May 2021 Data Demonstrated a Continued Extreme Seller’s Market
While it is an extreme seller’s market in the metro Denver area, closings still happened, up 18.78 percent, despite active listings being down 4.11 percent year-to-date from 2020. Showings being up is both a reflection of how the pandemic shutdown impacted the real estate industry this time last year and yet also supports the concept of increased buyer demand.
Cracks in the Attached Market Showed Themselves While the Detached Market Continued to Rise – But Stopped
Throughout 2021, the metro Denver area saw cracks in the attached market while the detached continued to rise in urgency and price. In May, buyers saw those cracks and moved on opportunities in the attached market, creating the lowest month-end active inventory on record, with only 739 properties available to sell. Those cracks are now gone, and it is a strong seller’s market for every property type and price point.
It Continues To Be an Unpredictable Year.
The Denver metro’s 2021 real estate market has turned into an unpredictable year, lacking seasonal consistency with rainy weather in tow while prices continue to skyrocket. The area hit a new average sales price record of $700,559 for single-family detached properties.
June’s Report Shows Luxury Buyers Making Decisions Faster Than Ever.
In 2019, the detached market residences were available for tours for 20 days before accepting an offer. Last month, that same metric measured median days in MLS as six. The attached market is seeing the same trend, from 23 days in 2019 to seven days this year. So even if one were to take out the pandemic pricing of 2020, the metro Denver area still sees properties for fewer days in the MLS from 2019.
*Written June 12, 2021. Updates may be available after this date.