Market Fun Facts (8/13/20): Well that did not take long…just a few months after the “Safer At Home” order was put into affect resulting from the COVID Pandemic our local real estate market continues to show low inventory levels and high buyer demand. NeXstep continues to monitor inventory levels across the 6 County Denver Metro Area. This month we are down (-1,023) active properties from our Spring High Levels with (5958) active listings. Sales have increased dramatically since the “Safer At Home” order was put into place (7,026) in the last 30 days. This is (+2,957) additional sales per month from our spring sales season causing an absorption rate to decrease from 1.72 months to only 0.85 months. This month we have only one county over the 2,000 total active listings bench mark: Denver County with 2059 active listings. Broomfield County continues to have the fewest listings at 111 active properties. Current publications indicate a balanced real estate market would need a minimum of 18,000 listings. See Megan Aller’s market update video below. 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 5 of the 6 counties are under 1 month.
Weekly Video Update
We hope you enjoy the newest version of the Greater Metro Denver Market Review with Megan Aller.