Hardest Time To Buy Metro Denver Home In Holiday History: Report
Denver's metro area continues to break real estate records, according to a new report.
While the holiday season usually sees a decline in the number of homes listed for sale, this November hit another record low — 3,415 single family home listings — as buyers continue to purchase homes at high rates, according to the Denver Metro Association of Realtors. The previous record low, which was seen in December 2017, was 3,854 single-family home listings.
A record high was also set in November for the average closing price for single-family detached and attached properties — $549,756. The previous record was $486,012 in 2019, according to the analysis.
Metro Denver buyers are also spending more, the report shows. While homes in the $500,000 to $750,000 range are usually sold the fastest, the "most active" price range is now over $1 million.
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“As homes in the COVID-19 era have rearranged to accommodate school, work, hobbies, date night and entertainment, the trend to 'go big' and get a new home is ringing true all the way into the new year,” said Jenny Usaj, Denver Metro Association of Realtors Market Trends Committee member and metro Denver realtor.
“While the Luxury Market unsurprisingly continues as a seller’s market, there is optimistic news for buyers. New listings are up 17.09 percent from last year, and looking at this time last year, we recorded 158 residences for sale, while this November there are 185.”
Properties sold between $300,000 and $499,999, a range that's been dubbed the 'Classic Market,' are arguably the most competitive category, according to metro Denver realtor Drew Morris.
“With home inventory continuing to decline and record low interest rates, it’s a perfect storm for home shoppers right now in the Classic Market," said Morris, who is also a Denver Metro Association of Realtors Market Trends Committee member.
“Buyer demand is so high that based on the number of detached homes on the market and the rate at which buyers are scooping them up, it would take only about a week for all of the detached homes inventory in the Classic Market to dry up.”
The report included data from Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
>> Read the full Denver Metro Assocation of Realtors November report here.
This article originally appeared on the Lakewood Patch
