Summer 2020 Housing Trends

Dated: July 1 2020

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Housing Trends Summer 2020

Before the Covid 19 came around, America was facing a housing shortage of around 5 to 6 million homes due to many years of underproduction of new homes.Today, in the middle of this year, the housing shortage is even greater. As a result, home prices will be pushed higher, making ownership opportunities for first-time home buyers more difficult. Clearly, more homes need to be built.

https://www.dmarealtors.com/dmar-digest-week-june-29

Denver is a key trade point for the country, and home to several large corporations in the central United States.

It was named 6th on Forbes Magazine’s “Best Places for Business and Careers.”Many experts expect home price gains by the end of 2020 due to low-interest rates, a strong job market, and a steady economy.

Denver is one of the hottest real estate markets in the nation. In the past ten years, the annual real estate appreciation rate has amounted to 7%, according to NeighborhoodScout.com. This puts Denver in the top 10% nationally for real estate appreciation. Denver was ranked as the country’s 16th-most walkable city, with 600,158 residents.

 

Locally, despite the effects of the Coronavirus, which slowed the economy since March 2020, Denver and the whole metro area remains a seller’s market, especially in the $300,000 to $ 399,000 price range.

https://www.noradarealestate.com/blog/denver-real-estate-market/

Here are a few statistics from RE Colorado- 

Single-family residences sold for an average price of $542,479, down 2% year over year. The price of multi-family/ condos/townhomes was up 4% from May 2019, at an average of $394,670.

Average Closed Prices Year-Over-Year Change: May 2019 -- $502,491, May 2020 -- $502,441

After three consecutive weeks of increases, the count of listings in Pending status dropped to the week of June 21, but remain 23% higher than last year at this time.

https://www.recolorado.com/market-statistics/market-watch.aspx

In conclusion, and these numbers, the Denver housing market remains steady despite Covid 19. Home sales are showing no signs of slowing down at all., in fact the drop of interest rates is only exacerbating an already tight seller’s market.

https://myre.io/0VjeUX1WemlXb

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Catherine Deschamps-Potter

Originally from France, I moved to the United States in 1988 and lived in Wisconsin for many years. My love for the outdoors made the move to Denver, Colorado a no brainer! My true expertise is in cli....

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