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Larry Hotz, Kentwood Real Estate, Greenwood Village, Colorado
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You are here: Home / Denver Real Estate News / No Corona Virus In This Denver Real Estate Market

No Corona Virus In This Denver Real Estate Market

March 11, 2020 By Larry Hotz, Kentwood Real Estate Leave a Comment

Today, it finally happened. I’ve been expecting this question about the corona virus effects in the Denver real estate market for a while. And, this question was posed by  out-of-town relocation buyers who were planning a house hunting trip in two weeks. they worried that the trip might not be fruitful.

“Will we even be able to get in to see homes for sale on our house hunting trip?”

Yes, they were worried that Sellers might not be allowing showings because of corona-virus fears. In fact, that is just not happening in this Denver real estate market to me or any team members of the Hotz Group. Actually, I have not heard of it from any other brokers.

What Corona Virus Effect on Denver Real Estate?

Denver market corona virus

Sales activity is growing stronger in the last 7 days throughout the Denver real estate market. March 11, 2020 graph.

Why is corona virus not a factor in the housing market? Because, most sellers really want to sell. Most have already make unalterable “life plans” that they either cannot or do not want to change. They have prepared their homes for sale and they are ready to move.

Also, most buyers we see really want to buy. Interest rates are plunging. A 15 year fixed rate loan now is down under 3%. And, 30-year fixed rates may follow soon. Buyers also notice that that more homes are selling. Even in the last 7 days more home have gone Pending Closing than new listings coming onto the market. That’s why home prices typically increase in the Spring. In addition, multiple offers simultaneously are much more frequent. And, more and more homes sell above list price  See the chart below.

This charts shows how many homes sell above and below list price in various months.

Megan Aller Explains Denver Market Trends

Denver real estate market statistician, Megan Aller

Larry Hotz and Megan Aller of First American Title discussing the Denver Real Estate Market.

Our “go-to” market statistician, Megan Eller explains that March is historically the beginning of our extreme Seller’s Market. So far, this year proves no exception. Here is her take on the Denver real estate market.

Volatility and uncertainty continue to rule the psychology of consumers as we close our February and head into spring. While the media continues to churn information out about tension in the Middle East, the presidential election cycle, stock market noise and COVID-19, the Greater Metro Denver Market remains strong and shows signs of being well insulated, if not one of the strongest spring selling seasons we’ve ever experienced.

The price of every product, good or service you purchase is determined by the relationship between supply and demand. Supply for both attached and detached homes remain not only below 2019 levels, but below the average inventory from the last 7 years of our real estate cycle. As unfortunate and depressing as the news can be these days, a positive impact has been revealed by the lowest interest rates we’ve ever seen in history.

This decrease in interest rates hits at a critical point in our 2020 selling season when we typically find the most multiple offers vs. the lowest inventory. Considering our incredibly low inventory fueling appreciation, plus the recent bump in purchasing power for buyers, believe it or not 2020 is better for both sellers and buyers.

You can follow Megan All on her  YouTube Channel and  “A Girl and Her Graphs” on Facebook. It’s a great way to keep up with the  changing Denver real estate market.

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Filed Under: Denver Real Estate News Tagged With: corona virus, Denver real estate Market, megan aller

About Larry Hotz, Kentwood Real Estate

Larry Hotz is the team coordinator at All Denver Real Estate. He is also an active real estate broker at The Kentwood Company in Greenwood Village, Colorado. He lives in the Heritage Hills neighborhood of Lone Tree, a Denver suburb. He is an active member of the Metro Denver Association of Realtors and Metrolist, the local MLS.

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Copyright 2000-2023 by Loren Hotz Owner of All Denver Real Estate. All Rights Reserved. Loren (Larry) is a Broker Associate of The Hotz Group at Kentwood Real Estate. Some articles on this real estate blog were written by Brokers employed by various brokerages including Kentwood Real Estate as identified. Market statistics for the City and Denver Suburbs were provided by the Denver MLS search company, ReColorado. This site uses Google Analytics to track web visitors and enhance their experience. See GA Privacy Policy here