REcolorado Market Watch: August 2020

REcolorado market statistics for August reveal a strong buying and selling season despite the pandemic. In Denver, a record number of homes sold in the month of August as compared to this month previous years. Chaffee County and Routt County saw similar trends with Closed listings up year over year in both counties.

Homes Closed

A record number of homes sold in the month of August as compared to this month in previous years. Throughout the month, 6,381 homes closed, a year-over-year increase of 12% and a 13% decrease month over month.

Homes remained in high demand in August. The count of listings in Pending status was 7,405, which is 34% more than August 2019 and 9% higher than last month.

Homes Closed Year-Over-Year Change

August 2019 -- 5,719
August 2020 -- 6,381
+12%


Prices

The average price of a home in the Denver metro area in August was $539,252, a year-over-year increase of 11%. As compared to last month, prices saw a marginal increase.

Home price increases were driven by Single-family residences, which sold for an average price of $602,191, a 13% year-over-year increase. This is the first time prices for single-family homes have surpassed $600,000. The average price of multi-family/condos/townhomes was $377,451, up 2% year over year.

Average Closed Prices Year-Over-Year Change

August 2019 -- $485,592
August 2020 -- $539,252
+11%


Days in MLS

Denver Metro homes spent an average of 23 days on the market in August, 8 days fewer than this time last year and 2 days fewer than last month.

On average, single-family residences were on the market 23 days, while multi-family/condos/ townhomes were on the market 24 days.

The median number of days a home spent on the market in August was 7, down 8 days from last year.

Days on Market Year-Over-Year Change

August 2019 -- 31
August 2020 -- 23
-8 days

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