What Happened in the Real Estate Market in Colorado and Denver in 2020As many of us are eager to put 2020 in our rearview mirror and looking forward to brighter times in 2021, let's take a quick
2020 Colorado Real Estate in Review
Dated: January 7 2021
What Happened in the Real Estate Market in Colorado and Denver in 2020
As many of us are eager to put 2020 in our rearview mirror and looking forward to brighter times in 2021, let's take a quick look back on the real estate market in 2020. Here are some interesting statistics to mirror and interesting 2020.
- We ended the year with record low active listings at 2,541. This is the first time we have been under 3,000.
- Our record low month was in November 2020 with a decrease of 25.6%.
- We ended December month of inventory at .53 MOI (months of inventory).
- 2020 was the lowest yearly total MOI at 1.05. The previous record low was in 2017 at 1.17, with the record high at 11.51 in 1987.
- Many factors contribute to the low inventory including record-low mortgage rates, enticing buyers.
- The market is significantly skewed to the home seller.
- The average closed price in 2020 was $525,185, which is an increase of 7.9% from 2019.
- With all this said, the Denver market is thriving. November home sales rose 18%, with homes over $2M up nearly 60%. Selling Luxury Homes
- Colorado continues to attract many new residents. More people moved into Colorado in 2020 than moved out.
- Where are they coming from? For the state of Colorado:
- Georgia 23%
- Florida 19%
- California 14%
- What areas are ranked the highest moving into Denver:
- New York
- San Francisco
- 62% of new residents are millennials.
Let's welcome 2021 with open arms and continue our great growth here in Colorado and Denver. I am here as your concierge real estate consultant and happy to help you and your friends in any way.
Here's to 2021
Tamara Whelpley has lived and worked in Denver for over 30 years and is an expert in Washington Park, Cherry Creek, Highlands, and throughout the Denver corridor. Consulting is her top priority. She is your advisor and advocate and understands the importance of communication throughout the real estate process. She is well versed in multimillion-dollar sales and first-time homebuyers. She is also well informed and experienced on where to ski, bike, hike, golf, and dine at the new upscale restaurants throughout beautiful Denver, Colorado. Tamara is a trained auctioneer and would be happy to discuss the benefits of buying and selling real estate at auction in a hot market. Visit her website to be linked directly to the best information on real estate in Denver.
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Tamara Jo Whelpley 303-877-9663
Denver Real-Estate Concierge - Tamara Whelpley has lived and worked in Denver for over 30 years and is an expert in the Washington Park, Cherry Creek Highlands and throughout the Denver corridor. Tam....