Here is the weekly snapshot of key market data across the Front Range to give you a better sense of what’s happening in our market, without prognostication or conjecture. Just the facts.
The following are critical market indicators for the Week of Monday, May 18th to Sunday, May 24th.
Data compiled from each of the three major MLS providers on the Front Range
New Listings: 2515 – Down 9% from prior week Properties Under Contract: 3338 – Down 3% from prior week
Properties Withdrawn: 261 – Down 3% from prior week Properties Sold: 1731 – Up 25% from prior week
Year-over-Year Sales in May: 2019 – 9887 2020 – 5081 , Down 51%
The good news: More data to support a rebounding real estate market. For the 4th week in a row, the number of properties going under-contract has surpassed the number of new listings in the week. This is a key indicator that there is more demand than supply.
The bad news: Given the shutdowns and inability for buyers to see properties “in person” for almost 45 days it was inevitable that sales on a year over year basis would be down in May (note May 2019 had the highest recorded sales in 5 years).
More good news: Based on the number of properties in the past 30 days going “under-contract”, the front range real estate market is gaining steam and on pace to be on par with June 2019 sales.
If you’re thinking of selling your home, the market is in high demand for more available properties. We have safety measures in place and successful marketing strategies and tools to help you.
Again, we look forward to updating you again next week on the state of the market, or even sooner if anything changes that require a more timely update.