According to the latest monthly housing data from the Colorado Association of REALTORS® (CAR), the month of May delivered record highs for pending/under contract properties in both metro Denver (6,502 single-family and 2,080 townhome/condos) and across the state (10,645 single-family and 2,878 townhome/condo).

Although up 56 percent from April to May, due to the stay-at-home and safer-at-home mandates, the 6,656 new listings for single-family homes are down more than 17 percent from a year ago. Inventory of active listings is down nearly 34 percent from a year ago and the supply of inventory dipped to 1.6 months, which is down 36 percent from last year.

The report also noted the number of pending/under contract single-family homes rose nearly 115 percent from the prior month and the 6,502 properties represent an 18.7 percent increase over May 2019 and is the highest number of pending/under contracts in more than a year.  CAR says the delays caused by the shutdowns in March and April are reflected in the dip in sold listings, down more than 11 percent from April to May and are nearly 42 percent from a year prior.

In some good news for buyers, the median sales price for a single-family home - $457,000  - remained flat in May -  but is still up 1.6 percent from May 2019.

Across the state, new listings rose nearly 53 percent from April to May. The 11,098 new listings are the most seen since June 2019 for single-family homes, but are still down 15 percent from a year ago. Inventory of active listings is down more than 28 percent from a year ago and the supply of inventory remained flat from April to May at 2 months but is down 26 percent from last 2019.

If you’re interested in becoming a homeowner in 2020, now could be a great time. Contact Metrowest today – we’d love to help you start the process.