According to last week’s report from the Denver Metro Association of Realtors, showings in the Denver metropolitan region hit an all-time low last month, due to COVID-19 concerns and stay-at-home mandates. April 18 was the slowest day of the month, with real estate professionals showing 92.2% fewer homes than during the same month last year.

Additional findings from the report include:

·       Across the metro region, closings were down more than 30 percent year-over-year in April

·       Sales volume was down more than 29%

·       Pending contracts were down nearly 46%

·       Active listings dipped more than 2%, according to DMAR data.

Jill Schafer, chair of the market trends committee at DMAR, said a drop in numbers was expected, but she was pleasantly surprised by the number of transactions given the limitations and had anticipated numbers to be down closer to 50 percent.

In April, 132 single-family homes closed, down 39.7 percent from one year ago, according to the report. The sales volume dropped 39 percent from $308.2 million to $187.9 million month over month. Only 17 luxury condos sold in April, in comparison to the 32 sold in April 2019. The sold volume dropped 32 percent month over month from $38.3 million to $26.2 million, the report reads.

Despite the slowdown, there are indications of pent up demand for residential real estate. When isolation restrictions loosened on Monday, April 27, there were about 3,500 showings in the metro area. That is good for the busiest Monday in 2020. The number of showings has ticked up each day since, according to the report.

Though the real estate market in Denver is still uncertain, it appears that we are slowly working our way back to a sense of normal.  If you are considering becoming a homeowner soon, contact Metrowest. We would love to help you start the process.