Denver Metro Real Estate Market Continues to Boost All-Time Records.
November continued to emphasize the desirability of a home in COVID-19, and the market shattered records with median days in MLS for detached single-family homes at a speedy five days, representing a tie for the lowest number on record. Active listings for attached and detached single-family homes came in at 3,415, surpassing the previous low set in December 2017 of 3,854. There was additionally a record-high for November average close price for combined single-family detached and attached properties, and detached single-family homes at $549,756 and $615,766 respectively.
Low Inventory Is … Low.
While the holiday months generally see a decline in inventory, this November MOI hit another record-low at just .71, easily beating October 2020’s former lowest record at .81. For the single-family detached market, Denver had 1,755 houses currently available for sale, representing just .51 months of inventory.
Change of Pace for Luxury Homes Inventory.
While typically, the most active amount of inventory is the $500,000 – $750,000 price range, this November the dial turned and it was homes priced over a million dollars. Presently, there are 561 homes on the market priced at over a million dollars, almost one-third of the overall inventory. New listings for the Luxury Market were up 17.09 percent compared to last year.
Classic Market Becomes Most Competitive.
MOI for detached homes in the Classic Market dropped to just over .27, arguably making the Classic Market the most competitive segment of the market. For detached and attached homes in the Classic Market, there were 1,781 new listings recorded in November, which was a 35.70 percent drop from October and a 2.64 percent drop from last year. The 2,319 pending sales in November outpaced the number of new listings, furthering the lack of inventory this month and the number of closed sales dropped by 25.38 percent from October and 4.98 percent from last year.
*Written December 8, 2020. Updates may be available after this date.