2020 kicks off briskly for the Denver-area real estate market due to more housing inventory, continued low interest rates, above-average January temperatures and no postseason Broncos game according to the Denver Metro Association of REALTORS®.
In January, 4,853 new listings came on the market, a massive 89.27 percent increase from the month prior. However, the month ended with 4,941 active listings, a 1.91 percent drop from December, because homebuyers placed 43 percent more homes in pending status month over month which diminished the housing inventory surplus.
“The real estate market is off to a brisk start in 2020,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “I’ve always told my December buyers not to get discouraged by a lack of choices; just like Colorado’s oft-changing weather, if they just hang in there, it will change. We historically get a big influx in January and, this year, homebuyers apparently liked what they saw because they were scooping them up faster than they were coming on the market. In fact, 70 more homes shifted to a pending status than showed up as new listings, nibbling away at our end-of-month active inventory surplus.”
Continued low mortgage interest rates, 18 days above the average temperatures in January, and no postseason Denver Broncos games were some of the reasons the Denver-area housing market heated up early according to Schafer. She adds, “I feel like the Denver Metro real estate market kicks into high gear following the Bronco’s last game each season.”
Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts, and aircraft. Based in over 800 locations in total, Engel & Völkers offers both private and institutional clients a professionally tailored range of services. Consultancy, sales, and leasing form the core competencies of the staff of more than 11,000 people. The Company is currently operating in over 30 countries on five continents.
Since 1977, we have been the select provider of high-end premium real estate services throughout Europe, Asia, and North America. We use the latest technologies, manage an extensive network of exclusive listings and potential buyers, partner with influential media outlets, and employ the highest-caliber agents who strive to represent our distinguished brand.
Our style o f doing business originates from our early success as a luxury property agency. We maintain the same standards of quality and service in everything we do.
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