2020 was a year like no other, and that certainly extended into Denver’s real estate scene.

According to the most recent monthly report from the Denver Metro Association of Realtors (DMAR), active for-sale housing inventory in the 11-county Denver metro reached an all-time low at the end of December, capping off a historic year for Denver's housing market.

DMAR said that just 2,541 homes remained on the market at the end of the year after buyers closed on 4,807 homes in the final month, the highest amount recorded in any December.

Other report highlights include:

·       More homes traded hands in the Denver metro in 2020 than ever before. Buyers purchased 62,985 homes throughout the year, 6.95% more than the previous year.

·       That led to the first time in Denver history that total inventory (including both detached homes and attached, such as condos) has fallen below 3,000.

·       Home prices continued to increase throughout the year. The median closing price for a detached, single-family home began the year at $459,222 in January, climbed to a high of $515,000 in October, and ended the year at $507,000.

·       The attached market median closing price peaked at $337,000 in October after beginning the year at $305,000.

·       Homes spent a median of seven days on the MLS, with single-family detached homes remaining on the MLS for just five days, tying the lowest number on record.

·       Luxury buyers have more options than any other price segment in the Denver metro, which isn't usually the case. Almost a third of the 1,316 single-family homes on the market at the end of December were priced above $1 million, more than any other price segment.

·       Luxury home sales for the full year 2020 were up 34.74% from 2019.

Mortgage rates are still exceptionally low, and while inventory is tight, there are still some deals to be found if you’ve got the right team behind you. Give Metrowest a shout today – we’d love to help you start the process!