It’s been eight weeks since the “Stay at Home” order went into effect and caused panic at the liquor stores and brought real estate showings to nearly a dead halt. While the restrictions are impacting the residential real estate industry in ways we’ve never experienced, for the average homeowner not much has changed.
Below is a graph of the 12-month rolling median sales price for central Denver since November. Median prices this year have bobbed around month-to-month with no more than a $2,000 difference. As of writing this newsletter, the median price of a home in central Denver for the first three weeks of May (not rolling 12 months) is $650,000 on 108 homes sold. Of course, we will see the majority of homes sell at the end of the month, but it’s another great indicator that home prices are holding.
What has changed is the number of homes for sale, and the number of homes sold.
Realtors saw almost a quarter of their business evaporate last month compared to the previous year, and home buyers had 17% fewer homes to choose among. Being a Denver Realtor or home buyer has become more challenging this Spring than ever before.
Buyers and sellers still have needs, and certainly quarantining has in many cases highlighted those needs even more. Our expectation remains that Denver’s Spring market will be deferred until Summer.