Earlier this month the Denver Metro Association of Realtors (DMAR) released a report indicating that 7,676 homes went under contract in June across the 11-county Denver Metro—approximately 300 more than the 7,364 new listings put up for sale.

While the market was peaking in March, everything went on hold as we dealt with and monitored the pandemic. Jill Schafer, chair of DMAR’s Market Trends Committee, noted that now the market is back up with the highest number of pending contracts Denver’s seen in a one-month period.

Other highlights from the report include:

·       There were 6,383 active listings at the end of June, nearing a record-low for what is normally a busy time for the real estate market. (June 2015 holds the record low at 6,197 active listings). This time last year, there were 9,520 active listings.

·       The average price of a home sold last month also increased from $494,214 in May to $509,736. For comparison, pre-COVID-19 homes in March sold for an average of $513,535, which is the highest-ever average price for residential real estate in Denver.

·       Home sales are also inching towards 2019 numbers. June had 5,581 home sales, up from approximately 3,500 in May, and nearing June 2019 sales of 5,819. Schafer says the rate homes are selling coupled with low inventory will cause prices to increase this summer with many seller’s receiving multiple offers.

While Denver home prices are not declining, one thing that is going down is home loan interest rates. With rates at historic lows, is this the right time for you to become a Denver homeowner? There’s only one way to find out: contact Metrowest! We’d love to help you start the process.