Happy holidays! Despite winter and the Covid wave we are experiencing, real estate remains a strong and steady beacon of economic hope during these times.
All stats below are based on End of Month in October vs November:
Homes on the market – 4,965 vs 3,690 (down 26%)
Median days on the market – 6 vs 6 (same)
New homes on the market – 5,923 vs 3,551 (down 40%!)
Homes sold – 6,094 vs 4,977 (down 18%)
Record low inventory in Denver leads to prices staying high. Prices remained near the all time high with Median Price coming in at $465,000. To put into perspective how strong the Denver market has been this year, look no further than the Median Price in January of 2020 which was a staggering $50k lower at $415,000.
Christopher’s Market Forecast for the first 3 months of 2021? Expect low inventory to continue causing a shortage in supply while sellers and buyers gear up for what looks to be a big Spring.
Best advice for sellers right now?
If you’re a seller, get your home listed as quickly as you can. Demand is sky-high and inventory is dropping even further as the seasonal lull compounds the existing inventory constraints we’ve seen all year. Don’t wait for Spring, when new homes will start to increase again. List now for the best chance to sell for the best price.
Additionally here are a few blogs that might help you as a seller:
Best advice for buyers right now?
If you’re a buyer, consider working with your agent to identify homes that came off the market in the last 30 days. Most of these homes will likely come back in early 2021, and our team of agents are poised to help you identify these houses before they come back on the market in the hopes of submitting a strong enough offer that entices the seller to agree to terms without going back on the market.
Additionally here are a few blogs that might help you as a buyer:
And always remember, if you buy with us, we split our buyer’s agent commission with you, up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. In the meantime, please stay healthy and safe.
Director of Operations
Sold over 1,000 homes