Summary
REcolorado’s real estate market update shows the coronavirus is continuing to impact the market but gradually less and less. The amount of closed listings is 13% lower than last year’s year-to-date figures and the average price of those listings is up 3% as demand continues to be strong while inventory is low. The amount of new listings that came on the market is down 11% year to date. On average, homes spent one day less on the market as they did at this point in 2019. High and growing demand with low supply makes for a healthy market that is already bouncing back.
Homes Closed
Homes Closed Year-Over-Year Change
May 2019 — 6,164
May 2020 — 3,437;
-44%
Prices
Average Home Sale Price
May 2019 — $502,491
May 2020 — $502,441
+0%
New Listings
Throughout the month, sellers brought 7,337 new listings to the market, down 17% compared to last year, but up 52% from last month.
New Listings Year-Over-Year Change
New Listings Year-Over-Year Change
May 2019 — 8,789
May 2020 — 7,337
-17%
Days in MLS
In May, homes spent an average of 24 days on the market, the same number of days as this time last year, and 3 days more than last month.
Days on Market Year-Over-Year Change
April 2019 — 29
April 2020 — 20
– 9 days
