The real estate market in January was unusually busy for this time of year. Market statistics reflected a significant increase in new under contract sales compared to December 2019 and year-over-year with January 2019. The supply of homes for sale declined in January and remains historically low which will continue to support the market. Given the market activity in January a strong early Spring market appears likely. A few highlights from January:
- Number of available listings for the month decreased by 15.98% in a year over year comparison.
- Number of Homes Sold increased 1% in a year over year comparison.
- Single Family Homes placed under contract (pending sale) increased 20.09% in a year over year comparison.
- Average Sold price increased 3.98% in a year over year comparison.
- Less than a two-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
- Average days on market (45) increased 9.76% from December reflecting season slow-down in sales activity in December
- Mortgage rates remained in a range of 3.50% to 3.75%
- Strong sales activity in January combined with a persistent low inventory of homes for sale suggests a potentially strong early Spring market
Bottom line, current market conditions are generally positive for most buyers and sellers. The low supply of homes for sale will continue to be a dominate market influence in 2020. Favorable mortgage interest rates, low inventory of homes for sale and continued strong demand for homes will foster an active early Spring Market. If a move is in your future, now is a great time to start the preparation process. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on January 2020 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report
or contact us for more information.
Questions? Let’s talk – contact us anytime to discuss your questions, plans or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.