Market Fun Facts (5/7/20): How is the COVID Crisis affecting our real estate market as record low inventory levels continue to dominate the narrative in Colorado – we continue to monitor inventory levels each Month in the 6 County Denver Metro Area. This month we are up for the second time in 2020 (+2,011) properties compared to this time last month. In the past 2 months we have added 3,163 new listings to the market out of our 6,981 total listings. Sales dropped for the first time this year by (-209) causing our absorption rate to increase from 1.40 months to 1.72 months. This month we had one county go over the 2,000 total active listings bench mark: Denver County with 2005 active listings. Broomfield County continues to have the fewest listings at 140 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 4 of the 6 counties are under 2 months.
Weekly Video Update
We hope you enjoy the newest version of the Greater Metro Denver Market Review with Megan Aller.