Market Fun Facts (5/05/21): What will the real estate market look like as we begin the spring season with COVID vaccinations in full force? To answer this question NeXstep continues to monitor inventory +levels across the 6 County Denver Metro. This month we are up (+163) active properties from April’s record low count for a total of 2,077. However, sales have increased in the past month to a high for 2021 with 763 additional sales for a total of 5,534. This increase in sales did lower our absorption rate from .40 months to .38 months (the lowest count this year). All six counties are under 1/2 month of inventory. For the 4th time this year all six counties have less than 1,000+ active listings going into May. Denver County leads with the way with 760 active listings. Broomfield County continues to have the fewest listings with only 36 active properties. Current publications indicate a balanced real estate market would need a minimum of 18,000 listings. Thinking about selling…let’s talk!
What do these numbers mean? To help understand what these numbers mean to our local markets we are now including the number of sold comps during the past 30 days or 1 month. Looking at our sold numbers over the past month allows us to calculate a monthly absorption rate. An absorption rate tells us how many months it would take to sell off our entire inventory should we have no new listings. A balanced market is considered 6 months. Below we see all 6 counties are under 1 month.
Talking Points For February 2021
Special thanks to the South Metro Denver Realtor Association of Realtors for the following Market Video Summary: