6,113
- Expired/Withdrawn: 519
*Stats pulled from REColorado, March and April 2020
What do these stats mean?
Under Contract – Decreasing
New Listings – Decreasing slightly
Active Inventory – Increasing slightly
Expired/Withdrawn – Increasing
As you can see, New Listings are trending downward slightly about 100 or so per week. That means some sellers are deciding to wait to list later by not listing at all in the first place, since normally this time of year, both New Listings and Active Inventory are increasing significantly with the return of spring and warm weather. And as shown by Expired/Withdrawn lately, there’s a large number of sellers who are also pulling off the market week after week. But Active Inventory is staying relatively flat. While homes going Under Contract are also decreasing each week, it shows that there are still some serious buyers out there. As a result of this relatively flat Active Inventory, median house price in Denver metro for March was $440k. Again, that is the highest number in Denver history.
- High median price in the market at $440k
- Relatively flat Active Inventory suggests that prices will stay relatively flat as well.
- There are still buyers to be found in this market.
In our opinion, those 3 things together mean that this may still be a solid time to be selling your house for a good price, as long as inventory doesn’t skyrocket, which we don’t think will happen in the near future with the current coronavirus outbreak.
However, there are also other buyers out there that have actually increased activity. The two driving forces pushing these buyers into the market have been: interest rates, which are still at historically low levels, and investment changes – some financial investors have moved assets out of the stock market and are looking to invest in a safer asset class, real estate investment. These buyers will notice your house.
And remember that Trelora will sell your house for a low flat fee while providing excellent service that only the top rated agents in the country can provide.
Here are a few blogs to help you with selling your house during the coronavirus outbreak:
How Much Does it Cost to Sell a House
How to Get Your House Ready to Sell
Virtual Open House Guide
For serious buyers there are definitely still opportunities out there. If inventory starts increasing rapidly, there may even be opportunities for buyers to snag a deal as they’ll have more negotiating power. But as noted before, many buyers have elected to wait, even with historically low interest rates and with real estate remaining a great investment opportunity.
And remember that not only will you get incredible service from our top rated agents, we also split our commission with you 50/50, up to $6,000, to use however you want.
Here are a few blogs we’ve written to help you with buying a house or preparing to buy later:
How Much Does it Cost to Buy a House
7 Ways to Use Your Commission Refund
8 Things To Do Now So You’re Ready To Buy Later
The best way forward
And regardless of whether you’re a buyer or a seller, since we’ve been designated as an essential business during this coronavirus outbreak in Colorado, we’ll be here to help guide you to the best possible decision, grounded in facts, with a good, solid plan for your future course. Reach out to us any time.
In the meantime, please stay safe and well. For all of us here at Trelora, nothing is more important than that.
Director of Operations
Sold over 1,000 homes
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.