Recent stay-at-home mandates put a near stop on home showings in April, according to a monthly update from the Colorado Association of Realtors, but that doesn’t appear to have knocked the market off its feet.

Open houses were not permitted, and in-person visits were limited until the final walk-through, which made marketing homes much more difficult. Understandably, during this time health and economic uncertainty caused both sellers and buyers alike to pull back.

Other data highlights include:

·       Single-family home sales dropped 20.3% statewide, from 7,444 in April 2019 to 5,930 this April. Townhome and condo sales fell a steeper 32.4%, from 2,455 a year ago to 1,660 last month.

·       Buyers weren’t the only ones holding back. The number of single-family homes that Colorado sellers listed fell 24.1% last month, from 9,591 in March to 7,281 in April. Condo and townhome listings dropped from 3,024 to 2,064, a decline of 32.1% over the month.

·       Single-family listings took 40 days on average to sell statewide in April, down from 47 days the same month a year earlier, while condos and townhomes took 42 days to sell compared to 46 days last year.

·       Median home sales prices largely held up. Statewide, they fell 1% month-over-month, to $419,900, and are still up 5% over the year. Condo and townhome prices dropped 4.3% to $315,000 on the month but remain up 3.3% on the year.

Despite the marked slowdown, contracts were closed on 7,590 residences across the state, with minimal discounting, and 6,761 properties were put under contract. And once showings were allowed again at the end of April, buyers came back out.

While no one can predict the future, industry experts remain cautiously optimistic about the real estate climate in Denver.  If you are considering becoming a homeowner soon, contact Metrowest. We would love to help you start the process.