The Denver real estate market is recovering the slow-down in sales and homes listed for sale. Since in-person showings resumed on April 27, both sales and the number of listing offered for sale have increased. And, of course showing blew through previous records.
Some showings continued to occur during the ban but those mostly by tours of internet photos. Now, buyers can once again walk though homes before deciding to purchase a home. As a result, the market has returned to the best levels of 2020 so far in just 10 days. Of course, this resulted from pent-up demand of buyers needing to buy a home.
Denver Real Estate Market Slowed in April
Some sales occurred in the Denver real estate market while showings were not allowed. Buyers could examine the on-line photos and, in some cases, take inter-active virtual virtual tours with an agent. Those tours allowed buyers to direct agents to show everything they wanted to see. Then, buyers could write and offer. And, if accepted by the seller, the buyer could inspect the home in person within a few days. Then, if they were unhappy with home once inside, they could just terminate the contact via the inspection contingency. . My daughter, Meredith Hotz, sold one home way to buyers moving here from Singapore. But, less motivated Buyers just sat on the sidelines waiting for showing rules to be relaxed.
During the first six days of May, 1100 homes were placed under contract pending closing. If that pace continues for the rest of the month , May would enjoy the highest number of “sales” for the year. And, the number residential listings increased in the 5 county Denver metro area to the highest number of the year. So, buyers are slowing seeing more selection of homes for sale.
Sometimes Buyers Still Must Decide Quickly
Good homes are still selling fact in the Denver real estate market. In fact, the number of “flash sales” in March increased to 62% of all March listings. Flash sales are homes placed under- purchase contract within one week after being listed for sale. Today, we heard in the Kentwood Real Estate sales meeting that many new listings sold just over last weekend with multiple offers. Most of those home were priced below $700,000 but some higher priced homes also sold quickly.
Granted, this is all preliminary data. But, so far May could be the best month so far in 2020.
All that means, that the usually hot spring selling season may have finally arrived.