We anticipated a surge of consumer activity in the Denver Metro real estate market as the public health order ban on in-person showings expired at midnight on Sunday, April 26th. Buyers and sellers were not disappointed as more homes hit the market and showing activity for a Monday and Tuesday was the highest seen yet this year.
NOTE: The weeks shown in the charts below begin on Wednesday and end on Tuesday. Week 17 was from April 22nd thru the 28th
A snapshot Into the Current Denver Metro Residential Real Estate Market
- 59.7% of all closed sales last week sold at or above the original asking price.
- New homes listed for sale increased by 51.6% compared to last week.
- 5,068 showings occured in the two day period of Monday & Tuesday of this week, compared to a total of 1,368 showings last week.
- The number of under-contract properties increased just slightly to 692 last week. Note: we expect this week’s Monday/Tuesday showing surge to impact next week’s under-contract figures.
- With only two days of in-person showings allowed, showings-per-listing increased by 72% over last week.
Summary
As of mid-week (this week), various cities and counties throughout the metro area leveled their own restrictions on in-person showings. These restrictions vary by county, and are a factor buyers and sellers are navigating at the moment. Any remaining local restrictions are set to expire on May 8.
While the beginning of the peak real estate season has been muzzled due to local and US economic challenges and virus outbreak containment efforts, just two days of mostly unrestricted-but-socially-responsible buyer and seller activity has given us a glimpse into pent up supply and demand.
The week of May 13th through 19th will be the first full week of anticipated, unrestricted in-person showing activity for Denver Metro real estate. Our report at the end of that week may give us our first glimpse into what the rest of the year has in store.
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This article was originally posted here on the Colorado Home Realty blog.
