According to a monthly update from the Denver Metro Association of Realtors, Denver’s real estate market experienced a revival of sorts in May, with new listings and pending sales rebounding after stay-at-home orders lifted.

Jill Schafer, chairwoman of the DMAR Market Trends Committee and a Denver real estate agent, said in the report that despite the continued risk of infection, a holiday weekend and the end of the month turmoil, new listings surged 56.4% from the prior month.

Other report highlights include:

·       Sellers listed 7,312 single-family homes and condos in May, up from the 4,674 listed in April. New listings were down 16.9% from year-ago levels.

·       Closings fell nearly 20% in May from April to 3,152 and only half of May 2019 levels. But that reflects the lack of contracts signed in late March and April, when open houses were banned, and in-person showings were very limited.

·       Pending sales increased exponentially - there were 6,809 properties under contract in May, up 115% from April and 11.9% above year-ago levels.

·       There were 4,725 single-family properties for sale at the end of May, up 3.3% from April and down 23.4% from a year earlier.

·       There were 2,445 condo and townhome listings, up 7.3% from April and down 4.5% from May 2019. Listings spent an average of 23 days on the market, on par with the time it took to sell a home last year.

·       The median price of a single-family home sold last month was $470,0000, down 1.05% from April’s median price and up only 0.64% from May 2019.

·       The median price for the condos and townhomes sold was $368,241, up 1.65% from April and 3.8% over the year.

Low inventory numbers point to a seller’s market, but there are still some great deals to be found. If becoming a homeowner is your goal-list for 2020, now may be a great time to get going. Contact Metrowest – our experienced agents would love to help you start the process!