While summer doesn’t officially start until June 20, the real estate market in the Mile High City is getting hot. While the outbreak of COVID-19 this spring dramatically slowed things down, it appears consumers’ confidence is returning as they are ready to make real estate transitions and investments once again.

According to the monthly market reports compiled by LIV Sotheby’s International Realty last month, listings sold in Denver Metro were down 14% in a year-to-date comparison of May of 2019. However, May’s pending sales tell a different story about the marketplace. As more and more buyers re-entered the market following the peak of COVID-19, pending sales more than doubled, giving the Denver Metro housing market the major boost it needs to make a comeback this summer.

Other report highlights include:

·       In May, more than 6,800 properties went under contract, a 115% jump from April. This tells us that while few buyers actually purchased a home last month, many are in the process.

·       The increase in pending sales from April to May is impressive: 11.9% higher than April of 2019.

Thanks to extremely low interest rates, nationwide mortgage applications are skyrocketing, and it certainly appears consumer confidence numbers are climbing. Could now be the right time for you to become a homeowner in the metro area? There’s only one way to find out! Contact Metrowest today – we’d love to help you start the process.