Denver Housing Market Update From Sam Wilson Realtor
Denver’s real estate market hit a record low inventory level for any September in real estate history. This 2020 September Denver housing market update indicates that all-time interest rate lows drove low real estate market inventory. More homeowners decided to stay put—instead of selling or buying a home—during the early months of the COVID pandemic.
According to the Denver Metro Association of Realtors
- Real estate inventory in Denver is 43% lower vs. the same month in 2019
- Buyer interest and demand is exceeding home for sale inventory availability
- Closed home sales outpaced available home inventory during the month of September by nearly 10%.
Brisk Denver Colorado home sales translated to home buyers scooping up the available home for sale inventory in just 22 days—33.3% faster than this time last year! This housing market update confirms that the average home sale price in September 2020 of $599,400 hovered around the record high set last month for single-family homes.
Denver’s Real Estate Market
The number of homes listed for sale as of September 30th was 5301, down 43% vs. September 2019 and down 3.5% vs. August 2020. This low home for sale inventory is a trend for Denver’s real estate market.
- More homes sold in the Denver area than were listed for sale by month’s end
- The Denver real estate market is in an extreme seller’s market in most areas with higher price ranges
- Days on the market before selling decreased to only 22 days, which is a brisk selling page
- Unit sales are down 10.8% vs. August 2020, and up 16.5% vs. a year ago September
- Sales prices continued to increase in September—the average price 12% higher vs. September 2019 home sales prices
Housing Market Update: Opportunity and Optimism for Sellers
Record low-interest rates have flooded the real estate market with buyers. Fewer homes for sale than the norm result in bidding wars and multiple offers—especially at affordable home price points under $500,000.
This aspect is a favorable housing market update for buyers who want to sell their home quickly. Tips for selling your house fast are available in the FREE report 12 Valuable Tips: Advice on Selling Your Home.
Advice from Sam Wilson Realtor
Price your home competitively with the market and let market demand drive a higher selling price Avoid using lagging price opinions from the internet so that you can price ahead of the rising trends.
A free home price opinion is part of the Sam Wilson Home Selling Team’s VIP program for home sellers. Now is the best time to list and sell ahead of the trends that may result in more home sales competition and distracted buyers during the last two weeks of December.
Even though it is clearly a strong seller’s market, buyers are becoming more demanding about the condition of the home they want to purchase. Buyers are stretching into higher prices and affordability right now and expect top condition and necessary repairs to be made for top prices they’re having to pay.
If you are considering selling and want to learn more about common inspection issues that can be costly, a FREE report is available.
Denver Colorado Housing: Opportunity and Optimism for Buyers
Home buyers are competing—especially in the more affordable price ranges.
- Low-interest rates are making monthly home mortgage payments more affordable
- Buyers are finding their dream homes while staying within financial budgets
Because of COVID-19, the home has become the new office. Many home buyers are trading up to larger homes with one or two extra bedrooms that can be converted into a home office. The trend of work at home is expected to continue as corporations realize the potential of smaller office spaces and the preference of employees for a more flexible work-life balance.
Buying a Home: The Importance of Hiring the Right Realtor
If now is the time for you to trade up, it’s essential to hire a real estate agent who possesses excellent real estate negotiating skills. In this strong seller’s market—you need a negotiator who can beat buyers interested in your dream home.
Believe it or not, your offer does not necessarily have to be the highest—just the best and most likely to close. A Realtor who knows how to fight for you opens the door to more home buying opportunities.
Homes in the lower price ranges are certain to receive more offers. The Sam Wilson Home Selling Team helps you win in a fast-selling, rising home price market with very low supply. We help you find off-market properties and eliminate the competition and bidding wars.
Denver Real Estate Market Predictions
At this time, this housing market update indicates no data to support a bubble or any significant price decreases. If you are looking to sell or buy a home, don’t expect real estate prices in the Denver market to fall in the foreseeable future. All indications and projections are that both interest rates and inventory will remain low for at least 2021 and with predictions for a similar trend into 2022.
Even more interesting! Even though the market has been historically in favor of Sellers since “Stay at Home” orders were listed, year to date 2020, sales have increased by only 724 homes. The increase of 724 homes represents a year-to-date increase of 1.6% versus the prior year.
This data indicates that the Denver area real estate market is stable, healthy, and sustainable. The only caveat to this real estate prediction is the uncertainty over how much the record-low interest rates contribute to the frenetic pace buying rate witnessed in the past three to four months.
Check back here each month for the Sam Wilson Home Selling Team real estate blog monthly Denver real estate market monthly report plus other helpful articles and tips for home buyers and home sellers.
Thinking about Buying or Selling a Home?
Are you thinking about buying a home in Lakewood, CO? Get expert real estate advice when house hunting for homes for sale in Lakewood CO, Jefferson County, and the Denver metro area. Work with a buyer’s agent on the Sam Wilson Home Selling Team. If you are thinking of buying or selling a home, we make you a priority and share our expertise to make the home buying or selling process as stress-free as possible.
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The Sam Wilson Home Selling Team specializes in homes in Lakewood CO, and Jefferson County Colorado, including Arvada, Aspen Park, Conifer, Edgewater, Evergreen, Genesee, Golden, Idledale, Indian Hills, Ken Caryl, Kittredge, Lakeside, Lakewood, Littleton, Morrison, Mountain View, West Pleasant View, and Wheat Ridge.
© 2020 Sam Wilson All Rights Reserved. All Articles by Pamela D. Wilson MS, BS/BA