January 2021 Presented Brand New (Unsurprising) All-Time Inventory Lows
In January, the Greater Denver Metro housing market again broke a new inventory low with only 2,316 total active listings on the market, translating into an inventory shortage and an opportunity for appreciation to accelerate.
Single-Family Attached and Detached Homes Also Sealed in Record Prices
Single-family detached properties hit a record average price of $629,159, while attached properties hit a record of $397,792. Single-family homesellers saw a 101.03 percent close-to-list-price in January and a drop to five days in the MLS, down from six last month and 24 days last year. Overall, the drive in demand has been proportionally higher for single-family detached properties than attached properties, explaining why the market is currently sitting with historic-low inventory for single-family detached properties.
2021 Shows No Slowing Down for the Luxury Market
Meanwhile, new listings for the Luxury Market jumped a little from one month ago at 2.22 months of inventory in detached luxury homes and 3.65 for attached luxury homes.
Even with less inventory year-over-year, the market still saw an 85.71 percent increase in closed attached homes and a 70.19 percent increase in closed detached homes. In January, the luxury residential market was up 85.16 percent year-over-year for sales volume of $335,859,100, up from $181,393,127 from one year ago. The detached luxury sales volume was up 90.11 percent, and the attached was up 48.36 percent from one year ago.
This Month’s Report Confirms a 2021 Seller’s Market
As long as interest rates continue to remain low and inventory scarce, there will continue to be multiple buyers for every appropriately priced house. Sellers across the state will continue to have the opportunity to navigate through multiple offers and differing terms of their choice, ultimately choosing one contract while disappointing several others.
*Written February 14, 2021. Updates may be available after this date.